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NIO Inc. (NYSE:NIO) shares are trading lower on Wednesday.
According to Benzinga Pro, NIO stock has lost over 55% in the past year.
NIO plans to reduce car purchase incentives starting July 22, increasing prices for models like the ET5 and ES6 by RMB3,000 ($413.17) to RMB5,000, reported CnEV Post.
Also Read: What’s Going On With Chinese EV Maker Li Auto Shares Today?
Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (NYSE:KGRN) and KraneShares Electric Vehicles And Future Mobility Index ETF (NYSE:KARS).
This adjustment follows the lead of German luxury carmakers in stepping away from price competition.
NIO’s decision aims to enhance gross margins, despite ongoing discounts of up to RMB28,000 still being offered for vehicle orders.
The company confirmed it’s not a price hike but an adjustment in incentive levels, CnEV Post added.
Under NIO’s previous July purchase incentives, customers ordering the ET5 and ET5 Touring received a discount of RMB24,000. For the ES6 and EC6, the discount was RMB28,000.
Post-July 22, these discounts will be reduced to RMB21,000 for the ET5 and ET5 Touring, and RMB23,000 for the ES6 and EC6.
Discounts for other NIO models remain unchanged: RMB20,000 off the ET7, RMB28,000 off both the EC7 and ES8, and RMB60,000 off the ES7.
Price Action: NIO shares are trading lower by 5.5% to $4.635 at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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