Customers who buy a Nio-branded or Onvo-branded model in January can take advantage of benefits including a 3-year 0-interest rate financing plan.
Nio Inc (NYSE: NIO) began offering limited-time 0 percent interest rate financing plans for the main Nio brand and sub-brand Onvo, with price war seen set to resume this month.
Customers who pay a deposit for a Nio-branded vehicle between January 1 and January 31 can enjoy a limited-time offer of 0 down payment and 0 percent interest for three years if they choose a five-year installment finance plan offered by a financial institution that has partnered with the company, according to an announcement posted on the Nio App today.
Under these plans, no down payment is required for the purchase of a Nio-branded vehicle, with 0 percent interest on financing for the first three years, and an annualized interest rate of about 6.18 percent-6.55 percent for the fourth to fifth years.
In addition to that offer, Nio continues to offer an option fund worth RMB 20,000 ($2,740) and five years of free NOP+ (Navigate on Pilot Plus) use, the same as last month.
For consumers who choose to buy a new Nio vehicle under the BaaS (battery as a service) plan, they can get one bill waiver after every four BaaS bill payments, up to a maximum of 12 waivers.
The offer for the BaaS plan was a pullback from December and was restored to its original level. Last month, customers could receive one bill waiver after every three BaaS bill payments, up to a maximum of 15 waivers.
If a customer buys a new Nio vehicle through trade-in of an old one, they will get vouchers for 20 free experiences of Nio’s battery swap service, in line with last months’ promotions.
For customers who originally owned a Nio vehicle, if they purchase a new Nio car in January, they will receive an additional RMB 5,000 to RMB 10,000 discount, the same as last month.
In addition, Nio will offer the same amount of credit points to compensate customers who complete their purchase between January 1 and February 28 if they are unable to receive the national trade-in subsidy because of their invoice date.
Nio’s sub-brand Onvo also announced similar offers on Weibo, where customers who purchase the L60 on or before January 31 can get a 0 percent down payment as well as an interest-free finance package for the first 3 years.
Under the program, customers who buy the L60 for RMB 206,900 including the battery pack will spend about RMB 115 per day for the first three years and about RMB 134 per day for years 4-5.
Onvo is also offering customers who buy the car in January three years of free access to its NOA (Navigate on Autopilot) feature, and 12 battery swap service experience vouchers.
For consumers who choose to purchase the Onvo L60 under the BaaS model, they can receive one bill waiver for every four BaaS bill payments, up to a maximum of 12 waivers.
($1 = RMB 7.3002)
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