NIO Stock Soars after Slashing Long Range EV Prices to Counter Tesla's New Model Y L
Elevate Your Investing Strategy:
Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Effective today, Nio reduced the cost of its 100-kWh long-range battery pack by 20,000 yuan ($2,780), from 128,000 yuan to 108,000 yuan. This led to a lower price of every Nio model equipped with the larger battery, including the ET5, ET7, EC6, and the flagship ET9 sedan.
It must be noted that the ET5 and ET5 Touring saw the steepest cuts, dropping by 5.62% to start at 336,000 yuan. Other models, including the ES6, EC6, ET7, EC7, and ET9, also saw reductions ranging from 2.5% to 5.6%.
Nio Offers Customer Incentives
To ensure fairness for recent buyers, Nio is offering 20,000-yuan vouchers to customers who took delivery of a 100-kWh vehicle between January 1 and August 18. This voucher is also being offered to 'battery-as-a-service' (BaaS) customers who bought their long-range battery within the same period.
Also, the permanent upgrade cost from a 75-kWh battery to a 100-kWh battery has been lowered from 58,000 yuan to 38,000 yuan, with a 20,000-yuan voucher for those who have already made the upgrade this year.
Tesla's Model Y L Triggered This Move
Nio's price cuts come on the same day Tesla launched its Model Y L. Starting at 339,000 yuan ($46,700), the Model Y L is about 8% more expensive than the standard Model Y and is scheduled for September delivery.
The new Tesla model boasts a larger 82-kWh battery, all-wheel drive, and an estimated 327-mile range. It is designed to appeal to family buyers and directly competes with Nio's upcoming Onvo L90 SUV.
While Nio aims to defend its position in China with price cuts, the EV maker is also accelerating its international push. Between 2025 and 2026, it plans to enter Singapore, Uzbekistan, and Costa Rica, partnering with local distributors to broaden its reach.
Is Nio a Buy, Sell, or Hold?
Overall, Wall Street has a Hold consensus rating on NIO stock, based on three Buys, seven Holds, and one Sell assigned in the last three months. The average NIO stock price target of $4.62 implies 9.41% downside potential from current levels.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
10 minutes ago
- USA Today
Tesla's new 3-row Model Y L may never hit US roads, Musk hints
Tesla TSLA.O CEO Elon Musk said the company's new six-seat Model Y variant, launched in China this week, might never enter production in the United States, citing the rise of self-driving vehicles. The Model Y L, built at Tesla's Shanghai factory, features a longer wheelbase and three rows of seats, and is priced at around $47,200. It went on sale in China on Tuesday, where Tesla faces mounting competition from domestic EV makers such as BYD and Xiaomi "This variant of the Model Y doesn't start production in the US until the end of next year," Musk said in a response to a post from an X user. "Might not ever, given the advent of self-driving in America." Musk did not elaborate on how the rise of autonomous driving would negate the need for a six-seater vehicle. Tesla did not immediately respond to a request for comment. New Tesla model announced: Tesla says longer, three-row Model Y L 'coming soon' to China Gas-powered SUVs with three rows have long been popular among American families. However, making profitable three-row EVs is still a challenging business for automakers. Recent policy changes by the Trump administration are also set to make electric vehicles more expensive, prompting automakers to focus more on smaller, cheaper variants. Tesla is also preparing to launch a cheaper Model Y variant, likely with fewer premium features, later this year, which Musk has described as "just a Model Y". Tesla has increasingly shifted focus in the U.S. to its robotaxi ambitions. The company launched a limited robotaxi service in Austin in June and aims to scale operations to half of U.S. population by the end of this year. Musk told investors last year that building traditional vehicles would be "pointless" in a self-driving future. Next year, Tesla is set to start production of the Cybercab, a dedicated two-seater robotaxi model without a steering wheel and pedals. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Anil D'Silva
Wall Street Journal
41 minutes ago
- Wall Street Journal
Tesla CEO Musk Says 6-Seat Model Y May Not Be Launched in U.S.
Tesla TSLA -2.19%decrease; red down pointing triangle Chief Executive Elon Musk said the company's new six-seat version of its Model Y sport-utility vehicle might never come to the U.S., given the rise of autonomous vehicles. 'This variant of the Model Y doesn't start production in the U.S. until the end of next year. Might not ever, given the advent of self-driving in America,' Musk said in a post to X on Wednesday.
Business Insider
an hour ago
- Business Insider
Beat It Musk! Thousands of Brits Aim to Block ‘Unfit' Tesla's U.K. Energy Plan
Thousands of angry Brits have told Tesla (TSLA) boss Elon Musk to pull the plug on plans to enter the country's energy supply market. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Over 8,000 people have asked energy regulator Ofgem to block Tesla from supplying British households with electricity over owner Elon Musk's 'clear political agenda'. License Bid Tesla Energy Ventures is currently trying to get approval for an energy license from regulator Ofgem to supply British households and take on giants such as British Gas owner Centrica and Octopus Energy. If successful, it hopes to start switching on supply next year. Members of the public have until Friday to comment on the application, after which Ofgem will decide whether to grant Tesla a licence to supply electricity. They haven't been holding back. According to campaign group Best for Britain, 8,462 people have used its online tool to lodge objections with Ofgem. The group believes that Musk is not a 'fit and proper' person to have a 'foothold in our essential services.' Best for Britain's chief executive Naomi Smith said: 'We've all had a front row seat to Musk's malign influence, turning Twitter into an incubator for right-wing hate. British people are rightly against Musk being anywhere near our electricity supply and that's why we are encouraging more people to make their views known before Friday.' Tesla has had its troubles this year with its EV arm, faced by stiffer competition and the hit to brand reputation caused by Musk's involved in the Trump administration. This has impacted the company's previous 'tour de force' share price performance. However, it has a burgeoning solar energy and battery storage business and has been an electricity supplier in Texas for the past three years. Good Energy Tesla's energy business saw total energy generation and storage revenue jump 67% year over year to more than $10 billion in 2024. After deploying 14.7 gigawatt hours (GWh) of storage in 2023, Tesla more than doubled this figure to 31.4 GWh in 2024. Its Megapack product – a grid-scale battery storage solution designed for utilities and large-scale commercial customers, has led the way. The company is producing Megapacks at its dedicated Lathrop, California, facility, and recently started production at a second Megapack factory in Shanghai, with a target production of up to 40 GWh of capacity per year. The British business is expected to be branded TeslaElectric and could focus on supplying electricity to consumers who own Tesla products such as cars or batteries. Indeed, according to industry experts, Tesla is in a strong position in the U.K. to start supplying if the license application is approved. It has sold more than a quarter of a million EVs and tens of thousands of home storage batteries, called Powerwalls, in the UK, which could help it gain access to a sizeable customer base for an electricity supply business. Is TSLA a Good Stock to Buy Now? On TipRanks, TSLA has a Hold consensus based on 14 Buy, 15 Hold and 8 Sell ratings. Its highest price target is $500. TSLA stock's consensus price is $307.23, implying an 8.33% downside.
