- Those who buy Nio models on or before March 31 can take advantage of these subsidies.
- For the Nio brand, the subsidies range from RMB 6,000 ($830) to RMB 10,000, and for the Onvo brand, RMB 2,000.
Hefei, the capital city of Anhui province, has launched subsidies exclusively for battery swap-enabled models as a potential boost for Nio (NYSE: NIO).
The Hefei Economic and Technological Development Zone said in an announcement today that it would offer dedicated subsidies to companies that produce battery swap-enabled vehicles.
Companies receiving the subsidies should focus on the battery swap business and carry out work including production, research and development, promotion of battery swap models, and sales and service enhancement, the announcement said.
Hefei is one of 11 pilot cities designated by China's Ministry of Industry and Information Technology for the application of the battery swap model in new energy vehicles (NEVs), and the latest move is aimed at the development of the battery swap business model, according to the announcement.
The brief announcement didn't mention details about the subsidies, although it appears to be aimed solely at supporting Nio.
Nio is currently a major player in the battery swap space in China, and has two factories located in Hefei.
Nio has its global headquarters in Shanghai, and it has a Nio China headquarters in Hefei.
Yu Dongming, general manager of Nio Anhui, shared a screenshot of the announcement on Weibo and said that the subsidies are available to consumers who buy either the Nio brand or the Onvo brand cars between now and March 31.
For the Nio brand, the subsidies range from RMB 6,000 ($830) to RMB 10,000, Yu said.
The subsidies are not just for Hefei residents only, but are available nationwide and can be enjoyed alongside local government subsidies, according to Yu.
Separately, according to details shared by multiple auto bloggers, the subsidy amounts to RMB 2,000 per vehicle for battery swap-enabled models with a purchase cost of less than RMB 250,000 yuan.
For models costing between RMB 250,000 and RMB 400,000, the subsidy is RMB 6,000 per vehicle.
For models costing more than RMB 400,000, the subsidy is RMB 10,000 per vehicle.
Nio's entire model lineup supports battery swap, including the main Nio brand and the Onvo sub-brand.
Currently, Onvo has only one model, the L60, on sale, with a starting price of RMB 206,900.
The main models under the Nio brand are the ET5, ET5 Touring, ES6, and EC6, with starting prices of RMB 298,000, RMB 298,000, RMB 338,000, and RMB 358,000, respectively.
More expensive models from the Nio brand are the ET9, ES8, ES7, EC7, ET7, starting at RMB 788,000, RMB 498,000, RMB 438,000, RMB 458,000, and RMB 428,000 respectively.
($1 = RMB 7.2415)
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