NIO (NIO) and Li Auto (LI) are extending discounts on Chinese electric vehicles to compete with deals offered by rivals Tesla (TSLA) and BYD, Reuters reported Thursday, citing company statements.
Li Auto is offering cash subsidies of 15,000 yuan ($2,055) per car and three-year zero-interest financing, the report said.
NIO is also offering zero-interest loans for Nio- and Onvo-branded EVs, the report said.
Tesla, which sparked what Reuters described as a price war in the Chinese market, reportedly extended a 10,000 yuan price cut on outstanding loans for its Model Y until the end of January.
Sales and discounts pushed China EV and hybrid sales past 10 million last year.
NIO and Li Auto did not immediately reply to MT Newswires' requests for comment.
NiO shares were up more than 1% in Thursday's premarket activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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