Chinese electric car brand Nio cut prices for its cars by the equivalent of $4,200 and ended free battery swaps for new buyers.
The Chinese auto market is the largest in the world. Thanks to government subsidies and license plate restrictions, the local electric car industry has grown and penetration of new energy vehicles has reached about one-third of new passenger cars sold. The category includes hybrid-powered cars.
Earlier this month, China's top executive body, the State Council, said the country would extend purchase incentives for new energy vehicles as a way to boost consumption, according to state media. It did not provide details. "Despite short-term headwinds, we believe NIO remains well-positioned with multiple upcoming ramps including its lowest cost SUV ES6, a multi-year EV adoption tailwind and market leadership in premium EVs in China, the largest EV market, EU/Global expansion, and an expanding product portfolio," analysts at Mizuho Securities said in a note Friday.Nio shares are down by about 20% for the year so far at $7.73 a share.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CHF Price Analysis: Bounces off 200-SMA but recovery remains elusive below 0.9100USD/CHF Price Analysis: Bounces off 200-SMA but recovery remains elusive below 0.9100 USDCHF Technical Analysis SwingTrading ChartPatterns SupportResistance
Read more »
Texas sprints to NCAA women's track championshipSprinter Julien Alfred wins 100 and 200 and leads relay team to give Longhorns team...
Read more »
Dengue outbreak in Peru reaches 200K cases, 200 dead, heightened by El Niño rainsPeru is facing the worst dengue outbreak on record, triggered by warming ocean waters and flooding associated with the El Nino weather pattern
Read more »
Dengue outbreak in Peru reaches over 130K cases with 200 dead, heightened by El Niño rainsPeru’s worst dengue outbreak on record could intensify further as an El Niño climate phenomenon brings torrential rains and mosquitoes.
Read more »
Stray Kids’ ‘5-STAR’ Debuts at No. 1 on Billboard 200 Albums ChartPlus: Jelly Roll, ENHYPEN, Metro Boomin’s “Spider-Verse” soundtrack, Foo Fighters and Moneybagg Yo all bow in top 10.
Read more »
British supermarket Waitrose cuts prices on 200 productsBritish supermarket group Waitrose said on Monday it had reduced the price of more than 200 products as part of a 100 million pound ($126 million) plan announced earlier this year in the fight to retain customers struggling with high inflation.
Read more »