NIO Caves In And Joins The Price-Cut War Despite CEO’s Pledge

SHANGHAI, CHINA - JUNE 12, 2023 - A new energy electric vehicle is displayed at the headquarters of Nezha Automotive in Shanghai, China, June 12, 2023. In 2022, Nezha's annual sales reached 152,073 vehicles, winning the sales champion of new car-making forces. Nezha is followed by Ideal Automobile (133,246 units) and Nio (122,486 units). (Photo credit should read CFOTO/Future Publishing via Getty Images)

SHANGHAI — Chinese EV maker and Tesla rival NIO said it would cut prices on all its new models starting Monday. The announcement comes days after the company reported quarterly results below estimates.

NIO is only produced in China where it’s sold including the European market. It is not sold in the U.S.