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Benzinga
Benzinga
Business
Nabaparna Bhattacharya

Nio Cuts Prices, Expands Global Reach In Strategic Push Against Tesla

NIO Nasdaq NYSE Tesla Inc. Robert Way Chinese Yuan electric vehicle SUV Xpeng Inc
Nio-Photo by Robert Way via Shutterstock

Nio Inc. (NYSE:NIO) shares ticked higher in premarket trading Tuesday as the Chinese electric vehicle maker announced price cuts across its long-range lineup following Tesla Inc. (NASDAQ:TSLA) ‘s launch of a new six-seat Model Y L SUV.

The automaker confirmed it has lowered the price of its optional 100-kWh long-range battery pack by 20,000 Chinese yuan ($2,780), reducing the cost of every long-range vehicle it currently sells, reports CnEV Post.

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