Nio wants to refrain from Tesla-led price wars - reports
After Tesla slashed price of electric vehicles, Chinese electric car company, Nio (NYSE:NIO) states that it will rather refrain from such price wars and concentrate on other services.
Nio CEO William Li said his company will focus on improving its customer services like adding battery swapping and charging stations. Due to such feature, the customers will not have to wait for charging. However, starting June 1, people will only get to use the companyâs battery swapping service for free four times a month, down from as many as six free swaps a month previously.
Nio is also offering technology to assist drivers with parking, highway lane changes and other tasks as its key selling point.
Nioâs vehicle sales grew by 37% last year to $6.61B, with the company overall still operating at a loss. Revenue mainly focused in China. 
âThere are many new products coming to market, which of course means fiercer competition for us. But for users, they have a more abundant selection.â Li said, according to CNBC reports. âFor us, we will certainly not join the price war,â claiming products and services are worth the price. 
Nio delivered 31,041 vehicles in Q1, up by 20.5% Y/Y. Another U.S.-listed Chinese electric car brand, Li Auto, saw Q1 deliveries jump by more than 60% to more than 52,000 vehicles. BYD (OTCPK:BYDDF), by far the dominant market player in China, sold 264,647 purely battery-powered passenger cars, up almost 80% from a year ago. Hybrid passenger vehicle sales doubled from a year ago to 283,270 in Q1. Tesla (TSLA) sales were up 36% to 422K cars worldwide.
Taking a broader view, recently, Renault (OTCPK:RNLSY) lowered its prices to compete with American EV leader Tesla (TSLA). Chinese electric vehicle maker, Xpeng to cut costs in China with new vehicle manufacturing platform. Tesla expanded its price cut to Europe, Singapore, and Israel and cut prices in Hong Kong by nearly double-digit percentages.