There's no specific deadline for these discounts until the 2023 models are sold out. Nio will begin delivering 2024 models in March.

(Image credit: CnEVPost)

Nio (NYSE: NIO) announced earlier today that it will begin delivering 2024 models in March and started offering discounts on current models, but no details were provided. Now, a media report sheds some light on the situation.

Nio is offering varying degrees of cash discounts on its entire model range of existing and show cars, local media outlet Red Star News today quoted the electric vehicle (EV) maker's salesperson as saying.

The ET7, ES7, EC7 and ES8 are offered at a discount of RMB 32,000, while the discount is RMB 40,000 ($5,560) if the inventory car is more than 120 days old, according to the report.

The ET5, ET5 Touring, ES6, and EC6 offer a discount of RMB 24,000, while models with a stock history of 120 days or more offer a discount of RMB 30,000, according to the report.

There is no specific deadline for these offers until the 2023 models are sold out, the salesperson said.

Nio currently has eight models on sale -- ES8, ES7, ES6, EC7, EC6, ET7, ET5, ET5 Touring -- of which the first five are SUVs and the last three are sedans.

The ET5 and ET5 Touring are priced the same, both starting at RMB 298,000 including the battery, making them Nio's least expensive models.

The 7 series models are Nio's more expensive ones and have been the worst-selling Nio models over the past few months. The ET7 is the least expensive of Nio's 7 series models, with a starting price of RMB 428,000 including the battery.

Nio said earlier today that it will start deliveries of the 2024 models in early March and begin offering short-term purchase incentives for current models.

Nio's statement did not mention the exact amount of discounts it is offering for the current model, or what upgrades will be available for the 2024 model.

The 2024 Nio models will have the cockpit chip upgraded from the Qualcomm Snapdragon 8155 chip to the Snapdragon 8295 chip, the salesperson said, according to Red Star News.

The Snapdragon 8155 chip has been the preferred cockpit chip for mainstream high-end models for the past several years. Over the past few months, newly released models have moved to the new generation of Snapdragon 8295 chips, such as the Zeekr 007, which went on sale on December 27.

The 8295 chip has 30 Tops of computing power, which makes in-car systems more responsive and allows up to 64 apps to be resident in the background at the same time, Zeekr said at the launch of the Zeekr 007.

($1 = RMB 7.1963)

Nio to begin deliveries of 2024 models in Mar, offers discounts on current ones