Shanghai (ZXZC)- Chinese EV startup NIO announced the post-subsidy price of the ET7, its fourth production model, after China's NEV cut policy taking effect on Jan. 1, 2022.

ET7; photo credit: NIO

The ET7 is now priced at 436,660 yuan ($68,710) and 493,400 yuan ($77,640) after subsidies for consumers who opt to buy the car with a 75kWh or 100kWh battery pack respectively. According to NIO's App, the subsidies granted to the 75kWh and 100kWh versions are 11,340 yuan ($1,785) and 12,600 yuan ($1,980). Besides, the ET7 Premier Edition is sold at 513,400 yuan ($80,785) excluding cash handouts of 12,600 yuan ($1,980).  

Meanwhile, NIO claimed the buyers of the ES8, the ES6, and the EC6, who paid deposit before or on Dec. 31, 2021 and take delivery of their purchases before March 31, 2022, will still enjoy the subsidies based on the 2021's plan, and the shortfall under the 2022 policy would be borne by NIO itself.

NIO's update came after China's Ministry of Finance announced in late Dec. 2021 that the country would cut subsidies on NEVs, including BEVs, PHEVs, and FCEVs, by 30% in 2022 and withdraw them altogether at the end of the year.

The ministry had said in April 2020 that NEV subsidies would be reduced from 2020 to 2022 by 10%, 20% and 30%, respectively.

China, the world's largest auto market, hopes NEV sales can reach around 20% of total auto sales in 2025.