Shanghai (ZXZC)- On January 17, NIO officially released information about the launch of its 2024 models through its official WeChat account.

The revelation includes a significant update to the Banyan smart digital system, scheduled for later this month, featuring over 40 functional upgrades. These enhancements extend to intelligent chassis, smart cockpit, active safety, and comprehensive assisted driving, promising an elevated performance and driving experience.

Photo credit: NIO

Looking ahead to 2024, NIO plans to further elevate the intelligent hardware configuration of its existing vehicle lineup. In early March, the company will commence deliveries of 2024 refreshed models, signaling a progressive stride in the pursuit of automotive innovation.

As the Chinese New Year approaches, NIO also teased short-term purchasing benefits for its 2023 models. While specific details about the extent of these incentives remain undisclosed, it adds an element of anticipation for potential buyers.

Interestingly, preceding NIO's move, Li Auto undertook a similar strategy. On January 12, Li Auto announced plans to update its L-series vehicle models in 2024. The new configurations are set to be unveiled in March, coinciding with deliveries. Alongside this, the carmaker introduced purchasing incentives for its 2023 models.

According to Li Auto's sales outlets, the price reduction ranges from 35,000 yuan to 38,000 yuan for different versions. Notably, the Li L7 model witnessed a direct price drop to 286,900 yuan, marking its entry into the range below 300,000 yuan for the first time. Moreover, for customers in Shanghai, Li Auto offers a 10,000-yuan subsidy for the cars with the license plates locally registered in Shanghai, valid until the end of January.

Li Auto responded to inquiries, stating that the purchasing incentives for the 2023 models aim to address the intensifying price competition from luxury brands like Mercedes-Benz, BMW, and Audi. Additionally, these initiatives serve as part of a strategic transition into product updates, initiated since the fourth quarter of 2023 through timely pricing advantages.