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File photo/Li Xing (NBD)

Chinese electric vehicle maker Nio said on Monday it would lower prices for all its models and end free battery swapping services to new buyers.

Nio will cut prices by 30,000 yuan ($4,200) for all models including its revamped ES6 and ES8 sports utility vehicles from June 12, according to a company statement. That equates to discounts ranging from 6% to 9% on Nio cars.

Regarding this price reduction, Li Bin, the chairman of NIO, left a message on the NIO app, saying, "Now is the most suitable time to release it (price cuts). There must be some places that have not been well considered and it is impossible to satisfy everyone.""Before September 2019, battery swapping service was charged, and later free battery swapping was implemented as a marketing measure in the form of free service." A person close to NIO said in an interview with National Business Daily (NBD). 

The person added that now it is only canceling the free battery swapping rights and returning to normal. "On the other hand, the reason is that many users have reported that they have home charging piles and the frequency of using free battery swapping rights is not high. They suggested that NIO could flexibly use the battery swapping service. Against this background, NIO adjusted the free battery swapping rights and vehicle prices at the same time."After NIO announced the price reduction of the entire series, its Hong Kong stock price rose by nearly 7%, and finally closed up 4.73%, with a market value of HKD 107.762 billion.