In early February 2025, Chinese EV giants NIO and Leapmotor (零跑汽车) made headlines with game-changing announcements. NIO launched a limited-time February financial purchase scheme for its popular ET5, ET5T, ES6, and EC6 models, offering industry-low 0.49% annualized rates over 7 years (84 periods) with just 20% down payment—or as low as 3.8万元 ($5,300) using BaaS battery rental. Meanwhile, Leapmotor reported 32,059 deliveries in January 2025, up 27% year-over-year, building on its record 600,000+ units in 2024. These moves underscore China's EV market dynamism amid favorable policies like reduced purchase taxes for battery-leased vehicles.
NIO's Irresistible February Financing Blitz
NIO is pulling out all stops to boost Q1 sales with a no-tricks financial package valid from February 1-28, 2025. Key highlights include:
- Ultra-low financing: 7-year/84-period plan at 0.49% annualized rate (industry lowest), 20% down payment.
- BaaS battery rental perks: Starting at 3.8万元 down, monthly payments from 1,872元 ($260), with just 62.8元 ($9) monthly interest. All models now standard with 100kWh long-range packs, slashing upfront costs by 108,000元 ($15,000) and eliminating battery life worries.
- Tax advantages: New policies exempt battery purchase tax for BaaS users, applying only to vehicle body— a major win for change-capable EVs.
- Zero penalties: Early repayment with 0 breach fees or handling charges.
Additional incentives for locked orders:
- 50% off select options.
- 1-year free battery swaps (or exchangeable for free AC charging kit).
- 5 years free NOP+ advanced driving assistance.
- ET5/ET5T buyers get a free 9,500元 ($1,300) comfort package.
This scheme positions NIO competitively against rivals like BYD and XPeng, targeting budget-conscious buyers in a price-sensitive market.
Leapmotor's Delivery Momentum and 2025 Ambitions
Leapmotor kicked off 2025 strong, delivering 32,059 vehicles in January— a 27% YoY jump. Following its 2024 milestone of nearly 600,000 units (103% growth) and 67,000+ exports, Leapmotor claimed top spot among new energy vehicle (NEV) startups for sales and exports.
Looking ahead:
- A10 launch: Entry-level model with lidar, high-level ADAS, and 500km range under 100,000元, fueling a push toward 1 million annual sales.
- D-series flagships: D19 SUV (Q4 2025 debut, April 2026 launch) aced extreme ice/snow tests in Yakutsk; D99 MPV follows in 2026. These 300,000元+ premium offerings showcase Leapmotor's tech maturity.
- ESG recognition: Third straight 'AA' rating from Morgan Stanley.
CEO Zhu Jiangming emphasized Q1 acceleration, with A10 set to disrupt the sub-100k segment.
Quick Specs Comparison: NIO vs. Leapmotor Models
| Model | Battery/Range | Starting Price (BaaS) | Key Tech | Monthly Pay (Est.) |
|---|---|---|---|---|
| NIO ET5 | 100kWh/~700km | ~38k元 down | NOP+, Battery Swap | 1,872元 |
| Leapmotor A10 (upcoming) | ~500km | <100k元 | Lidar, ADAS | TBD |
| NIO ES6 | 100kWh/~700km | ~38k down | NOP+, Family SUV | 1,872元 |
| Leapmotor D19 (upcoming) | Premium | ~300k元 | Flagship SUV, Ice-tested | TBD |
Why This Matters: Global Implications for Chinese EVs
NIO's financing and BaaS innovations lower barriers in a market where purchase taxes and battery costs deter buyers, aligning with China's NEV subsidies and export push. Leapmotor's growth signals rising competition from underdogs, challenging Tesla, BYD, and legacy brands. Globally, these trends—affordable ADAS, battery-as-a-service, and premium exports—pressure Western automakers amid EU tariffs, with Chinese EVs capturing 60%+ domestic share. NIO's swap network (over 2,000 stations) and Leapmotor's lidar integration exemplify tech leadership driving adoption.
Looking Ahead: Q1 Sales Battle Heats Up
Expect NIO's promo to spike ET5/ES6 orders, potentially lifting its 2025 deliveries past 200,000. Leapmotor's A10 could steal volume from Zeekr and XPeng in the mass market. Amid economic headwinds, such aggressive pricing and tech reveals highlight Chinese EV resilience—watch for February data to gauge impact, with exports key to sustaining momentum.
