Nio is offering its three models in Portugal to business buyers at about a quarter below their launch prices, in a campaign its local arm promoted on Instagram on Tuesday, after the group’s registrations in the country fell to eight vehicles in October from 58 a month earlier.
The Instagram advertisement, seen by EV on Tuesday, shows the ET5 sedan “from €36,250 + VAT,” or $40,700. The small print limits the offer to companies and sole traders, to the Standard Range version and to vehicles in stock, and says it runs until the end of November.
With Portugal’s 23% value-added tax, that price comes to about €44,600 ($50,000). The car went on sale in the country at €59,900 less than a year ago, which makes the business price 25.6% lower, according to EV‘s calculation.
Nio’s Portuguese campaign page lists two more models on the same terms. The ET5 Touring wagon starts at €37,700 before VAT and the EL6 SUV at €41,000.
Including tax, those are €46,371 ($52,000) and €50,430 ($56,600), the retail prices Nio states in the financing terms attached to the campaign. They are 25.8% and 24.6% below the launch prices of €62,500 and €66,900.
In euros, the reductions range from about €15,300 ($17,200) on the ET5 to about €16,500 ($18,500) on the EL6.
On Offer Since at Least April
The campaign page is dated September 3, but the prices are older. Nio Portugal advertised the same three starting prices in a post on its LinkedIn page in April, in a campaign then valid until June 30.
The small print of that earlier campaign named the Standard Range versions and existing stock, as today’s does, but did not limit the offer to companies.
An archived copy of the Nio page on the website of Carby, the retail arm of Portuguese distributor JAP Group, shows the same campaign on May 10.
Nio’s public pages do not show whether the offer was available between June 30 and September 3. Its LinkedIn posts in September and October did not mention prices.
The discount was in place less than five months after JAP Group presented the brand in Lisbon on November 24, 2025, when it priced the ET5 with the 75 kWh battery included.
Not a List-Price Cut
The offer does not change what private buyers are quoted. Nio’s Portuguese site publishes no list prices, and there is no campaign for the Long Range versions, which were launched at €69,900 to €76,900.
Carby currently lists new cars “from” €56,816 ($63,700) for the ET5, €58,921 for the ET5 Touring and €62,992 for the EL6, tax included. Those figures are 5.1%, 5.7% and 5.8% below the launch prices.
A financing offer runs alongside the discount, also for businesses and also until November 30. Through lender Cetelem, the ET5 Touring is offered for €22,083.20 ($24,800) down and 60 monthly payments of €549 ($616), and the EL6 for €23,930.50 ($26,800) down and 60 payments of €599 ($672).
Both campaigns are sold through dealers in Lisbon and Porto.
What Business Buyers Get
The price is quoted before VAT because of how Portugal taxes company cars. A business can deduct the VAT on a fully electric passenger car that costs up to €62,500 ($70,100) before tax, according to guidance from Portugal’s Order of Certified Accountants.
EVs under that ceiling are also exempt from the autonomous taxation Portugal applies to company vehicles, and from registration and annual road taxes.
All three campaign prices are below the ceiling.
Private buyers have had no comparable help on these models. Portugal’s purchase incentive this year, which was exhausted over the summer, paid €4,000 ($4,500) on electric cars costing up to €38,500 ($43,200) including tax. All three Nio models exceed that limit even at the campaign price. The Firefly does not.
Environment and Energy Minister Maria da Graça Carvalho told parliament on October 28 that the 2027 budget would keep €50 million ($56.1 million) in incentives for the general public “with rules similar to those of the past” and add support for up to 9,000 electric vehicles bought by microenterprises. The rules have not been published.
Registrations Fall 86% in a Month
The Nio group, which in Portugal sells the Nio brand and the smaller Firefly, registered eight vehicles in October, according to data from Portuguese automotive association ACAP. That was down 86.2% from September.
It was the lowest monthly figure since April and ended a run of five straight increases, from two in April to nine in May, 11 in June, 32 in July, 46 in August and 58 in September.
The earlier monthly figures are from registration tracker EU-EVs, and they add up to ACAP’s total for the year.
The fall came in a growing market. Registrations of battery-electric passenger cars in Portugal rose 61.4% from a year earlier to 7,452 in October, the ACAP data show. Nio’s eight vehicles were about 0.1% of that.
The group has registered 179 vehicles in Portugal this year, against five in the same period of 2025, before its formal launch. That is 0.3% of the 62,178 electric cars registered in the country through October.
In July the country overtook Norway as its largest European market.
Other Chinese brands registered far more in October. BYD registered 394 electric cars and XPeng 286, while Teslaregistered 412. Aion, another brand distributed by JAP Group, registered 22 in the month and 182 this year, three more than Nio.
The business offer on the Nio brand was in force throughout October. The Portuguese data carry no split by model, so they do not show how many of the vehicles were Nio-brand cars and how many were Fireflys.
Firefly Back at List Price
The summer rise in registrations coincided with discounts on the Firefly, which have ended.
The Firefly Select was launched at €30,900 ($34,700), with an introductory price of €29,900 until the end of 2025. A financing offer for private buyers put it at €26,300 in June, according to an archived copy of the Firefly Portugal homepage.
JAP Group then offered it at €21,999 before VAT through July and at €25,850 including tax in August, a 16.3% reduction.
The Firefly site now shows €30,900 again, and its campaign page has been removed. Whether the end of that offer explains October’s fall cannot be established from the registration data.
Nio builds its vehicles in China, and they are subject to European Union tariffs when sold in the bloc.
The company has told its European organization not to expect model updates before late 2027, EV reported in May.
