Nio follows Tesla's lead and cuts prices, ends free battery swapping as sales decline.

Chinese electric vehicle maker Nio will cut prices by $4,200 on all its models and end free battery swapping services to new buyers, as it faces mounting pressure over earnings losses and lukewarm sales. The move comes as more than 40 auto brands operating in China, including BYD and Volkswagen, have joined a price war started by Tesla this year in a fight for market share as car demand slumps, with ripples spreading throughout the country's wider automotive industry.