SHANGHAI, June 12 Reuters Nio said on Monday it would lower prices for all its models and end free battery swapping services to new buyers, as the Chinese electric vehicle maker faces mounting pressure over earnings losses and lukewarm sales.

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.

The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said.

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 country39;s wider automotive industry.

The adjustments had been discussed internally for quite a while and we took advice and suggestions from some users, Nio Chief Executive William Li said on the company39;s social media app, referring to the price cuts and the new policy on battery swapping.

It is the best timing to publish it … but we can39;t make everyone happy, he said.

Nio had been offering the swapping services for free at least four times each month to existing owners. It is among only a handful of EV makers betting on battery swapping as a major power option for electric cars while main rival Tesla has dismissed battery swapping as riddled with problems and…