Tesla has launched another promotion in the ultra-competitive Chinese electric vehicle (EV) market, introducing a new package of incentives. This is a quick response to the latest discounts announced by fast-growing rival BYD and other EV makers.
According to the company’s post on Weibo, orders made before the end of March will qualify for up to 34,600 yuan or US$4,807.76. Both Model 3 and Model Y buyers can take advantage of these new discounts.
The breakdown includes an 8,000 yuan rebate on Tesla’s insurance products plus 10,000 yuan when the order involves a paint selection. The automaker is also sweetening the deal on Model Y orders with up to 16,000 yuan in financing options.
As with all of Tesla’s promotions in China, the deals are temporary and delivery must be taken before March 31, 2024.
Tesla China has started a new round of promotions. Customers who complete delivery before March 31st will receive a subsidy of 8000 yuan for insurance. pic.twitter.com/BZn2ZgqbJB
— Yan Chang (@cyfoxcat) March 1, 2024
BYD, a strong contender for the biggest EV maker by volume, announced up to 15.4% discounts on its car last week. This was preceded by massive discounts across its new car lineups in February.
Tesla offered Year of the Dragon discounts in China in early February as part of New Year celebrations in the country. It rounded off 2023 with another raft of discounts as it tries to fight off competition from rivals in one of the biggest auto markets in the world.
