Tesla has extended its 5-year, 0% interest loan offer in China, a move that is a huge incentive to buy a car in the country, especially given the growing competition.
According to the Tesla website in China, customers who purchase certain variants of the Model 3 sedan and Model Y SUV before October 31 can still take advantage of a limited-time 5-year, 0% interest loan offer, according to CnEVPost.
The program, which launched in April, allows customers to buy a car and pay it off over five years without paying any additional interest. The program has already been extended before and has now been extended again.
Model 3 and Model Y, which are built at Giga Shanghai, are available in three variants in China. Model 3 is available in a base rear-wheel drive version, a Long-Range all-wheel drive version, and a Performance all-wheel drive version with starting prices of RMB 231,900, RMB 271,900, and RMB 335,900, respectively.
Model Y is offered in the same variants and is priced at RMB 249,900, RMB 290,900, and RMB 354,900, respectively.
However, the 5-year, 0% interest loan offer is not available for all variants. Buyers can buy rear-wheel drive and all-wheel drive Long Range versions of both Model 3 and Model Y, while the all-wheel drive Performance versions are not available for this.
The extension of the incentive program is a great move to boost Tesla’s sales in the country. China is a very competitive market with a large number of electric vehicles competing with Tesla.
However, by making its cars attractively priced to buy, the company has successfully neutralized a large number of them.
Currently, Tesla customers in China who order Model 3 have to wait 4-6 weeks for delivery. Model Y delivery time is 1-3 weeks.
According to the information, Giga Shanghai plans to start production of the six-seater version of its Model Y SUV next year. The new variant of the world’s best-selling car will be built in Shanghai from the end of 2025. The company has asked its suppliers to plan for double-digit growth in Model Y production in China.
