Tesla Extends 0% Interest Loan Incentive in China

Tesla China is extending its attractive 5 year 0% interest loan incentive, originally set to expire on June 30. The extended promotion will now run to July 31, 2024, and is aimed at maintaining the sales momentum of the Model 3 sedan and Model Y SUV.

First launched in April, the 0% interest loan offer allows customers who purchase a Model 3 or Model Y by the end of July to finance their vehicle over five years without paying any interest. This offer significantly lowers the financial barrier for potential buyers.

For the Model Y, this equates to a daily cost of ¥95 (C$18), while the Model 3 can be financed for ¥85 (approximately C$16) per day, provided customers make a minimum down payment of ¥79,900 (C$15,100), according to details in a post by Tesla on the Chinese social media platform Weibo.

In addition to the 0% interest loan, Tesla is also offering a low down payment option for both Model 3 and Model Y. Customers can choose to pay as little as ¥45,900 (C$8,680) upfront, benefiting from annualized interest rates starting as low as 0.92%, reports CNEvPost.

Tesla’s move to extend the financing offers comes in response to fluctuating domestic sales figures. In May 2024, Tesla sold 55,215 vehicles in China, marking a significant increase from the previous month and the same period last year. However, sales for the first five months of 2024 showed a slight year-on-year decline.

The introduction of the 0% interest loan incentive in April 2024 proved to be a successful strategy, contributing to a spike in vehicle registrations in late June. The extension of this offer is expected to maintain this upward trend, potentially helping Tesla close the gap with its 2023 sales performance.

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