Tesla extends insurance subsidy promotion in China, launches low interest rate offers

Tesla has kicked off 2024 in China by extending a Model 3 promotion past its originally announced expiry date, and launching a new financing offer for the entire S3XY lineup.

Late last year Tesla began offering insurance subsidies worth ¥8,000 (C$1,500) for the Model 3 and Model Y, an offer that was set to expire on December 31, 2023. Tesla has decided to extend that offer, but limiting it to only the Model 3, and also lowering the amount of the subsidy.

According to a post on the automaker’s official Weibo account in China, customers who order a Model 3 Rear-Wheel Drive (RWD) from existing inventory and take delivery before January 31 will receive a ¥6,000 (C$1,100) insurance subsidy. This incentive brings the effective price of the Model 3 RWD down to ¥261,400 (C$48,625).

Alongside the extension of the insurance subsidy promotion, Tesla also launched a new low interest rate financing offer. Customers who order a Model 3 or Model Y and take delivery before the end of January can get interest rates as low as 1.99%. According to Tesla this could translate into savings of as much as ¥23,000 (C$4,300) over the term of a loan.

Meanwhile interest rates for the Model S and Model X are slightly higher at 2.5%, but the rate is being offered until the end of March.

China is a major market for Tesla, accounting for 439,770 of the automaker’s 1.3 million deliveries worldwide in 2022. With factory improvements over the course of the year that increase Giga Shanghai’s annual production rate to over 1 million, China is again expected to account for a significant portion of Tesla’s deliveries in 2023.

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