Tesla is wasting no time introducing new incentives to kick off the second quarter in China. The company is now offering 0% interest financing on new purchases of the Model 3 and Model Y Rear-Wheel Drive (RWD). However, there is one catch with the new deal.
Tesla posted its first quarter results yesterday, and for the first time since 2020 the automaker saw its deliveries drop quarter-over-quarter (QoQ). Tesla wasn’t alone in seeing an overall decline. BYD saw an even more substantial drop in their Q1 deliveries, with both automakers having a significant percentage of their sales coming from the world’s most largest, and also most competitive, automotive market, China.
To help boost sales early in the second quarter, Tesla has launched a new financing offer in China for the Model 3 and Model Y.
According to a post from Tesla’s official Weibo account in China, buyers of the Model 3/Y RWD can get 0% interest financing for three to five years, but only if their down payment is at least ¥79,900, or about C$15,000/US$11,000.
Under this financing offer, customers opting for the three year term can expect to a monthly payment of ¥4,611 (C$879/US$637) for the Model 3 RWD, or ¥5,111 (C$975/US$706) for the Model Y RWD. The five year term will bring monthly payments of ¥2,767 (C$527/US$382) or ¥3,067 (C$585/US$423) for the Model 3 and Model Y RWD respectively.
As per the terms of the deal, the offer is only valid for orders placed before April 30th, 2024, and have their new car delivered by June 30.
Additionally, Tesla is also offering a free 90-day trial of Enhanced Autopilot (EAP) when they trade-in a vehicle.
This isn’t the first time Tesla has offered low-interest financing deals, having done so previously with special interest rates as low as 1.99%. This is the first time however that they have offered 0% interest financing.
