Tesla is offering a new financing incentive in China, giving customers the option to purchase a Model 3 or Model Y from existing inventory with no down payment.
According to a post from Tesla official account on Weibo, the offer is applicable on all Model 3 and Model Y vehicles already built that are purchased before June 30, 2024. Both this offer, and the 0% financing offer launched in China earlier this month are being advertised as “0 yuan” deals.
Earlier this month Tesla launched a 0% financing offer on both the Model 3 and Model Y. However, with the launch of this new no down payment offer, it appears as though customers buying a Model 3 from existing inventory can only get “preferential interest rate[s],” which according to Tesla is “as low as 2.5%.”
For Model Y buyers, they can pick between the no down payment offer, or the 0% interest offer. If they pick no down payment, the automaker says they can get a Model Y for as little as ¥146 (C$27.56) per day, or about C$826 per month.
If they opt for the 0% financing offer, with a minimum down payment of ¥79,900 (C$15,084), their daily payment can be as low as ¥95 (C$17.94), or about C$538 per month. (h/t: @tslachan)
In the most recent full month, Tesla sold 62,398 Model 3 and Model Y vehicles in China in March. This was a substantial 107% increase from February when Tesla sold 30,141 vehicles domestically. February was an abnormal month however as it was impacted by Chinese New Year celebrations, which also resulted in planned downtime at Giga Shanghai.
According to the China Passenger Car Association (CPCA),Tesla sold 89,064 vehicles that were built by Giga Shanghai in March, including exports. Of those vehicles, 57,586 were Model Y and 31,478 were Model 3.
