For March, Tesla China is offering a number of new incentives for the Model 3 and Model Y, such as paint savings, 0% interest financing, and temporary insurance plans.
Earlier today, Tesla released the news on Weibo, its Chinese social media platform.
To entice consumers to buy one of two mass-market all-electric vehicles—both of which are produced in Gigafactory Shanghai in China—Tesla is offering a number of methods to reduce prices.
By the end of the month, customers who decide to buy Model 3 and Model Y vehicles from existing inventory will receive discounts and incentives of up to 34,600 yuan, or about $4,800.
A 10,000 yuan paint repair discount in addition to reduced rates on auto insurance will be necessary for these incentives:
Financing options are available with rates as low as 1.99 percent.
Tesla is making every effort to encourage sales worldwide. Due to the development of its next-generation platform, which might be ready for production sometime next year, it anticipates to face a “notably lower” growth rate this year, according to a statement made during its most recent quarterly results call.
Still, China is a fiercely competitive market for electric cars, and a number of local firms have made a lot of effort to unseat Tesla.
For instance, BYD surpassed Tesla in terms of the amount of electric vehicles sold last year. To maintain growth and thwart Tesla, BYD has implemented its own discount programmes.
Tesla has also used discounts in China earlier this year to push sales upward.
It seems that some of the discounts used in February may have worked, based on some insurance registration figures.
Tesla saw a 31.7 percent increase during the week of February 19-25 compared to the weeks from the 5-18.
Tesla sold 71,447 vehicles in January. That figure includes vehicles that were sent abroad to other markets.
