Tesla has recently upped its promotion game in China by offering a five-year, zero-interest financing incentive for the updated Model Y. This move comes as the company aims to boost the appeal of its crossover SUV in the competitive Chinese market.
Previously, Tesla had been offering a three-year, zero-interest financing incentive for the Model Y. However, with the new promotion, Chinese customers who purchase any variant of the Model Y before June 30 can now take advantage of the extended five-year, zero-interest financing offer. This announcement was made by the US electric vehicle maker on Weibo.
Under this new program, customers can benefit from a low down payment of as little as RMB 79,900, with monthly payments starting as low as RMB 3,060. This attractive financing option is aimed at making the Model Y more accessible to a wider range of potential buyers in the Chinese market.
The updated five-seat Model Y was launched in China on January 10, with deliveries commencing on February 26. The model is available in the country in both a rear-wheel-drive version and a long-range all-wheel-drive version, with starting prices of RMB 263,500 and RMB 313,500, respectively.
Tesla’s increased promotional efforts for the Model Y come at a time when competition in China’s EV market is intensifying, with more players entering the arena. The company’s five-year, zero-interest financing offer for the Model 3 electric sedan is also available until June 30, further expanding its appeal to potential buyers.
In addition to the financing incentives, Tesla has also extended the RMB 8,000 insurance subsidy for all variants of the Model 3, providing added value to customers. Delivery wait times for both locally produced Tesla models in China remain stable, with the Model 3 lineup having a wait time of one to three weeks, while the entry-level Model Y has a wait time of two to four weeks, and the longer-range version has a wait time of three to five weeks.
Furthermore, Tesla is introducing a new Star Diamond Black paint option for both the Model 3 and Model Y in China, priced at RMB 8,000. These additional customization options aim to enhance the appeal of Tesla’s vehicles to Chinese consumers.
In March, Tesla China reported strong sales figures, with a total of 78,828 vehicles sold, including 4,701 for export. Domestic sales in China reached 74,127 vehicles, marking an 18.80 percent year-on-year increase and a significant 176.83 percent jump from the previous month. The Model Y was a standout performer, delivering 48,189 vehicles in China in March, representing a 0.57 percent year-on-year increase and a remarkable 501.91 percent surge from February.
As Tesla continues to expand its presence in the Chinese market, these promotional efforts and sales figures demonstrate the company’s commitment to driving growth and capturing market share in the world’s largest electric vehicle market.
