Tesla has announced that it will be extending its 5-year 0 percent interest loan program in China until November 30, providing further incentives for car purchases that originally began in April. This extension allows Chinese customers who purchase select variants of the Model 3 sedan and Model Y crossover to take advantage of the limited-time financing offer.
The Model 3 and Model Y, both of which are produced locally at Tesla’s Shanghai plant, are available in three variants each in China. The Model 3 comes in an entry-level rear-wheel-drive version, a long-range all-wheel-drive version, and an all-wheel-drive performance option, with prices starting at RMB 231,900, RMB 271,900, and RMB 335,900 respectively. On the other hand, the Model Y also has the same variants with prices starting at RMB 249,900, RMB 290,900, and RMB 354,900 respectively.
Despite the extension of the 0 percent interest loan program, prices for both models have remained unchanged since the end of April. Delivery wait times for the Model 3 are currently 4-6 weeks, while the Model Y has a wait time of 1-3 weeks, as before. The financing incentive applies to the rear-wheel-drive and long-range all-wheel-drive versions of both models, excluding the highest-priced all-wheel-drive performance versions.
Tesla initially introduced the 5-year 0 percent interest loan program in China on April 3, marking the first time the company had offered such a program in the country. Since then, the program has been extended on a monthly basis, with each extension being labeled as time-limited. This continual extension of the incentive highlights the competitive nature of China’s EV market, where offering incentives is crucial for attracting customers.
The decision to extend the 0 percent interest loan program underscores Tesla’s commitment to remaining competitive in the Chinese market. By providing attractive financing options for customers, Tesla aims to maintain its strong position in China’s rapidly growing EV market. Customers interested in taking advantage of this offer can visit Tesla’s Chinese website for more information.
