Tesla has made updates to its promotional policy for Model Y buyers in China as the expiration date approaches. The US electric vehicle maker announced that starting at 8 am Beijing time on December 24, Chinese customers who purchase an existing Model Y will receive a RMB 10,000 ($1,370) reduction on their final payment.
This offer applies to the two lowest-priced variants of the Model Y, including existing cars and show cars. However, it does not apply to customized cars, cars for test drives, or official second-hand cars. Customers must complete delivery of the vehicles within the order validity period to qualify for the discount.
The company did not specify an expiration date for this updated offer, which replaces the previous promotion that was set to expire at the end of this month. The Model Y is available in China in three variants: an entry-level rear-wheel-drive version, a long-range all-wheel-drive version, and an all-wheel-drive performance option, with starting prices ranging from RMB 249,900 to RMB 354,900.
In addition to the final payment reduction, Tesla has extended a 5-year 0 percent interest financing incentive for the two lower-priced variants of the Model Y and Model 3 until January 31. Customers can take advantage of this financing program by making a down payment of at least RMB 79,900.
The Model 3 is available in China in three variants as well, with prices starting from RMB 231,900. The expected delivery lead times for both the Model Y and Model 3 are 1-3 weeks for customized cars. Tesla initially launched the 5-year 0-interest financing incentive in China on April 3 and has been extending the offer on a month-by-month basis.
These updates come at a time when Tesla is rumored to begin production of the facelifted Model Y at its Shanghai factory in January. Local media reports suggest that mass production of the facelifted Model Y will commence next month. In November, Tesla China sold 78,856 vehicles, including 5,366 for export, marking the highest sales month of the year.
The company’s strong performance in China is reflected in its sales figures, which have been steadily increasing. The extension of the promotional offers for the Model Y and Model 3 indicates Tesla’s commitment to the Chinese market and its efforts to maintain its competitive edge in the electric vehicle industry.
