Customers who ordered a rear-wheel-drive version of the Model 3 that had already been produced between January 1 and January 31 will receive an insurance subsidy of RMB 6,000 yuan. The amount is lower than last month's RMB 8,000.
(Image credit: CnEVPost)
Tesla began offering insurance subsidies for the entry-level Model 3 and Model Y in China at the end of November, which expired on December 31. Now, the company is renewing that incentive for the Model 3.
Customers who order a rear-wheel-drive version of the Model 3 that's already been produced between January 1 and January 31 can receive a RMB 6,000 ($845) insurance subsidy if they complete their deliveries by the end of this month, Tesla announced today on Weibo.
The subsidy lowers the starting price of the rear-wheel drive version of the Model 3 to RMB 255,400 from the regular RMB 261,400, according to a Tesla poster.
The incentive applies to brand-new stock vehicles, non-brand-new stock vehicles, show cars, and test drive cars, and customers will need to purchase insurance through an insurance agency that works with Tesla, according to the poster.
In addition to the insurance subsidy, Tesla is also offering a limited-time loan incentive, with customers who take delivery by the end of January getting loans for the Model 3 and Model Y at rates as low as 1.99 percent per annum, which translates to an annualized interest rate starting at 3.65 percent.
For the Model S and Model X, the loan rate is as low as 2.5 percent annually, which translates to an annualized interest rate starting at 4.58 percent.
For the Model 3 and Model Y, the loan offer allows customers to save up to more than RMB 23,000, according to a Tesla poster.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y. The more expensive Model S and Model X are not produced in China.
The Model 3 is offered in two versions in China -- the base version with rear-wheel drive, and the Model 3 Long Range version with dual-motor all-wheel drive -- with starting prices of RMB 261,400 and RMB 297,400, respectively.
The Model Y is offered in three versions in China -- the base rear-wheel-drive version, the dual-motor all-wheel-drive Model Y Long Range edition, and the dual-motor all-wheel-drive Model Y Performance edition -- with starting prices of RMB 266,400, RMB 306,400, and RMB 363,900, respectively.
Tesla announced on November 28 that Chinese customers who order already-produced rear-wheel-drive versions of the Model 3 and Model Y between November 28 and December 31 would receive an insurance subsidy of RMB 8,000 if they complete deliveries before the end of 2023.
The insurance subsidy amount announced by the EV maker today was narrowed by RMB 2,000, and the Model Y is not yet included.
Tesla sold 82,432 China-made vehicles in November, of which 16,928 were exported and 65,504 were delivered in China, according to the China Passenger Car Association (CPCA).
($1 = RMB 7.0999)
(Tesla posters on January 1, 2024 on Weibo.)
