In addition to offering cash discounts on select Model Y stock vehicles, Tesla is also allowing customers to get paid paint for RMB 2,000 that would otherwise sell for RMB 8,000 or RMB 12,000.
(Image credit: CnEVPost)
Tesla (NASDAQ: TSLA) has started offering cash discounts for the Model Y crossover in China, despite a price cut just last month.
For customers ordering select versions of the Model Y that have already been produced, there's now an RMB 8,000 ($1,110) cash discount, the electric vehicle (EV) maker announced today on Weibo.
The cars are limited and available while supplies last, Tesla said, without mentioning which versions of the Model Y are eligible for the discount.
The Model Y is offered in three versions in China -- a base rear-wheel-drive version, a dual-motor all-wheel-drive Model Y Long Range version, and a dual-motor all-wheel-drive Model Y Performance version.
Tesla has a factory in Shanghai that produces the Model 3 sedan and the Model Y. The factory's current annual production capacity of more than 950,000 vehicles is its largest in the world.
On January 12, Tesla lowered the starting price of the Model Y entry edition by RMB 7,500, or 2.82 percent, to RMB 258,900. The starting price of the Model Y Long Range was also lowered at that time to RMB 299,900, a RMB 6,500, or 2.12 percent, cut.
The starting price of the Model Y Performance was unchanged on January 12, remaining at RMB 363,900.
Tesla also cut the prices of both versions of the Model 3 by nearly 6 percent last month. The latest starting price for the entry-level Model 3 is RMB 245,900, and RMB 285,900 for the Model 3 Long Range version.
Tesla has not adjusted the official pricing of the Model 3 and Model Y today, and for customers customizing both models, the wait time for all versions remains the same as before at 2-6 weeks.
In addition to the cash discount for the Model Y, Tesla is offering additional benefits in China today.
Customers who ordered the Model 3 and Model Y on or before February 29 will pay just RMB 2,000 for all paid paint if they take delivery of their car on or before March 31.
The free paint offered in China for both the Model 3 and Model Y is black.
The Model 3 offers 4 paid car paint options, 2 of which are priced at RMB 8,000 and the other 2 at RMB 12,000.
The Model Y offers 5 paid paint options, 2 of which are priced at RMB 8,000 and the other 3 at RMB 12,000.
In addition, customers ordering a Model 3 and Model Y now and getting delivery on or before March 31 can take advantage of a loan rate as low as 2.5 percent per year, which translates to an annualized interest rate of 4.58 percent, Tesla said.
(Tesla posters on Weibo.)
($1 = RMB 7.1795)
