Tesla China has extended its 5-year 0-interest loan incentive, which expired on June 30, to July 31.
Tesla (NASDAQ: TSLA) has extended its 0-interest loan incentive for car purchases in China, a benefit that expired yesterday.
Customers who buy a Model 3 or Model Y on or before July 31 can get a 0-interest loan for up to five years, Tesla announced today on Weibo.
The US electric vehicle (EV) maker began offering 0-interest loans in April to spur sales, and the offer was available to customers who get deliveries by June 30, according to a previous CnEVPost story.
For both the Model 3 and Model Y, customers will need to make a minimum down payment of RMB 79,900 ($11,000) to take advantage of the benefit, according to two posters from Tesla today.
With the 5-year 0 percent interest loan offer, the cost for customers to purchase the Model Y is equivalent to RMB 95 per day, and RMB 85 per day for the Model 3.
Tesla is also offering lower down payment options for the Model 3 and Model Y, with customers paying as low as RMB 45,900, which allows them to take advantage of annualized interest rates starting as low as 0.92 percent, according to Tesla's posters.
Tesla has a factory in Shanghai that began operations in late 2019 and started deliveries of the locally produced Model 3 in January 2020 and the locally produced Model Y in January 2021.
The Model 3 is currently offered in three variants in China -- an entry-level rear-wheel drive version, an all-wheel drive long range version, and an all-wheel drive performance version -- with starting prices of RMB 231,900, RMB 271,900, and RMB 335,900, respectively.
The Model Y is also available in China in 3 variants -- the entry rear-wheel drive version, all-wheel drive long range version, and all-wheel drive performance version -- with starting prices of RMB 249,900, RMB 290,900, and RMB 354,900 respectively.
Tesla sold 55,215 vehicles in China in May, up 29.89 percent from 42,508 in the same month last year, and up 75.73 percent from 31,421 in April, data compiled by CnEVPost showed.
In the January-May period, Tesla sold 219,056 vehicles in China, a decrease of 0.38 percent year-on-year.
($1 = RMB 7.2677)
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