Tesla has extended its 5-year 0 percent interest loan in China until November 30, further renewing the incentive for car purchases that began in April.
Tesla (NASDAQ: TSLA) will continue to offer 5-year, 0-interest loan policy in China next month, further extending the incentive for car purchases that began in April.
Chinese customers who buy some variants of the Model 3 sedan and Model Y crossover before November 30 will still be able to take advantage of a “limited-time” 5-year 0 percent interest financing program, according to information on the US electric vehicle (EV) maker's Chinese website.
The Model 3 and Model Y, which are locally produced at Tesla's Shanghai plant, are both available in three variants in China. Other Tesla models are not produced in China.
The Model 3 is available in an entry-level rear-wheel-drive version, a long-range all-wheel-drive version, and an all-wheel-drive performance option, and is currently priced at a starting price of RMB 231,900 ($32,570), RMB 271,900, and RMB 335,900, respectively.
The Model Y has same variants and they start at RMB 249,900, RMB 290,900, and RMB 354,900, respectively.
Prices for both models in China have remained unchanged since the end of April. delivery wait times are currently 4-6 weeks for the Model 3 and 1-3 weeks for the Model Y, both as before.
As before, the current 5-year 0 percent interest loan incentive applies to the rear-wheel-drive, long-range all-wheel-drive versions of both models, and not to their highest-priced all-wheel-drive performance versions.
The page design on Tesla's Chinese website has seen a slight tweak to more clearly show the amount customers will have to pay each month when taking advantage of the 0 percent interest loan incentive.
Tesla initially launched the 5-year 0-interest loan incentive in China on April 3, the first time it has offered the program in the country.
Over the past few months, the EV maker would essentially announce a one-month extension of the incentive at the end of each month, all calling it time-limited.
The continual extension of the incentive underscores the fact that in China's highly competitive EV market, it's difficult for EV makers to recoup incentives they've already offered, as that would mean an increase in the cost of purchasing for customers, causing them to switch to a competing model.
($1 = RMB 7.1206)
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