Tesla is offering a limited-time discount in China for two less expensive variants of the Model Y, probably because the crossover's major refresh is not far away.
Tesla (NASDAQ: TSLA) is offering a limited-time discount on the Model Y in China, possibly because an updated to the crossover is not far off.
The US electric vehicle (EV) maker said on Weibo today that Chinese customers who order the two less-expensive variants of the Model Y between November 25 and December 31 can receive a RMB 10,000 ($1,380) reduction when they make their final payment.
The Model Y is available in China in an entry-level rear-wheel-drive version, a long-range all-wheel-drive version, and an all-wheel-drive performance option, with starting prices of RMB 249,900, RMB 290,900, and RMB 354,900, respectively.
The discount announced today applies to the rear-wheel drive and long-range all-wheel drive versions of the Model Y. The highest-priced all-wheel drive Performance edition is excluded.
The discount applies to customized vehicles, stock vehicles that have been produced, and show cars, while excludes vehicles used for test drives and official used vehicles.
Customers need to take delivery of their vehicle by December 31 or the benefit will automatically expire.
Tesla doesn't offer the discount for the Model 3, a sedan that is available in China in a rear-wheel-drive, long-range all-wheel-drive, and all-wheel-drive performance options, currently starting at RMB 231,900, RMB 271,900, and RMB 335,900, respectively.
The current delivery wait times in China for all variants of the Model 3 and Model Y are 1-3 weeks, as before.
Meanwhile, Tesla has further extended the 5-year, 0 percent interest financing incentive in China applicable to all variants of the Model 3 and Model Y until December 31, according to its China website.
Tesla initially launched the 5-year 0-interest financing 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 that incentive at the end of each month, both calling it time-limited.
Tesla last announced an extension of its 5-year, 0 percent interest financing program on October 27, when it extended the offer to November 30.
A limited-time discount on the Model Y signals that its facelift may not be far off. The Tesla crossover is one of the most popular EV models in China, with 373,852 vehicles sold in the country from January to October, up 7.91 percent year-on-year, according to data compiled by CnEVPost.
In the January-October period, the Model Y contributed 74.67 percent of Tesla's 500,685 deliveries in China, and the Model 3 contributed 25.33 percent with 126,833 units.
Late last month, several car bloggers claimed on Weibo that Tesla's Shanghai factory started preparing for the production of the updated Model Y.
Over the past month, sporadic spy shots of what is purported to be the new Model Y have appeared on social media.
On March 1, 2023, a Reuters report said that Tesla was preparing a production revamp of the Model Y, codenamed Project Juniper, which involves the exterior and interior of the SUV, with the goal of starting production in 2024.
On June 9 of this year, Tesla CEO Elon Musk said no Model Y “refresh” is coming out this year, after rumors started circulating again.
On August 29, local Chinese media outlet LatePost reported that Tesla planned to launch and deliver two updated versions of the Model Y in 2025.
This includes a 5-seat version internally codenamed Juniper, with deliveries expected to begin in the first quarter of next year. The other is a 7-seat version of the Model Y, with deliveries expected to begin in the fourth quarter of 2025, according to the LatePost report.
On September 3, Reuters reported that Tesla planned to start building a six-seat Model Y in China by the end of 2025, and had asked suppliers to prepare for double-digit growth in Model Y production at its Shanghai plant.
($1 = RMB 7.2458)
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