- Tesla has made its three-year, zero-interest financing offer in China also available for the long-range variant of the facelifted Model Y.
- The delivery wait time for the long-range Model Y has been shortened from the previous 6-10 weeks to 3-5 weeks.
Tesla (NASDAQ: TSLA) has made its three-year, zero-interest financing available in China for the long-range all-wheel-drive variant of the facelifted Model Y, extending the purchase incentive to both variants of the updated SUV (sport utility vehicle) for the first time.
At the same time, the delivery wait time for the long-range all-wheel drive variant of the Model Y has been halved from before, suggesting that demand for the previously more popular variant may be slowing.
The US electric vehicle (EV) maker announced on Weibo today that Chinese customers who purchase any variant of the facelifted Model Y before April 30 can enjoy a three-year interest-free financing.
Tesla China's website also displays this benefit at the top of the order page.
Tesla launched the facelifted five-seat Model Y in China on January 10, with deliveries starting on February 26.
The model is available in China in a rear-wheel drive version and a long-range all-wheel drive version, with starting prices currently at RMB 263,500 ($36,310) and RMB 313,500 respectively.
Tesla began offering a three-year, zero-interest financing incentive for the rear-wheel-drive version of the Model Y in China on March 18, and on the same day raised the price of the long-range version of the Model Y from the previous RMB 303,500 to RMB 313,500.
The move at the time seemed to be aimed at balancing orders for the two variants of the Model Y, as the wait time for delivery of the entry-level variant was 2-4 weeks, while the long-range all-wheel-drive version was 6-10 weeks.
The current delivery wait time for the entry-level Model Y has not changed and is still 2-4 weeks, but the wait time for the long-range all-wheel drive version has been shortened to 3-5 weeks today.
On March 7, local media 36kr quoted multiple Tesla salespeople in a report saying that the facelifted Model Y had accumulated 200,000 orders nationwide in China.
However, among these 200,000 orders, there were a large number of refundable orders, the report noted.
The Model Y is one of the best-selling models in China and is crucial for Tesla to maintain momentum in deliveries in the country.
Tesla's Chinese team has led the development of a "cheaper Model Y" to cope with fierce market competition, 36kr reported on March 13, citing industry sources.
The launch time of the new model will depend on the order performance of the updated Model Y, the report said, adding that if the sales performance of the updated Model Y is not as expected, then Tesla is expected to launch the "cheaper Model Y" in the second half of this year.
On March 14, Reuters reported that Tesla would launch the lower-priced Model Y, internally codenamed "E41," which would begin mass production at the Tesla Shanghai factory in 2026.
For the Model 3 electric sedan, the previously available five-year, zero-interest financing will continue to be available until April 30, according to the Tesla Weibo post today.
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