Tesla launched an interest-free loan incentive in China in April that was valid until June 30. Starting July 1, the company extended the incentive until July 31.
Tesla (NASDAQ: TSLA) has extended another five years of interest-free loan incentives for car purchases in China, to ensure that a rollback of the incentives that are set to expire at the end of this month won’t hurt sales.
According to information posted on Tesla’s China website today, customers who order a Model 3 or Model Y by Aug. 31 can take advantage of 0 percent financing for up to five years.
By comparison, this incentive was previously valid until July 31st.
The incentive is limited to rear-wheel drive and extended-range all-wheel drive versions of the Model 3 and Model Y, and does not apply to the most expensive Performance variants of either model, as previously.
The Model 3 is currently offered in three versions in China – an entry rear-wheel drive version, an all-wheel drive long range version and an all-wheel drive performance version – with starting prices of 231,900 yuan ($31,880), 271,900 yuan and 335,900 yuan, respectively.
The Model Y is also available in three variants in China – an entry rear-wheel drive, an all-wheel drive long range and an all-wheel drive performance version – with starting prices of RMB 249,900, RMB 290,900 and RMB 354,900 respectively.
Pricing, specs and wait time information remains unchanged today, with the latest wait times in China currently standing at 3-5 weeks for all three Model 3 variants and 1-3 weeks for the Model Y.
Tesla launched an interest-free loan incentive in China in April to boost sales, and said at the time that it would be available to customers who took delivery of their cars by June 30.
The US electric vehicle (EV) maker announced on Weibo on July 1 that it would extend the offer until July 31.
On July 1, Tesla announced that it would offer a five-year, interest-free loan to reduce the purchase cost of a Model Y to the equivalent of 95 RMB per day, and a Model 3 to the equivalent of 85 RMB per day.
Tesla has a factory in Shanghai that began operations at the end of 2019 and began deliveries of locally produced Model 3s in January 2020 and locally produced Model Ys in January 2021.
Tesla sold 59,261 vehicles in China in June, down 20.15% from 74,212 in the same month last year, but up 7.33% from 55,215 in May, according to data compiled by CnEVPost.
Shanghai state-owned enterprises buy Tesla Model Y to show support for foreign automakers

(1 dollar = 7.2739 yuan)
Become a CnEVPost member
Become a member of CnEVPost to enjoy an ad-free reading experience and support us in producing more quality content.
Become a member