Tesla China launches new incentives on Model 3 and Y for March

2024.03.02 2 min read

Tesla China has launched a series of new incentives on the Model 3 and Model Y for March, including discounts on paint, low-interest financing, and limited-time insurance programs.

Tesla made the announcement on Weibo, its Chinese social media account, earlier today.

Tesla is offering a variety of ways to lower prices and encourage customers to purchase one of its mass-market all-electric vehicles, both of which are built at Gigafactory Shanghai in China.

Customers who choose to purchase existing inventory Model 3 and Model Y vehicles by the end of the month will receive up to 34,600 yuan, or roughly $4,800 in discounts and incentives.

These incentives will require a combination of things, including car insurance products with lower rates, and a 10,000 yuan discount for paint changes:

There are also financing options that give rates as low as 1.99 percent.

Tesla is doing whatever it can to incentivize sales across the world. It stated during its most recent quarterly earnings call that it plans to confront a “notably lower” growth rate this year due to the development of its next-generation platform, which could be ready for production sometime next year.

However, China is also a super competitive region for electric vehicles, and several domestic companies have worked extremely hard to dethrone Tesla.

BYD, for example, overtook Tesla in terms of electric vehicle volume last year, and has used its own discount programs to continue growth and fend off Tesla.

BYD executive says Tesla is a ‘partner’ in electrification

Tesla has also used discounts in China earlier this year to push sales upward.

It seems that some of the discounts used in February may have worked, based on some insurance registration figures.

Tesla saw a 31.7 percent increase during the week of February 19-25 compared to the weeks from the 5-18.

Tesla sold 71,447 vehicles in January. That figure includes vehicles that were sent abroad to other markets.

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