Tesla has extended its 0% interest loan incentive for car purchases in China, following its expiration yesterday.
Announced today on Weibo, customers purchasing a Model 3 or Model Y on or before July 31 can take advantage of a 0% interest loan for up to five years, Tesla confirmed. This initiative, initially launched in April to stimulate sales, was previously available for deliveries completed by June 30.
To qualify for the 0% interest loan, customers must make a minimum down payment of RMB 79,900 ($11,000), as indicated by Tesla’s latest posters.
Under this financing plan, the daily cost for owning a Model Y amounts to RMB 95, and RMB 85 for a Model 3.
In addition to the 0% interest offer, Tesla is introducing lower down payment options starting from RMB 45,900, enabling customers to benefit from annualized interest rates as low as 0.92%, according to Tesla’s promotional materials.
$TSLA 🇨🇳
BREAKING: Tesla China extends zero-interest promotion to July after June sales hit new record.If you order a Model 3/Y RWD or a long-range vehicle before July 31, you'll get a five-year interest-free financial plan for a limited time. https://t.co/xFUxGMygIJ pic.twitter.com/ugGB8ZQppZ
— Tsla Chan (@Tslachan) July 1, 2024
In China, the Model 3 is available in three variants with prices starting at RMB 231,900 for the entry-level rear-wheel drive, RMB 271,900 for the all-wheel drive long range, and RMB 335,900 for the all-wheel drive performance version.
Similarly, the Model Y is offered in three variants starting at RMB 249,900 for the entry rear-wheel drive, RMB 290,900 for the all-wheel drive long range, and RMB 354,900 for the all-wheel drive performance version.
Tesla’s sales in China have seen a surge in orders for the month of June, with the week of June 17-23 seeing 17,500 units registered to insurance for Model 3 and Model Y. These numbers clearly have been helped by the 0% interest offer.
Recently, Tesla also announced an update for vehicles in China, with a new Baidu maps partnership, bringing lane-level guidance, instead of just road-level.