EV giant Tesla Inc. TSLA has introduced 0% annual percentage rate (APR) financing on all Model 3 trims in the U.S. as it faces intense demand struggles including across its key markets.
What Happened: “0% APR now available for all Model 3 trims,” Tesla said in a post on social media platform X.
Customers in the U.S. can purchase the Model 3 with 0% APR financing for a period of 60 months and $3,999 down payment.
Tesla’s Model 3 is the company’s cheapest offering in the U.S. The base version of the vehicle starts at $42,490, while the more premium, Performace All Wheel Drive variant starts at $54,990. All three variants of the vehicle are also eligible for a federal EV tax credit of $7,500.
Why It Matters: The new offer comes amidst concerns about deliveries dropping in the first quarter.
The company launched its refreshed Model Y SUV in January.
Tesla CEO Elon Musk then said that production would be lost during the days of retooling factories to prepare for the refreshed vehicle's production.
The CEO also warned that margins will be impacted due to idle capacity and other ramp-related costs. However, these challenges will be overcome once production is ramped, he said.
According to researcher Troy Teslike, who tracks Tesla production and delivery numbers, the EV giant’s deliveries in this quarter are expected to be the lowest they have been in the past 10 quarters.
Demand has been declining across Europe, China, and the U.S., partly due to company CEO Elon Musk‘s political opinions and activities reflecting on the brand.
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