Tesla, Inc. (TSLA) has reportedly decided to extend its 5-year, 0-interest loan offer for car purchases in China beyond its original expiration date at the end of this month.
CnEV Post reported this extension aims to prevent a decline in sales due to the reduction in purchase incentives.
This incentive was previously set to expire on July 31. Tesla announced on Weibo that the 5-year 0-interest loan incentive has been extended until August 31.
The incentive applies specifically to the rear-wheel-drive and long-range all-wheel-drive versions of the Model 3 and Model Y.
The offer no longer extends to the highest-priced performance variants of either model, as it did previously.
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According to information posted on Tesla’s Chinese website today, customers who place orders for a Model 3 or Model Y before the end of next month will qualify for a 0 percent loan for up to five years.
According to Tesla posters, with the 5-year 0-interest loan offer, customers can purchase a Model Y with a daily installment as low as RMB 95 ($13.05) and a Model 3 with a daily installment as low as RMB 85 ($11.70).
Currently, the Model 3 is available in three variants in China: the entry-level rear-wheel drive version starting at RMB231,900 (roughly $31,880), the all-wheel drive long-range version priced at RMB 271,900 ($37,380), and the all-wheel-drive-performance version priced at RMB 335,900 ($46,175).
Similarly, the Model Y in China is offered in three variants: the entry-level rear-wheel drive version starting at RMB249,900, the all-wheel drive long-range version priced at RMB290,900, and the all-wheel drive performance version priced at RMB 354,900.
Current information regarding prices, specifications, and wait times remains unchanged, CnEV Post added.
The current wait times in China are 3-5 weeks for all three variants of the Model 3 and 1-3 weeks for the Model Y.
Tesla introduced a 0-interest loan incentive in China in April to boost sales, initially stating that customers eligible for the offer would need to take delivery by June 30.
On July 1, the American electric vehicle (EV) manufacturer announced via Weibo that the offer had been extended until July 31.
Price Action: TSLA shares are trading higher by 1.29% to $254.76 premarket at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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