EV giant Tesla Inc. TSLA said on Thursday that 0.99% annual percentage rate (APR) financing is now available on Model 3 purchases in Canada, provided that the order is placed by March 7 and delivery is taken before April 1.
What Happened: Tesla announced the new promotion in a post on social media platform X. The 0.99% APR rate is available on loan terms of up to 48 months.
The move will likely boost sales given that a majority of customers purchase new cars on loans and high interest rates add significantly to purchase price.
Why It Matters: The promotion comes days after Tesla hiked prices on the Model 3 in Canada.
At the start of February, Tesla hiked the prices of its entire car lineup in Canada. While prices on Model S, X, and Y variants were hiked by as much as C$4000, Model 3 prices were hiked by as much as C$9000.
The company hiked the starting price of the rear-wheel drive variant of its cheaper sedan by C$4000, its all-wheel drive by C$8000, and its performance variant by C$9000.
The Model 3 now starts at C$59,990 ($41,873) in Canada.
The Model 3 is currently the cheapest vehicle by Tesla. During the company’s last earnings call, Tesla assured the start of production of new and more affordable models in the first half of 2025.
(1 CAD = 0.70 USD)
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