Tesla Cranks Up The Heat In China, Extends 5-Year, 0% Interest Loan Offer to Oct 31

Tesla, Inc. TSLA has reportedly extended its 5-year, 0% interest loan program in China, making this car-buying incentive, which started in April.

According to information on the U.S. electric vehicle maker's China website, customers purchasing certain variants of the Model 3 sedan and Model Y crossover before October 31 can still benefit from a "limited time" 5-year, 0% interest financing program, reported CnEV Post.

Meanwhile, the EV giant is reportedly planning to produce a six-seat version of its Model Y SUV starting next year in China. The new variant of Tesla's best-selling vehicle will be made at the company's gigafactory in Shanghai starting late 2025.

The company has asked its suppliers to plan for a double-digit increase in Model Y production in China.

Also Read: Tesla Sends Out Invites For Robotaxi Event: Here's Everything You Need To Know

Earlier in China, the company extended its 5-year, 0%-interest loan offer for car purchases, CnEV Post added.

CnEV Post noted that the Model Y is available in the same variants, with prices starting at RMB 249,900 ($35,641.45), RMB 290,900, and RMB 354,900, respectively.

The 5-year, 0% interest loan incentive applies to the rear-wheel-drive and long-range all-wheel-drive versions of both models, excluding the higher-priced all-wheel-drive performance variants.

In addition, the company commenced deliveries of its Cybertruck in Mexico on Wednesday, making it the first country outside the U.S. where the stainless steel truck is delivered.

Tesla took to social media platform X to share pictures from the first Cybertruck deliveries in the U.S.-neighbouring country.

"Hola, estoy aquí," Tesla wrote in Spanish from its official X account dedicated to Cybertruck updates.

Price Action: TSLA shares are trading higher by 0.50% to $255.55 at the last check on Friday.

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Photo courtesy: Tesla