Summary
- Tesla China has extended its five-year, zero-interest loan offer to August 31, 2024
- The loan offer is available for base Rear Wheel Drive and mid-tier Long Range Dual Motor variants of the Model 3 and Model Y
- Customers can take advantage of the offer by paying a downpayment of RMB 79,900 for the Model 3 RWD and Model Y RWD
- The zero-interest loan offer was initially set to run until the end of Q2 2024 but has been extended multiple times
- The Model 3 Performance and Model Y Performance are no longer covered by the incentive, but they still offer reasonable annualized interest rates of 2.5%
Article
Tesla China has extended its five-year, zero-interest loan offer for the Giga Shanghai-made Model 3 and Model Y until August 31, 2024. The incentive is available for the base Rear Wheel Drive (RWD) and mid-tier Long Range Dual Motor All Wheel Drive (AWD) variants of the vehicles, excluding the top-tier Model 3 Performance and Model Y Performance. Customers are required to pay a downpayment of RMB 79,900 ($10,984) for the Model 3 RWD and Model Y RWD to take advantage of the offer, resulting in monthly payments of RMB 2,533 and RMB 2,833 respectively.
The zero-interest loan offer was initially introduced in April 2024 for Chinese customers, with an original end date at the end of Q2 2024. However, the company extended the incentive to July 31, 2024, and now to August 31, 2024. While the Model 3 Performance and Model Y Performance are no longer covered by the incentive, they still offer an annualized interest rate of 2.5%. Despite this, both vehicles continue to provide value for their tech, safety, and power features.
Tesla China’s offer aims to make its vehicles more accessible and affordable to customers in the country. The five-year, zero-interest loan program provides an opportunity for customers to purchase the Model 3 and Model Y with reduced monthly payments, opening up the market to a wider range of potential buyers. By extending the offer multiple times and adjusting the eligible models, Tesla China is demonstrating its commitment to making electric vehicles more mainstream in China.
Customers interested in taking advantage of the zero-interest loan offer can visit Tesla China’s official order pages for the Model 3 and Model Y to learn more about the incentive and payment options available. By paying the specified downpayment for either model, customers can secure a more budget-friendly monthly payment plan without accruing interest over the five-year duration of the loan. This initiative is part of Tesla’s broader strategy to increase adoption of electric vehicles in China and encourage sustainable transportation practices.
In conclusion, Tesla China’s extension of its five-year, zero-interest loan offer for the Model 3 and Model Y demonstrates the company’s ongoing commitment to expanding its presence in the Chinese market. By making electric vehicles more affordable and accessible to customers through attractive financing options, Tesla is working towards its goal of accelerating the transition to sustainable transportation. With the extension of the incentive until August 31, 2024, more customers in China have the opportunity to experience the benefits of Tesla’s electric vehicles while enjoying favorable payment terms.
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