Earlier today, Tesla raised the starting price of the Model Y Long Range in China by RMB 2,000, its fifth price hike in the country in the past month.
(Image credit: CnEVPost)
As it continues to raise prices, Tesla (NASDAQ: TSLA) has started offering a limited-time insurance subsidy for entry-level models in China.
Customers who order already-produced rear-wheel-drive versions of the Model 3 and Model Y between November 28 and December 31 can receive an insurance subsidy of RMB 8,000 ($1,120) if they complete deliveries by the end of the year, a message on Tesla’s Chinese website showed.
In addition to the insurance subsidy, Tesla is also offering a limited-time loan offer with annual rates as low as 2.75 percent for three- and five-year loans, it said on Weibo.
For customers buying a Model Y before the end of the year, the loan offer allows customers to save up to RMB 11,500, according to a Tesla poster. For the Model 3, the maximum savings is RMB 9,400.
In addition, customers who buy a Model Y, Model S or Model X through a friend’s referral before the end of the year can get a RMB 1,750 discount on their final payment, according to another Tesla poster.
Tesla has a factory in Shanghai that produces the Model 3 and Model Y. Its other two more expensive models, the Model S and Model X, are not produced in China.
The Model 3 is offered in two versions in China — the basic version with rear-wheel drive, and the Model 3 Long Range version with dual-motor all-wheel drive.
The Model Y is offered in three versions in China — the basic rear-wheel drive version, a dual-motor all-wheel drive Model Y Long Range version, and a dual-motor all-wheel drive Model Y Performance version.
Earlier today, Tesla raised the starting price of the Model Y Long Range in China by RMB 2,000, its fifth price hike in China in the past month.
On October 27, the Model Y Performance’s starting price in China was raised by RMB 14,000, the start of this latest round of price hikes.
Tesla’s four price hikes in November were all small, less than 1 percent, and seemed aimed more at boosting orders from customers who were still on the fence.
Tesla sold 72,115 China-made vehicles in October, including 43,489 exported and 28,626 delivered in China, according to the China Passenger Car Association (CPCA).
In the January-October period, Tesla delivered 462,355 vehicles in China, up 37.87 percent year-on-year, data monitored by CnEVPost show.
(Four posters by Tesla on Weibo)
($1 = RMB 7.1521)
Tesla raises starting price of Model Y Long Range in China again by about $280