Tesla has unveiled new incentives, including insurance subsidies, in a bid to attract consumers in the world’s largest auto market, where it faces stiff competition from established rivals like BYD.
The U.S. electric vehicle giant aims to bolster its position in China amidst a protracted price war within the automotive industry. Customers purchasing existing inventories of Model 3 sedans and Model Y SUVs by the end of March stand to benefit from incentives worth up to 34,600 yuan ($4,807.76), according to Tesla’s announcement on its Weibo account.
These incentives include an 8,000 yuan discount on car insurance products through Tesla’s partnerships and a 10,000 yuan discount for choosing a different paint color. Moreover, Tesla is offering limited-time preferential financing plans that could result in savings of up to 16,600 yuan for buyers of Model Y vehicles.
Despite inquiries about its inventory levels in China, Tesla’s sales representative declined to disclose specific details, suggesting that inventory availability might be limited at the moment.
Source: Reuters