Tesla has rolled out a three-year, zero-interest financing plan in China for the updated Model Y and Model 3 for a limited time in the coming weeks.
Starting Monday, Tesla introduced zero-interest loans for the new Model Y, available for terms ranging from one to three years. Additionally, Tesla is providing a one-to-five-year financing plan with an interest rate starting at 1%, requiring a minimum down payment of RMB 45,900 (approximately $6,325).
On Tuesday, Tesla confirmed that the offer will remain valid through the end of the month.
Meanwhile, the delivery wait time for the long-range all-wheel-drive version (AWD) of the Model Y has been reduced by half, indicating a potential decline in demand for the more popular variant.
Since March 18, the same offer has been accessible to purchasers of the basic SUV edition, priced at 263,500 yuan. Moreover, Model 3 buyers can benefit from discounts on home charging equipment or opt for a six-year Supercharging package, which provides up to 30,000 km (around 18,641 miles) of complimentary charging.
Tesla introduced the refreshed Model Y in China this January, unveiling a special ‘Launch Edition’ series featuring unique badging and an extended warranty of two additional years or 40,000 km (approximately 24,855 miles). Deliveries of the Launch Edition began in China late last month, with Tesla shifting to the sale of non-Launch models in March.
Experts emphasized that Tesla’s recent promotions align with broader efforts to promote green mobility in China. In 2024, Tesla achieved record-breaking sales in China, delivering 657,000 EVs—a year-on-year increase of 8.8%, while its global sales saw a decline of 1.1%.
China emerged as Tesla’s second-largest market, accounting for 36.7% of its global deliveries, as per the company’s fiscal report.
Tesla manufactures the Model Y and Model 3 at its Gigafactory in Shanghai to serve the Chinese market and several others. Recent reports suggest that Giga Shanghai is producing a cheaper version of the new Model Y, potentially excluding certain features similar to the Model 3 launched in Mexico last August.
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