Smart and Sustainable Electric Mobility
Tesla is offering a limited-time finance policy in China with down payments as low as RMB 79,900 and 0-interest loans for up to 5 years.
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Chinese customers who take delivery of already-produced vehicles of the Model 3 and Model Y by the end of March can get benefits including an insurance subsidy of RMB 8,000.
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Customers who ordered a rear-wheel-drive version of the Model 3 that had already been produced between January 1 and January 31 will receive an insurance subsidy of RMB 6,000 yuan. The amount is lower than last month's RMB 8,000.
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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.
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The Model 3 was excluded from both the latest round of referral program announced today and the previous round announced on October 1.
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The Model S Plaid price has been cut by 19 percent and the Model X Plaid price by about 21 percent compared to the prices previously displayed on Tesla's China website.
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Tesla has nearly doubled the discounts for the Model S and Model X in China from what it was previously offering, after it began a promotion for both models on July 1.
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Tesla sold 93,680 China-made vehicles in June, including exports, the second-highest number on record after November 2022's 100,291 vehicles.
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Tesla (NASDAQ: TSLA) has increased referral incentives in China for the Model 3 and Model Y to boost sales of the two locally produced models.
Starting July 7, Tesla owners who refer others to buy the Model 3 and Model Y will receive an upgraded benefits package, the US electric vehicle (EV) maker said today on Weibo.
The package includes a RMB 3,500 ($410) cash bonus for the purchaser, which can be used against the purchase price, and a free 90-day trial of Enhanced Autopilot (EAP) assisted driving software.
Referrals will be rewarded with 7,000 points that can be redeemed for gifts including a TeslaMic, Model Y for toddlers, or supercharging miles.
Tesla has previously run an owner referral program in China for several years, which offers 1,500 kilometers of free supercharging for both the referrer and the purchaser.
The referral program was discontinued on September 18, 2021, and reinstated on October 24, 2022, but only offered bonus points.
The upgrade to the referral bonus for the Model 3 and Model Y comes on the heels of Tesla's July 1 announcement of an RMB 35,000 to RMB 45,000 discount for the full line of Model S and Model X in China.
The Model S and Model X are not produced in China, and their deliveries here began in late March.
Tesla was also encouraging owners to recommend friends to buy the two models. If a customer buy the Model S and Model X on someone else's referral, they would receive an additional RMB 7,000 bonus, free supercharging benefits for three or six years, and 90 days of free EAP benefits. The referrer will then receive a 48,000-point bonus that can be redeemed for supercharger miles.
Tesla sold 93,680 China-made vehicles in June, including exports, the second highest on record after 100,291 in November 2022, according to data released by the China Passenger Car Association (CPCA) on July 4.
That's up 18.72 percent from 78,906 units a year ago and up 20.57 percent from 77,695 units in May.
Tesla's June sales in China and the breakdown of China-made vehicles exported are expected to be known in the coming days.
($1 = RMB 7.2439)
Tesla offers up to $6,200 discounts for Model S and Model X in China
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From June 16 to June 30, Chinese consumers can receive an RMB 8,000 insurance subsidy if they purchase a rear-wheel drive version of the Model 3 that has already been produced.
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Tesla (NASDAQ: TSLA) first started offering insurance subsidies in China last September, and cut its prices about a month later.
Now the electric vehicle (EV) maker is offering the subsidy again, but this time the situation may be more complicated.
From June 16 to June 30, Chinese consumers who buy and complete delivery of an already produced rear-wheel drive version of the Model 3 will be eligible for an insurance subsidy of RMB 8,000 ($1,120), according to a poster by Tesla on Weibo today.
Tesla has a factory in Shanghai that produces the Model 3 sedan and the Model Y SUV. The Model 3 is available in two versions -- a rear-wheel drive version and a dual-motor all-wheel drive Model 3 Performance, starting at RMB 231,900 and RMB 331,900 respectively.
For customized vehicles, the expected delivery dates for both versions of the Model 3 are 1-4 weeks, consistent with previous information on Tesla's China website.
In addition to the RMB 8,000 insurance subsidy, Chinese consumers who purchase the Model 3 rear-wheel drive version in stock now can also receive a loan option with a lower interest rate, Tesla's poster shows, without providing details.
On September 16, 2022, Tesla began offering subsidies for owners to purchase vehicle insurance in China after the wait times for Model 3 and Model Y custom vehicles saw multiple reductions in the previous two months.
At that time, the subsidy was valid from September 16 to September 30, and consumers who chose to purchase insurance in a Tesla store could receive a subsidy of RMB 8,000 for new Model 3 and Model Y vehicles.
On October 1, 2022, as the subsidy expired, Tesla extended it to the end of last year.
On October 24, 2022, Tesla cut the prices of the entire Model 3 and Model Y lineup in China, with the entry-level Model Y dropping below RMB 300,000 to take advantage of the then-available state subsidy.
It is worth noting that the latest move by Tesla may involve the upcoming launch of an improved version of the model.
On March 1, Reuters reported that Tesla was working to retool its Shanghai assembly plant for a revamped version of the Model 3, a project codenamed Highland by Tesla.
The Highland version of the Model 3 is expected to go into production in Shanghai in September, the Reuters report said, citing a person familiar with the matter.
With Highland, Tesla aims to cut production costs and boost the appeal of the electric sedan, which debuts in 2017, people involved in the project said.
On May 16, a Bloomberg report cited people familiar with the matter as saying that Tesla was nearing the final stages before starting trial production of its updated Model 3 sedan in Shanghai.
Tesla sold 42,508 units at retail in China in May, ranking third in the country's new energy vehicle market with a 7.3 percent share, according to data released by the China Passenger Car Association (CPCA) on June 9.
Model 3 retail sales in China in May were 11,454 units, up 189.97 percent year-on-year, but down 13.20 percent from April.
Model Y retail sales in China in May were 31,054 units, up 428.58 percent year-on-year and up 16.05 percent from April.
The Model Y was the best-selling SUV in China in May, ahead of the second-place BYD Yuan Plus with 26,072 units and the third-place BYD Song Plus with 22,079 units.
Tesla Model Y best-selling SUV in China in May with 31,054 units sold
($1 = RMB 7.1301)
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Starting May 5, Chinese consumers who order a new Model S or Model X and have the vehicle delivered by September 30 will receive the benefit.
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Tesla (NASDAQ: TSLA) is offering additional benefits to buyers of the new Model S and Model X while increasing the prices of the two models in China.
Starting May 5, consumers who order a new Model S or Model X and have the vehicle delivered on or before September 30 will receive three years of free supercharging benefits, according to information on Tesla's China website.
The benefits apply only to the buyer's Tesla account where the order is placed and may not be shared with any other vehicle under that account or transferred to any other vehicle or account, the information shows.
The benefit also terminates if the vehicle is transferred to another person, Tesla said.
If the order date is met, but the delivery date is after September 30, the consumer will not be able to receive the benefit.
The vehicle must be a non-operating vehicle to qualify for this benefit, otherwise the vehicle cannot acquire or maintain this benefit.
(Screenshot on May 5.)
Prices for the full lineup of new Model S and Model X models in China were raised today by RMB 19,000 ($2,750), or about 2 percent, according to the latest information on Tesla's China website.
On May 2, Tesla raised the prices of the full lineup of Model 3 and Model Y in China by RMB 2,000, or less than 1 percent.
The Model 3 now starts at RMB 231,900 in China, the Model Y at RMB 263,900, the Model S at RMB 808,900 and the Model X at RMB 898,900.
(1 $= 6.9067 RMB)
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