Tesla has unveiled the extension of its insurance subsidy initiative for the Model 3 in China, reinstating a program that lapsed on December 31.
The renewed subsidy, applicable from January 1 to January 31, provides customers with a RMB 6,000 ($845) discount on insurance for the rear-wheel-drive version of the Model 3, contingent on the completion of deliveries by month-end.
Effectively, this subsidy reduces the starting price of the rear-wheel-drive Model 3 to RMB 255,400, a reduction from the regular price of RMB 261,400, as reported by CnEVPost.
Tesla communicated this update via a Weibo post, emphasizing the subsidy’s inclusivity across various vehicle categories, encompassing brand-new stock vehicles, non-brand-new stock vehicles, show cars, and test drive cars. To avail this offer, customers must purchase insurance through a Tesla-affiliated agency.
In addition to the insurance subsidy, Tesla is introducing a time-limited loan incentive. Customers taking delivery of the Model 3 and Model Y by January’s end can benefit from loan rates as low as 1.99 percent per annum, equating to an annualized interest rate starting at 3.65 percent. For the Model S and Model X, the loan rate is set at a minimum of 2.5 percent annually, with an annualized interest rate beginning at 4.58 percent.
Tesla suggests potential savings exceeding RMB 23,000 with the Model 3 and Model Y loan offer. It’s noteworthy that Tesla’s Shanghai factory manufactures the Model 3 and Model Y, while the pricier Model S and Model X are produced in Tesla’s Fremont factory in California.
In China, the Model 3 is available in two versions: the base rear-wheel drive and the dual-motor all-wheel-drive Model 3 Long Range, priced at RMB 261,400 and RMB 297,400, respectively.
The Model Y offers three versions: the base rear-wheel drive, the dual-motor all-wheel-drive Long Range edition, and the dual-motor all-wheel-drive Performance edition, with starting prices of RMB 266,400, RMB 306,400, and RMB 363,900, respectively.
Previously, Tesla had provided an insurance subsidy of RMB 8,000 for orders of the rear-wheel-drive versions of the Model 3 and Model Y made between November 28 and December 31, 2023, with deliveries finalized by year-end. The present subsidy is reduced by RMB 2,000 and does not encompass the Model Y.
Tesla’s sales in China continue to thrive, with the China Passenger Car Association (CPCA) reporting that the company sold 82,432 China-made vehicles in November. This figure comprises 16,928 exports and 65,504 deliveries within China.
