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Tesla, the U.S. electric vehicle giant, has unveiled a series of incentives in the Chinese auto market as part of its strategy to compete against entrenched rivals like BYD.
Incentives for Model 3 and Model Y:
Tesla announced incentives worth up to 34,600 yuan ($4,807.76) for buyers who pick up existing inventories of Model 3 sedans and Model Y SUVs by the end of March. These incentives include discounts on car insurance products and paint changes.
Insurance Subsidies and Paint Options:
Buyers can enjoy an 8,000 yuan discount on car insurance products through Tesla’s partnerships, along with a 10,000 yuan discount if they opt for a change of paint.
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Tesla is also offering limited-time preferential financing plans, potentially saving buyers up to 16,600 yuan on purchases of the Model Y.
Limited Inventory:
While Tesla’s sales representative mentioned that inventory in China is limited, the company declined to provide specific details.
Facing slowing demand and intensified competition, Tesla had previously reduced prices on select Model 3 and Model Y cars in January. Additionally, cash discounts were offered for some Model Ys starting from February 1st.
Competition with BYaD:
Tesla’s local competitor, BYD, responded to the market dynamics by lowering the starting price of a new Song Pro hybrid SUV version by 15.4%. BYD, which surpassed Tesla as the world’s top EV maker in Q4, has been implementing aggressive discounts on various new car versions since February.
