FYI: Tesla China has extended its five-year, zero-interest loan offer until August 31, 2024, providing a significant incentive for buyers of the Giga Shanghai-made Model 3 and Model Y.
Tesla China Extends Zero-Interest Loan Program to August 2024
Tesla China has announced an extension of its highly popular five-year, zero-interest loan offer, now available through August 31, 2024. This enticing incentive is prominently featured on Tesla China’s official order pages for the Model 3 sedan and Model Y crossover, both manufactured at the Giga Shanghai facility.
Available Variants
The zero-interest loan program applies to specific versions of the Model 3 and Model Y. Buyers can opt for the base Rear Wheel Drive (RWD) and the mid-tier Long Range Dual Motor All Wheel Drive (AWD) variants. Unfortunately, the top-tier Performance models of both vehicles are excluded from this offer.
Affordable Down Payments and Monthly Costs
For Tesla customers in China interested in the Model 3 RWD, the required downpayment is set at RMB 79,900 (approximately $10,984). With this program, the starting price of RMB 231,900 ($31,880) results in monthly payments as low as RMB 2,533 ($348). Similarly, those eyeing the Model Y RWD will also pay a downpayment of RMB 79,900. The starting price of this model is RMB 249,900 ($34,354), which translates to monthly installments of just RMB 2,833 ($389).
A Brief History of the Incentive
Initially launched in April 2024, Tesla China’s zero-interest loan offer was slated to end by the conclusion of Q2 2024. However, due to its overwhelming popularity, the loan program was extended at the beginning of Q3, running until July 31, 2024. This latest extension now pushes the deadline to August 31, 2024, though it does come with the caveat that the Performance models are no longer part of the offer.
Alternative Financing Options
For customers interested in the Model 3 Performance and Model Y Performance, a different financing option is available. These high-performance variants come with an annualized interest rate of 2.5%, still making them attractive choices given their advanced technology, safety features, and robust performance.
Final Thoughts
Tesla China’s strategic extension of the zero-interest loan offer clearly aims to make its electric vehicles more accessible to a broader audience. With affordable down payments and low monthly installments, this financing scheme is crafting a compelling case for prospective buyers.
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William Kouch, Editor of Automotive.fyi
