- Tesla continues to market its insurance subsidy for the Model 3, as its China operations saw sales, including exports, halve in February.
- Tesla has not marketed for the incentive in the past few days, but the Model 3 page had shown a March 31 deadline for the insurance subsidy since March 1.
Tesla (NASDAQ: TSLA) continues to market its insurance subsidy for the Model 3 sedan in China, after the benefit expired at the end of last month.
Customers who buy all variants of the Model 3 on or before March 17 will be eligible for a limited-time insurance subsidy of RMB 8,000 ($1,100), the US electric vehicle (EV) maker announced today on Weibo.
Meanwhile, customers who buy the Model 3 can continue to enjoy a 5-year 0-interest financing program with down payments starting at RMB 79,900, Tesla said on Weibo.
The Model 3 page on Tesla's China website shows the same purchase incentive program.
On February 5, the first working day of the Year of the Snake on the Chinese lunar calendar, Tesla announced an insurance subsidy of RMB 8,000 for all variants of the Model 3, reviving a promotional tool it has used several times before.
The insurance subsidy was available during the period of February 5-28 for customized vehicles, new current vehicles, show cars, and cars for test drives, Tesla said at the time.
Tesla hasn't marketed for the purchase incentive in the past few days, but it's actually still offering it, and the Model 3 page had shown a March 31 deadline for the insurance subsidy since March 1.
Its move today is more of an effort to market the insurance subsidy to spur potential customers to place orders.
Tesla China sold 30,688 vehicles in February, including those sold in China and those exported from China to overseas markets, according to data released yesterday by the China Passenger Car Association (CPCA).
That's down 49.16 percent from 60,365 in the same period last year and down 51.47 percent from 63,238 in January.
In the January-February period, Tesla China sold 93,926 vehicles, including exports, down 28.74 percent from 131,812 in the same period last year.
The decline could be due to the Chinese New Year holiday, the impact of reported production line adjustments, and the Model 3's reduced appeal due to more competitors.
Xiaomi's (HKG: 1810, OTCMKTS: XIACY) SU7 is a strong rival to Tesla's Model 3, with higher deliveries in both December and January, according to data compiled by CnEVPost.
($1 = RMB 7.2610)
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