Tesla announced this Thursday the largest price reduction ever in the Chinese market for the Model 3, as part of its strategy to compete with major brands in the country.
The American electric vehicle brand is offering an insurance subsidy equivalent to about $1,100, around €1,060, and a five-year interest-free payment plan, which according to local media, is the first time Tesla has combined two purchase incentives for its models.
As a result, the price of the rear-wheel-drive Model 3 now starts at $31,200 in China, around €30,000, and customers will benefit from special charging programs for the vehicles and will be eligible for other public subsidies and Tesla offers worth up to $8,000, €7,700.
It is worth noting that this Tesla strategy comes after recent announcements from Chinese brands like Xpeng, Nio, and IM Motors, which have unveiled interest-free payment plans, reductions in down payments, or price cuts on some of their models.
According to industry sources cited by the news portal “Yicai“, sales of major brands at various dealerships fell by more than 40% in January compared to the previous year, affected by the approach of the peak season in December and the usual slowdown during the Lunar New Year, the country’s main festive period.
