Tesla Required Only 3 Months to Provide Model Y with 5-Year Zero-Interest Financing in China | Carscoops

      The new financing offer applies to all versions of the Model Y and is valid for cars delivered until June 30.

      While the financing option is appealing, it requires a down payment of $10,000.

      A similar five-year zero-interest financing offer is also available for the Model 3.

      Although the Tesla Model Y has been the best-selling car globally for the last two years, Tesla recognizes that potential buyers sometimes need extra incentives. Consequently, it has introduced a five-year, zero-interest financing option specifically for the new Model Y, but this deal is exclusive to China.

      In China, Tesla offers the new Model Y in both rear-wheel drive and long-range dual-motor variants, with prices starting at RMB 263,500 (approximately $36,000) and RMB 313,500 (around $42,800), respectively. With the new financing program, customers can obtain a new Model Y with monthly payments starting as low as RMB 3,060, which is equivalent to about $418.

      However, there are some drawbacks. Although the monthly payment is reasonable, a minimum down payment of RMB 79,900, which is just over $10,000, is required.

      According to CNEVPost, the zero-interest financing option is available for any version of the new Model Y delivered in China by June 30. A similar five-year financing option is also being offered for the Model 3 during the same time frame.

      Will the US Receive a Similar Offer?

      While it would be great to see Tesla introduce a comparable financing option for the Model Y in the US, we don't expect that to happen. The electric vehicle market in the US is becoming more competitive as various brands introduce attractive new models, but it still does not match the intense competition found in China.

      In China, the Model Y faces numerous direct competitors, such as the Xpeng G6, Zeekr 7X, BYD Sealion 7, Leapmotor C10, Deepal S07, among others. Additionally, Xiaomi will soon launch its YU7, the SUV variant of its widely popular SU7 sedan, which has gained significant attention on social media in China. For Tesla to persuade Chinese consumers to choose an American brand, it must present offers that are highly appealing.