Tesla is starting its 2023 by extending its 6,000-yuan subsidy which started in early December. The automaker is offering Model 3 sedan and Model Y sport utility vehicles to buyers up to 10,000 yuan ($1,450) if they take delivery before February 28.
Also, the other 4,000-yuan subsidy tied to purchasing insurance through Tesla was first introduced in November. Concerns about demand in China contributed to Tesla shares plunging 37 percent in December, the most dismal month in what also was the stock’s worst-ever year. While the automaker is expected to announce record quarterly deliveries in early January, it’s already ruled out meeting its objective to grow by 50 percent for the year.
With this in mind, it is no surprise that Tesla China is taking the domestic EV market seriously. This could be hinted at in Tesla China’s official Weibo account, which recently posted a number of incentives for customers to welcome the new year. To commemorate the start of 2023, for example, a delivery incentive of RMB 6,000 and an insurance subsidy of RMB 4,000 are now offered. A preferential rate for car loans via Tesla Financing and preferred lenders was also included.
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“The new year is here, and so is Tesla’s heart! — Limited-time delivery incentive of 6,000 yuan; Limited-time delivery incentive of 6,000 yuan; Preferential rate financial plan — New Year, give yourself and your loved one a new Tesla,” the EV maker wrote on Weibo. Apart from the new incentives for vehicle deliveries and insurance, Tesla China also announced a new benefit for customers who are trading in their vehicles. As per the EV maker’s Weibo post, 90 dates of free Enhanced Autopilot (EAP) access would be offered for customers who take advantage of the limited-time trade-in offer.
“Why not get a new car for the New Year? Tesla’s official trade-in benefits are online for a limited time, and other brands of vehicles for Tesla, have 90 days of enhanced automatic assisted driving (EAP) trial benefits waiting for you to get. Tesla is a one-stop shop for trade-ins,” the EV maker wrote. It remains to be seen how Tesla China performed in Q4 2022, though the EV maker has been pushing hard to ensure that it delivers as many vehicles as possible. With China’s overall auto market showing signs of a potential downturn and with the country’s EV sector becoming more competitive, Tesla China might have to adopt a more aggressive strategy than before to ensure that it protects, and potentially even grow, its market share in the country.