BEIJING, March 1 (Reuters) – Tesla unveiled new initiatives on Friday, including insurance subsidies, to attract consumers in China, where the U.S. electric vehicle giant is locked in a long price fight against rivals such as BYD.
By the end of March, buyers of existing inventory of Model 3 sedans and Model Y SUVs would be eligible for up to 34,600 yuan ($4,807.76) in bonuses, Tesla said in a message posted on its website. Weibo account.
Benefits include an 8,000 yuan discount on car insurance products in partnership with Tesla, and a 10,000 yuan discount for body color change.
Tesla also offers time-limited preferential financing plans that save up to 16,600 yuan for the purchase of a Model Y.
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Asked about the size of the group’s stocks in China, a sales representative replied that they were limited, without providing details.
Tesla did not respond to a request for comment.
Faced with slowing demand and growing competition, Tesla in January reduced prices for some Model 3 and Y cars in China and offered cash rebates for some Model Ys starting February 1.
Its main rival in the Chinese automobile market, the largest in the world, BYD on Friday lowered the starting price of a new version of its Song Pro hybrid SUV by 15.4%.
The reduction follows even deeper discounts announced in February by BYD, which outpaced Tesla in the fourth quarter in electric vehicle manufacturing.
(Qiaoyi Li, Zhang Yan and Brenda Goh; French version Dagmarah Mackos, editing by Kate Entringer)
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