Tesla had launched a 0 down payment option in November 2021, but canceled it after just 3 days due to a surge in orders.
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Tesla has raised the prices of its entire Model Y lineup in China, a rare case in the price war in the country's EV industry.
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With the purchase discounts offered by Tesla expiring at the end of the month, the upcoming price hike means that the actual cost of purchasing a Model Y will go up by as much as RMB 23,000, according to local media.
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Chinese customers who take delivery of already-produced vehicles of the Model 3 and Model Y by the end of March can get benefits including an insurance subsidy of RMB 8,000.
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The entire Model Y lineup has been upgraded to the HW 4.0 self-driving computer, while the price remains the same.
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In addition to offering cash discounts on select Model Y stock vehicles, Tesla is also allowing customers to get paid paint for RMB 2,000 that would otherwise sell for RMB 8,000 or RMB 12,000.
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For the full year 2023, Model Y retail sales in China were up 44.74 percent year-on-year to 456,394 units, while Model 3 sales were up 18.33 percent year-on-year to 147,270 units.
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Customers who ordered a rear-wheel-drive version of the Model 3 that had already been produced between January 1 and January 31 will receive an insurance subsidy of RMB 6,000 yuan. The amount is lower than last month's RMB 8,000.
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Tesla is currently working on preparations for the updated Model Y in China, which could begin mass production as early as mid-2024, according to Bloomberg.
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As of now, the wait times in China for all versions of the Tesla Model 3 and Model Y are 2-6 weeks.
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