Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world’s largest auto market, where the US electric vehicle giant is in a protracted price war against entrenched rivals such as BYD.
Pickups of existing inventories of Model 3 sedans and Model Y SUVs by the end of March would be entitled to a maximum of 34,600 yuan (US$4,807.76) worth of incentives, Tesla said in a post on its Weibo account.
Tesla also offers limited-time preferential financing plans that could save up to 16,600 yuan for purchases of Model Y.
In the face of slowing demand and rising competition, Tesla slashed prices on some Model 3 and Y cars in China in January and offered cash discounts for some Model Ys from Feb. 1.
Its biggest local rival BYD on Friday lowered the starting price of a new version of its Song Pro hybrid SUV by 15.4 per cent.
BYD, which dethroned Tesla as the world’s top EV maker in Q4, had responded with even bigger discounts on an array of new car versions in February. — REUTERS
