A Tesla vehicle drives past an electric vehicle (EV) maker's store in Beijing, China on January 4, 2024.
Florence Lou | Reuters
Tesla The US electric car company unveiled new incentives, including insurance subsidies, on Friday to attract consumers in the world's largest car market, where the US electric car giant is locked in a long price war against entrenched rivals such as BYD.
Tesla said in a post on its Weibo account that customers who will receive current inventory of Model 3 sedans and Model Y SUVs by the end of March will be entitled to incentives of a maximum of 34,600 yuan ($4,807.76).
Among the incentives are an 8,000 yuan discount on car insurance products in partnership with Tesla, and a 10,000 yuan discount if the buyer chooses to change the paint.
Tesla also offers limited-term preferential financing plans that can provide up to 16,600 yuan to purchase the Model Y.
When asked about the amount of inventory Tesla has in China, the sales representative said it was limited, but declined to provide details.
Tesla did not respond to a request for comment.
Facing sluggish demand and rising competition, Tesla cut prices on some Model 3 and Y vehicles in China in January and offered cash discounts on some Model Y vehicles starting February 1.
Its biggest local competitor BYD On Friday, it reduced the starting price of the new version of the Song Pro hybrid SUV by 15.4%.
BYD, which unseated Tesla as the world's largest electric car maker in the fourth quarter, responded with deeper discounts on a range of new car releases in February.
Geely Auto BYD's biggest domestic competitor also reduced the starting prices of its best-selling Galaxy L6 and L7 models by 15% and 9%, respectively, on Friday.
