Tesla Launches 0.92% Financing After China Sales Plunge 50% in April
Tesla’s April retail sales in China plunged to 25,956 units, a 50% drop from March, knocking the company out of the country’s top 10 EV makers. In response, Tesla rolled out a financing plan with 0.92% annualized interest rates for Model 3, Model Y and Model Y L to spur demand.
1. April China Sales Slump
In April, Tesla’s retail deliveries in China fell to 25,956 units, marking a 50% decline from March and removing Tesla from the country’s top 10 EV manufacturers. BYD’s 182,025 April deliveries underscored the intensity of local competition.
2. Introduction of Low-Rate Financing
To counter the downturn, Tesla introduced a financing package in China offering 0.92% annualized interest on Model 3, Model Y and the extended-range Model Y L. The program is designed to lower ownership costs and reignite consumer demand amid pricing pressures.