Tesla China introduces fresh incentives for the month of March on the Model 3 and Model Y, offering new benefits for potential buyers.

In March, Tesla China has rolled out a new set of incentives for its Model 3 and Model Y, as disclosed on its Weibo account, offering compelling discounts on paint customization, attractive financing rates, and time-limited insurance programs.

The incentives are designed to enhance the affordability and appeal of Tesla's popular electric vehicles, both of which are manufactured at the Gigafactory Shanghai. Buyers opting for in-stock Model 3 and Model Y units before the end of the month stand to benefit from discounts and incentives totaling up to 34,600 yuan (approximately $4,800).

These incentives encompass a mix of factors, including discounted car insurance options and a 10,000 yuan deduction for paint customization. Tesla is also facilitating low-interest financing alternatives with rates as enticing as 1.99 percent.

In its ongoing efforts to boost global sales, Tesla acknowledges a foreseen dip in growth this year, primarily attributed to the forthcoming next-generation platform currently in development, potentially slated for production in the following year.

Despite this global perspective, the Chinese electric vehicle market remains highly competitive, with domestic companies, such as BYD, vigorously competing with Tesla. BYD surpassed Tesla in electric vehicle volume last year and has leveraged its own discount initiatives to sustain growth and counter Tesla's market presence.

Tesla has strategically utilized discounts in China before, and it appears that the tactics employed in February yielded positive results, as evidenced by a 31.7 percent increase in sales during the week of February 19-25 compared to the preceding weeks from February 5-18. Notably, Tesla's January sales figures totaled 71,447 vehicles, inclusive of units shipped to international markets.

------The article excerpted from TESLARATI.