Tesla Offers Loans In China For EV Buyers To Make EVs More Affordable
Tesla is now offering vehicle financing services to its customers in China, reports the South China Morning Post. The goal is to make its made-in-China EVs more affordable. The financing includes options where buyers don’t even have to pay a down payment.
The article noted that customers who choose a 276,000 yuan ($43,126) Model Y Standard Range with a zero down payment need to pay a monthly installment of 5,520 yuan ($862.50) over five years. Over the course of that five-year period, the customers who choose that particular package will end paying 331,200 yuan ($51,749). That’s how loans work, though. You pay a bit more than the actual price (thanks, interest). This reflects an annual interest rate of 4% according to Tesla’s official Weibo account.
The article also pointed out that in China, a carmaker can’t offer financing services unless it has the banking regulator’s approval. A sales manager at Tesla’s HKRI Taikoo Hui showroom told the South China Morning Post that some of its customers were excited to learn more about the details of Tesla’s financing plans. Steve Shi, a manager with Juchen Auto Trade, told South China Morning Post, “Car loans have been well received by young drivers in China over the past few years. Tesla’s auto loan business is set to fuel its business growth in China.”
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