In Effort To Increase Model S Sales In China, Tesla Announces 0% Interest Loan
As a gift for the Chinese New Year, Tesla and China Merchants Bank are offering zero-interest loans to purchase the Model S in China.
Through March 31, buyers will reap these benefits on the Model S 90D and P90D.
Consumers can complete the entire process online through Tesla’s official website. Here they fill out the loan application and credit check, and are then contacted within 48 hours regarding approval.
Model S sales in China have been rather soft, so we see this as an effort to increase sales there.
Previously, Tesla offered year-end discounts on the Model S in China. We don’t yet know if that offer increased sales.
The new 0% offer posted as a blog on Tesla’s Chinese website explains that customers have 2 options. Buyers can opt for one of the following:
- 12-month loan that is completely interest free
- Or a 36-month loan that is “ultra low-interest.”
It remains to be seen if Tesla can attract the interest of tens of thousands of buyers annually in China. Perhaps by launching the Model X in China prior to Europe, Tesla will gain a foothold in the electric SUV segment.