Tesla continued to roll out incremental incentives to spur sales in China through the spring and early summer. It offered a cash subsidy in June of 8,000 yuan ($1,100) to some buyers of its Model 3 sedans who bought designated insurance coverage and took delivery quickly. Preferential low interest rates for some car loans were also provided.
The base version of its Model 3 in China now stands at the equivalent of about $32,000, while the Model Y is $36,440. In the U.S., they cost $40,240 and $47,740, respectively, before discounts such as a $7,500 tax credit.
Chinese consumers may have grown more comfortable with the idea of buying a Tesla after Elon Musk visited the country in May and met with officials.
After a red-carpet welcome when the company first arrived in China, Tesla has at times weathered public criticism as tension built between Washington and Beijing. Angry Tesla owners swarmed showrooms in January to complain about missing price cuts. The company’s cars were also banned from Chinese military complexes and housing compounds in early 2021 over concerns that sensitive data was being collected by cameras built into the vehicles. And an expansion of the Shanghai plant was delayed.
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