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The Financial Express

Tesla changes insurance incentive scheme in China

| Updated: November 11, 2022 19:56:34


A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China on September 1, 2022 — Reuters/Files A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China on September 1, 2022 — Reuters/Files

Tesla said it has raised insurance incentives for car orders in China placed before November 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier.

The US automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders between October 1 and December 30. But on Tuesday Tesla said the incentive for November was raised to 8,000 yuan and reduced for December orders to 4,000 yuan, reports Reuters.

"As long as you like it enough, pick up Tesla immediately!" Tesla said in its official Weibo account when announcing the policy change.

The insurance incentive is a cash rebate offered to buyers to buy insurance from Tesla's partner insurers.

Tesla delivered 71,704 China-made electric vehicles (EVs) in October, down 14 per cent from a record high in September, according to the China Passenger Car Association last week.

Tesla also slashed starter prices in China for Model 3 and Model Y cars and closed what had been its flagship showroom in the country last month.

($1 = 7.2403 yuan)

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