Tesla China launches new “Te Cong Rong” financing options

Tesla China has introduced a new financing program called “Te Cong Rong,” available for orders placed between October 30 and November 30. The program offers two primary structures: a flexible balloon payment option and a five-year zero-interest plan, aimed at reducing monthly payment burdens for consumers.

The initiative covers the Model 3, Model Y, and Model Y L. For the Model 3, customers can receive a 10,000 yuan reduction on the final payment, with down payments starting at 39,900 yuan and monthly payments around 2,429 yuan. The Model Y models feature a 4,000 yuan reduction on the final payment, with down payments starting at 39,900 yuan and monthly payments up to approximately 2,995 yuan. The higher-end Model Y L requires a down payment starting at 59,900 yuan, with monthly payments up to 3,920 yuan. In all cases, the final balloon payment is set at 39,900 yuan.

This move is seen as a strategic response to increasing competition from domestic Chinese electric vehicle manufacturers, such as Li Auto and Xiaomi.