Tesla, Xpeng, and more launch new discounts after Chinese New Year holidays

Tesla, Xpeng, and numerous other automakers in China have launched promotions where new buyers can collect multiple discounts, moves that will significantly affect their actual vehicle prices and intensify competition in the world’s largest auto market. On Wednesday, the first working day after the eight-day Chinese New Year celebrations, Tesla said buyers of its locally-made Model 3 sedans could access not only an RMB 8,000 ($1,098) subsidy for vehicle insurance, but also a five-year and 0% interest financing deal this month. This is the first time that insurance subsidies and interest-free loans have been offered together to Tesla’s Chinese customers, according to a company statement. Later in the day, Xpeng responded quickly by saying it had become the first automaker in China to offer both a zero down payment policy and a five-year, 0% interest financing option to those who purchased its X9 multi-purpose vans. Similar incentives are also available through this month to buyers of Xpeng’s other less popular models, such as the G6 and G9 crossovers. NIO and Li Auto are among the other automakers that have provided similar incentives to customers. [South China Morning Post, TechNode reporting]