Tesla kicks off new year in China by extending incentive offers

Beijing: Tesla is starting 2023 as it ended 2022: with incentives aimed at propping up sales in China.

The carmaker is offering Model 3 sedan and Model Y sport utility vehicle buyers as much as 10,000 yuan ($1,450) if they take delivery by February 28, according to Tesla’s website. The company is extending a 6,000-yuan subsidy it started offering in early December, and the other 4,000-yuan subsidy tied to purchasing insurance through Tesla was first introduced in November.

Concerns about demand in China contributed to Tesla shares plunging 37 per cent in December, the most dismal month in what also was the stock’s worst-ever year. While the automaker is expected to announce record quarterly deliveries in early January, it’s already ruled out meeting its objective to grow by 50 per cent for the year.