Tesla said it would offer new buyers of its top-selling electric vehicles in China a cash bonus equivalent to almost $500 if they have a referral from an existing owner, deepening a price war in the world's largest market for EVs
Tesla said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan if they could cite a referral from an existing owner.
Since the start of the year, when it touched off a price war in China's EV market, Tesla has cut the base price of the Model 3 sedan in China by 14% and by 10% for the Model Y, its global best seller. Volkswagen's China CEO Ralf Brandstatter said in a speech last month at an event attended by Chinese Premier Li Qiang that China's market for electric vehicles was marked by "high price discounts" and "an unhealthy competitive environment".
A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers.247,217 China-made vehicles in the second quarter, data released earlier this week showed. That was the highest since it started delivering vehicles from its Shanghai factory in early 2020.
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Tesla offers cash rebate on top models in ChinaTesla on Friday said it would offer new buyers of its top-selling electric vehicles in China a cash bonus equivalent to almost $500 if they have a referral from an existing owner, deepening a price war in the world's largest market for EVs.
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