Tesla Launches New Incentives in China Amid Expanding Market Presence | June 16, 2023

Tesla Inc has introduced fresh incentives in China for prospective buyers of the Model 3 RWD. The offer, effective until June 30, includes an insurance subsidy of approximately $1,125 and a preferential loan program. However, to avail the insurance subsidy, customers are required to purchase their auto insurance through an approved cooperative insurance agency.

This move is part of Tesla's broader strategy to enhance its footprint in the Chinese market, where it has demonstrated impressive growth. Recently released data reveals that Tesla sold 77,695 China-manufactured vehicles last month, marking a 2.4% month-over-month increase and a significant 141.6% jump from May 2022. CEO Elon Musk's recent visit to China further underscores the company's commitment to expanding its presence in the region. Despite these positive developments, challenges persist, as evidenced by the recall of over 1.1 million vehicles in China due to a technical issue with the regenerative braking system. #News #TSLA #MarketUpdate