Tesla slashes deposit for China customers to just $143

Tesla now requires a 1,000 yuan ($143) non-refundable deposit for the Model 3 sedan, Model X SUV and Model S vehicle from its customers in China.
By : Bloomberg
| Updated on: 22 Jul 2020, 03:02 PM
A man wearing a face mask following the coronavirus disease outbreak walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China. (REUTERS)
A man wearing a face mask following the coronavirus disease outbreak walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China. (REUTERS)
A man wearing a face mask following the coronavirus disease outbreak walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China. (REUTERS)
A man wearing a face mask following the coronavirus disease outbreak walks by Tesla Model 3 sedans and Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China.

Tesla Inc. lowered the deposit that buyers in China have to put down on its cars, seeking to keep sales momentum in the face of intensifying competition and reductions in the government’s electric-vehicle subsidies.

Tesla now requires a 1,000 yuan ($143) non-refundable deposit for the Model 3 sedan, Model X SUV and Model S vehicle, a company representative in China said in a message Wednesday. Buyers were previously asked to pay a refundable deposit of as much as 20,000 yuan.

Similar Cars

Find More Cars
Tesla Model S (HT Auto photo)
UPCOMING
Tesla Model S
Electric | Automatic
₹70 - 1 Cr* *Expected Price
Tesla Model 3 (HT Auto photo)
UPCOMING
Tesla Model 3
Electric | Automatic
₹70 - 90 Lakhs* *Expected Price
Mercedes-benz V-class (HT Auto photo)
Mercedes-benz V-class
1950 cc | Diesel | Automatic (Torque Converter) | 16.67 kmpl
₹71.1 - 1.46 Lakhs**Ex-showroom price
Mercedes-benz E-class-all-terrain (HT Auto photo)
Mercedes-benz E-class-all-terrain
1950 cc | Diesel | Automatic | 12.06 kmpl
₹75 - 77.25 Lakhs**Ex-showroom price
Bmw X5 (HT Auto photo)
Bmw X5
2993 cc | Diesel | Automatic (Torque Converter) | 13.38 kmpl
₹75.5 - 90.9 Lakhs**Ex-showroom price

While the US company has increased its lead in China’s EV market in recent months, competition is heating up. Local champion NIO Inc. has been energized by a capital injection from a regional government and a fresh credit line from six banks, while global peers including BMW AG and Mercedes-Benz maker Daimler AG are bringing out new EV models.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

The deposit cut coincides with the latest reduction in China’s electric-car subsidies kicking in -- a move that effectively increases the price of some vehicles. While Tesla lowered the price of its locally built basic Model 3 in April to meet the tighter subsidy criteria, some of its models are no longer eligible for the government handouts.

First Published Date: 22 Jul 2020, 03:02 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city