Tesla is offering 10,000 yuan off to Model 3 sedan and Model Y sport utility vehicle buyers taking delivery by February 28.
On the occasion of New Year 2023, Tesla Inc has brought exclusive incentive offers for its vehicle buyers. According to Bloomberg News, the purpose of these offers is to increase sales in China.
According to Tesla's website, the company is offering 10,000 yuan ($1,450) off to Model 3 sedan and Model Y sport utility vehicle buyers if they take delivery by February 28.
In addition, the carmaker is also offering a 6,000-yuan subsidy that it began offering in early December, and another 4,000-yuan subsidy tied to purchasing insurance through Tesla, according to a Bloomberg report. It was first introduced in November.
Concerns about demand in China drove Tesla shares down 37% in December, the stock's worst month ever. While the automaker is expected to announce record quarterly deliveries in early January, it has already ruled out meeting its objective of growing 50% for the year.
Tesla also offered discounts to end the year in the US, first offering $7,500 off only the Model 3 and Y, then extending that offer to the more expensive Model S and X.
Meanwhile, Tesla CEO Elon Musk urged employees to "break away from the whims of the stock market" after the company's shares plunged more than 70% this year on concerns about declining demand for electric vehicles and Musk's distraction from running Twitter. Advised not to worry".
In an email to employees sent on Wednesday and reviewed by Reuters, he said Tesla would eventually be the most valuable company on the planet. Musk urged employees to increase deliveries through the end of the quarter after the automaker offered discounts on its cars in China and the US.
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