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Tesla slashes deposit for China customers to just US$143
- Buyers in China were previously asked by Tesla to pay a refundable deposit of as much as US$2,862
- Tesla’s deposit cut coincides with the latest reduction in China’s electric car subsidies kicking in, which raises the price of some vehicles in the market
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Tesla has 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 (EV) subsidies.
The US-based electric car maker now requires a 1,000 yuan (US$143) non-refundable deposit for its Model 3 car, Model X sport utility vehicle and Model S, a company representative in China said in a message on Wednesday.
Buyers were previously asked to pay a refundable deposit of as much as 20,000 yuan.
While Tesla has increased its lead in China’s EV market in recent months, competition is heating up.
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