Tesla launched "zero down payment", and more than a dozen brands have announced price cuts in April

Upstream News

2024-04-24 13:21Posted on the official account of Chongqing Upstream News

Previously, some new energy vehicle companies have announced price cuts, and the "price war" has begun, and today (April 24), Tesla has launched a 0 down payment activity, consumers can drive away Model 3 and Model Y without spending a penny.

Tesla launched a 0 down payment campaign

Available on Model 3 and Model Y

On April 24, Tesla posted on Weibo that Tesla launched a "zero down payment" campaign, which is applicable to ordering the designated versions of Model 3 and Model Y.

According to Tesla's Weibo, Tesla officially announced that it will launch a new blockbuster car purchase benefit for the existing car of the designated version of Model 3/Y: "0 down payment and ultra-low interest".

Before June 30, you can order and pick up the designated version of the Model 3 to enjoy a low-interest loan plan with zero down payment - no penny for the down payment, and then you can withdraw this Tesla benchmark product for only 145 yuan per day.

Tesla launched "zero down payment", and more than a dozen brands have announced price cuts in April

At the same time, if you place an order and pick up the designated version of the Model Y before June 30, you can also enjoy the "zero down payment" loan plan. Not only "zero down payment", but also "ultra-low interest": the annual rate is as low as 1%! Converted, the down payment does not cost a penny, and the daily payment is only 146 yuan, which is equivalent to the cost of two movie tickets, and you can withdraw the Model Y.

Tesla's big moves are frequent

Plans to launch cheaper models, shares soar 13%

In early April, it began to launch the loan benefits of "3 years 0 interest" and "official replacement 5 years 0 interest", and at the same time announced that the original price of 12,000 yuan was free of charge for the star gray car paint.

In late April, Tesla adjusted prices worldwide, and the price of the S3XY series in China was adjusted by 14,000 yuan.

On April 21, Tesla's official website in China showed that the price of the new Model 3 version dropped to 231,900 yuan, a decrease of 5.7%; The price of the new Model 3 Long Range was reduced to CNY 271,900, a decrease of 4.9%. The price of the Model Y has been reduced to RMB 249,900, the price of the Model Y Long Range has been reduced to RMB 290,900, and the price of the Model Y Performance has been reduced to RMB 354,900. The price of the Model S has been reduced to 684,900 yuan, and the price of the Model S PLAID version has been reduced to 814,900 yuan. The price of the Model X was reduced to 724,900 yuan, and the price of the Model X PLAID version was reduced to 824,900 yuan. A few days ago, the price of the Model Y, S, and X in the United States was reduced by $2,000.

Image courtesy of Visual China

After the U.S. stock market on April 23, Tesla announced its first-quarter earnings report. Tesla's total revenue fell 9% and earnings fell 55% in the first quarter, both below Wall Street's expectations, but the company assured investors that it plans to launch a cheaper model next year. Tesla's stock price soared 13% in after-hours hours after the earnings call.

On April 24, the Model 3 high-performance version was officially released, with a pre-sale price of 335,900 yuan, and the product strength has jumped again.

"Zero down payment" car purchase is supported by policies

At least 8 companies have officially announced "zero down payment"

In fact, Tesla's "zero down payment" campaign is backed by policies.

Recently, the People's Bank of China and the State Administration of Financial Supervision jointly issued the Notice on Adjusting Relevant Policies for Auto Loans, and the maximum issuance ratio of loans for self-use traditional power vehicles and self-use new energy vehicles was adjusted from the original 80% and 85% to be determined by financial institutions.

According to media reports, on April 15, Guangzhou Huili Finance posted on its WeChat public account that "GAC Huili Auto Finance 0 down payment product was the first to be launched". According to the relevant promotional posters, the background of the launch of related products is to increase the support of automobile consumer finance.

On April 17, the official website of China FAW Group announced that in order to better support the group's main business, innovate and use sufficient financial tools to promote automobile consumption, under the background of the People's Bank of China and the State Administration of Financial Supervision "Notice on Adjusting Relevant Policies on Auto Loans", on April 16, FAW Auto Finance Co., Ltd. comprehensively adjusted the down payment ratio of auto loans, and launched industry-leading financial products with zero down payment to continue to create value for customers.

In addition, according to public information, Dongfeng Motor Finance Co., Ltd., Great Wall Binyin Auto Finance Co., Ltd., Chery Huiyin Auto Finance Co., Ltd., Shanghai Dongzheng Auto Finance Co., Ltd., Volkswagen Finance (China) Co., Ltd. and other auto finance companies have also recently announced the launch of "zero down payment" products.

According to incomplete statistics, before Tesla, there were at least 7 auto finance companies that publicly announced that they had launched "0 down payment" products.

There was "zero down payment" and "zero interest" in the market

In fact, "zero down payment" and "zero interest" are not new, they have been around for many years.

In 2022, in Chongqing's "Automobile Huimin Purchase" activity, many banking financial institutions such as Chongqing Branch of Postal Bank of China and Chongqing Rural Commercial Bank have introduced a series of preferential installment policies. Provide installment car purchase services for eligible new car buyers: a down payment of 20%, or even "zero down payment" for special models, up to 5 years, low interest rates, and even "zero interest rates" for special models, and the amount can even be as high as 1 million yuan.

In November 2023, Tesla also briefly launched the "Tesla Financial Leasing" plan with "zero down payment", which was very popular at that time.

Car companies have exchanged price for volume

In April, more than 10 NEV brands announced price cuts

Since the launch of Xiaomi SU7, car companies have seized market share by exchanging price for volume, and the price adjustment of new models has frequently appeared, and the price band of 200,000-300,000 yuan for new energy vehicles has been extremely competitive.

Image courtesy of Visual China

According to incomplete statistics from the China Securities Journal, since April, more than 10 new energy vehicle brands have announced price cuts, and some car companies have launched promotional activities such as replacement subsidies, zero interest, and zero down payment.

On April 1, Wenjie announced a limited-time discount of 10,000-20,000 yuan for the new M7. After the discount, the price of the new M7 is 229,800 yuan to 319,800 yuan. Subsequently, NIO, Xpeng, Chery and others have launched replacement subsidy activities. Among them, NIO launched a subsidy of 1 billion yuan for the replacement of oil vehicles. On April 20, Xpeng Motors announced that it would launch a time-limited car purchase subsidy campaign of 500 million yuan, covering a total of four models of Xpeng G9, G6, P7i, and 2024 Xpeng P5.

Some new models have lowered their guide prices. On April 18, Li Auto's first model with a price of less than 300,000 yuan, the Ideal L6, was launched, with a starting price of 249,800 yuan. According to Liu Jie, vice president of commercial of Li Auto, the starting price of the Ideal L6 was originally set at 259,800 yuan.

A few days ago, Xpeng Motors announced that its mid-size SUV Xpeng G6 new 580 km long range Plus version model was officially launched, with a guide price of 199,900 yuan and a limited-time preferential price of 179,900 yuan, which is 26,000 yuan lower than the price of the old entry-level version.

Upstream news: comprehensive upstream news, @特斯拉, Finance Associated Press, China Securities Journal, etc

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