Tesla announced the cash rebates Friday on its Weibo account. It is continuing an earlier offer announced in June of 7,000-yuan rebates to buyers of the more expensive Model S and Model X in China.
A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers.
Tesla sold a record 247,217 China-made vehicles in the second quarter. That was the highest since it started delivering vehicles from a Shanghai factory in early 2020.
Tesla’s sales of EVs produced in Shanghai in the second quarter accounted for over half of its global deliveries.
The company’s shares have climbed almost 70 percent since early May, as investors reacted to indications its global price cuts and U.S. government incentives were boosting sales and bet the EV maker would be able to stabilize profit margins over time.
While the price cuts by Tesla and rivals boosted sales earlier this year in China, those gains have started to slow in recent months, prompting local authorities to roll out more buyer incentives, including purchase tax breaks for EVs.
Earlier this week, Tesla cut prices on the Model 3 and Model Y by between 3 percent and 4 percent in Japan.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Automobiles News Click Here
