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Tesla Tries To Boost China Sales With Free Supercharging Miles After Price Cuts

Published 20/05/2024, 07:09
© Reuters.  Tesla Tries To Boost China Sales With Free Supercharging Miles After Price Cuts
TSLA
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Benzinga - by Anan Ashraf, Benzinga Editor.

EV giant Tesla, Inc. (NASDAQ:TSLA) is now offering incentives including free supercharging miles to boost vehicle uptake in China, in addition to lowering prices.

What Happened: New customers who order a Tesla car from May 20 to June 20 will get 5,000 kilometers of free supercharging miles, Tesla said in a poster shared on Weibo. However, the offer is limited to the first 140 customers.

For old customers, if they choose to replace two Goodyear tires at a Tesla-operated service center, they will get 600 kilometers of free supercharging and 1,200 kilometers of supercharging on replacing all four tires.

Why It Matters: China is Tesla’s second biggest market after the U.S. The EV maker has a gigafactory in Shanghai that produces the Model 3 and Model Y, both for sale in China and for export.

Data released by the China Passenger Car Association earlier this month showed that the company sold 62,617 made-in-China EVs in April, down 18% year-over-year, including the 30,746 units exported.

Last month, Tesla cut prices on Model 3 and Y in China by as much as 6%. While the Model 3 rear-wheel drive now starts at 231,900 yuan in the country, the Model Y starts at 249,900 yuan.

For the first quarter of 2024, Tesla also reported a fall in global deliveries. The company sold 386,810 vehicles, marking an 8.5% year-on-year decline.

Read More: Tesla Bull Gary Black Expects CEO Elon Musk's $56B Pay Package To Be Reinstated; ‘…Should Eliminate Any Possibility Of Elon Leaving'

Photo via Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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