Tesla has decided to continue its 0% loan program for the Model 3 and Model Y in China through the end of November, aiming to achieve record-breaking fourth-quarter sales. This initiative is designed to boost demand for locally produced electric vehicles in China, a strategically crucial market for Tesla.

The program offers flexible financing options for customers purchasing a Model 3 or Model Y, with a minimum down payment of RMB 45,900 (around $6,500) and an annual interest rate of 0.92% over 1 to 5 years. Alternatively, buyers who make a down payment of RMB 79,900 (around $11,000) can benefit from a five-year loan at 0% interest.

The 0% loan applies to the base rear-wheel-drive (RWD) and mid-range all-wheel-drive (AWD) models of the Model 3 and Model Y, excluding the high-performance versions.

Tesla aims to sell over 515,000 electric vehicles worldwide in the fourth quarter of 2024, surpassing the record set in the same period last year.