How Chinese EVs are ramping up competition: No down payment and 5-year interest-free loans

In response to a drop in deliveries, electric car companies in China offered incentives to consumers during the Lunar New Year holiday, including subsidies and financing plans. Tesla announced an 8,000 yuan insurance subsidy and 0% interest financing for its Model 3, with similar offers for its upcoming Model Y. The Chinese government also provided support for electric car consumption, smartphones, and home appliances, amid concerns over softness in consumption indicators.

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