Tesla Introduces Low Financing Rate for Model 3 in Canada
Incentive Details: Tesla Inc. TSLA has rolled out a new financing option for Canadian customers, offering a 0.99% annual percentage rate (APR) on Model 3 purchases. This promotion is available for orders placed by March 7, with delivery required before April 1.
Promotion Announcement: The EV maker shared this news on the social media platform X. Customers can access the 0.99% APR for loan terms of up to 48 months. This kind of promotion could significantly enhance sales, as many new car buyers rely on loans, especially in today’s climate of high interest rates that can inflate costs.
Comparison to Recent Price Changes: This incentive follows a recent price hike by Tesla on the Model 3 in Canada, which could counterbalance rising costs. In early February, Tesla raised prices across its entire lineup, including hikes of up to C$9000 for the Model 3, reflecting industry trends of escalating vehicle prices.
The price adjustments included a C$4000 increase for the rear-wheel drive Model 3, an C$8000 hike for the all-wheel drive version, and a C$9000 rise for the performance model. The Model 3 now starts at C$59,990 (approximately $41,873 USD).
Product Outlook: The Model 3 remains Tesla’s most affordable vehicle. During its latest earnings call, the company indicated plans to begin production of new, more budget-friendly models in the first half of 2025, positioning itself against a backdrop of changing consumer preferences and the competitive EV market.
(1 CAD = 0.70 USD)
For more insights, check out Benzinga’s Future Of Mobility coverage.
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