In terms of market news, according to the China Association of Automobile Manufacturers (CAAM), automobile sales in China fell 3.2% year-on-year in January, while new energy vehicle (NEV) sales increased by 0.1%. Additionally, according to the China Passenger Car Association (CPCA), wholesale sales of NEV passenger vehicles in January fell 3.3% year-on-year, and retail sales dropped 20.0%. CMB International Securities (Hong Kong) noted that the decline in auto sales on both a year-on-year and month-on-month basis in January was mainly due to demand being brought forward at the end of last year. As automakers release new models after the Spring Festival and new rounds of subsidies are disbursed, the auto market is expected to recover.
Furthermore, on February 26, Tesla China announced a new round of financial incentives for car purchases. Orders placed before March 31 will qualify for ultra-low interest loans over seven years for all models. Among them, the three main models—Model 3, Model Y, and Model Y L—will also offer an additional five-year zero-interest option, allowing customers to purchase vehicles without paying any interest. This move has been widely interpreted within the industry as another form of 'indirect price reduction,' aimed at further boosting terminal sales.
