Tesla has introduced a new financing incentive for the U.S. market, offering 1.99% APR for 72 months on the Model Y Long Range AWD, as it looks to stimulate demand amid slowing global sales.
The promotion, shared on the automaker’s official North American X account, applies to orders placed after May 2 by “well-qualified” buyers. The offer requires a 15% down payment, though Tesla notes that customers using the $7,500 federal EV tax credit at the point of sale can secure zero down payment financing at a slightly higher rate of 2.99% for the same term.
See also: Tesla Expands Zero-Interest Financing for Model Y in China Amid Intensifying EV Competition
Tesla specified that the new 1.99% financing deal cannot be combined with its existing $2,000 Model Y Loyalty Incentive. No end date or delivery deadline has been announced for the offer, and it is currently not available in Canada.
See also: Tesla Postpones Rollout of Cheaper Model Y Variant – Report
This promotion follows a similar short-term offer Tesla extended for the Model 3 in the U.S. last year and comes as the company introduces discounts in other markets. In Europe, Tesla is offering up to €4,000 off the Model 3 in select countries.
Tesla has been navigating a period of declining sales and increased scrutiny, with CEO Elon Musk’s political activities contributing to reputational challenges for the brand.
