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China, Tesla’s new electric campaign

Tesla Inc. (NASDAQ:TSLA) has just launched a new sales campaign in China to encourage gasoline-powered car owners to go electric amid growing demand and competition, it reported on Monday. CnEVpostciting the Shanghai Securities Journal.

What happened

The offer is valid for customers who place orders between July 1 and December 31, 2022, concluding a sales agreement before delivery.

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The main benefit includes a 90-day free trial of the Enhanced Autopilot feature, which the company led by Elon Musk introduced in China in February 2021 for $4,943, half the price of its Full Self-Driving (FSD) option.

FSD is more advanced, while EAP is limited to automatic parking, voice commands and automatic lane changing.

The initiative also offers a two-week ride guarantee after the conclusion of the sales agreement and a quote validity. Customers will receive a free in-home appraisal of their old car.

Why this matters

Beijing on Sunday began offering subsidies to encourage the adoption of new-energy vehicles, a measure that had already been introduced in Shanghai earlier this month.

The program includes a grant of up to $1,500 from June 1 through December 31, 2022, and is available to individual car owners deciding to scrap or trade in their traditional vehicles over a year old for an VEN.

Tesla follows in the footsteps of BYD Co (OTC:BYDDY) in sales of new energy vehicles. China contributed more than half of the Elon Musk-led company’s global sales last year.

Price movement

On Friday, Tesla stock price jumped 4.5% to $737.1, according to data from Benzinga Pro.



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