(Bloomberg) -- Tesla Inc. rolled out a number of incentives to boost sales in China, where it is coming under increased pressure from local rivals such as BYD Co. 

Customers placing orders for a rear-wheel drive Model 3 sedan or Model Y sport utility that are in stock for delivery by the end of March can get an insurance subsidy of as much as 8,000 yuan ($1,030), the US automaker said in a post on Weibo on Friday. It will also offer preferential financing plans and discounts on some optional paint colors. 

Despite not being an official price cut, the insurance subsidy will bring the starting price of the two cars down to 237,900 yuan and 250,000 yuan respectively, Tesla said.  

Read More: Five Things to Watch in China’s Car Market This Year: Hyperdrive

Tesla in January lowered the starting price of the Model 3 by 5.9% and marked down the Model Y by 2.8% to 258,900 yuan, triggering further cuts from local competitors. BYD slashed the price of its Qin Plus compact by 20%, with the slogan of “making EV cheaper than gas cars.” 

Sales of new-energy vehicles, which includes battery-electric cars and plug-in hybrids, declined 30% in January from December, data from China’s Passenger Car Association showed. Shipments of NEVs to dealers are projected to increase 25% to 11 million units this year, the association has said, a slowdown from 36% growth in 2023 and 96% in 2022. 

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