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Tesla Coronavirus Financial Relief and New Car Incentives

Tesla Motors is a brand defined by innovation and breaking the mold. So it should come as no surprise that the automaker and its eccentric co-founder Elon Musk have taken an unorthodox approach in its reaction to the crisis surrounding COVID-19.

Tesla Coronavirus Financial Relief and New Car Incentives

Many global auto brands have rapidly created a number of new vehicle incentive programs to assist consumers in these trying times. On the flip side, Tesla has essentially carried on as usual in the face of the growing pandemic to this point. An online sales rep for Tesla recently told J.D. Power via chat, "We don't offer promotion or negotiations on prices, simply because we believe that our vehicles are priced based on the true value they can provide for you! Therefore, I can say that our vehicles are truly worth every dollar."

To date, Tesla has not yet announced any specific relief effort or offering intended to assist its current customers who may be experiencing financial hardship during this time. Nonetheless, we have provided a summarized guide for current and prospective customers on the automaker’s new car incentives and relief programs.

Tesla Customer Relief Programs - Find the best deals!

Contrary to the majority of other auto brands, Tesla doesn’t operate under the traditional franchised dealer system. Instead, the company sells vehicles directly to customers through the brand’s chain of retail locations. In turn, Tesla is directly involved in the financing and leasing process. As noted above, the company hasn’t created any specific Coronavirus car payment plans designed to assist current owners and lessees who may be in financial peril as a result of the Coronavirus.

Tesla owners and lessees who are in need of financial assistance but did not finance their vehicle or lease through Tesla Motors are encouraged to contact their lender or leasing company directly to discuss potential relief options.

Tesla also offers extensive online customer support on a number of topics. Customers can receive information and assistance on matters such as financing, product support, and vehicle delivery by logging into their Tesla Account and submitting a question. For individuals who don't currently have a Tesla Account, you can use the Contact Us form on the homepage. Chat support is also available 4:00 am - 8:30 pm PDT for all Tesla owners in North America.

 
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Tesla New Car Incentives - Find the best deals!

Though the nation is in the midst of an unprecedented crisis that has affected both the health of its citizens and the stability of the economy, Tesla has yet to announce a deferred-payment relief program or any low-interest-rate sales promotions to date. However, it should be noted that the auto brand is offering 2.99% APR financing for up to 72 months on the 2020 Model S, Model X, and Model 3 vehicle models.

While restrictions in many regions have been extended in recent weeks due to concerns around COVID-19, a number of Tesla Motors retail locations have remained open for business. In fact, many locations have implemented "touchless deliveries" where customers can safely accept delivery of their new vehicle. Customers have the ability to unlock their new cars at a delivery lot via the Tesla App. From there, they can sign any remaining paperwork placed in the vehicle, and return that paperwork to a drop-off location.

Tesla Factory Closures - Find the best deals!

In early February, Tesla shut down its Shanghai plant for approximately 10 days after being persuaded by Chinese officials to take action to help slow the spread of COVID-19. Over a month later, officials requested that Tesla temporarily suspend operations at its Fremont, CA, facility. The plant had continued to operate despite the shelter-in-place order ordinance. Tesla suspended production at this facility officially on March 23rd, and is expected to remain closed through at least May 4th. The facility employs over 10,000 people.

Tesla cut compensation for salaried employees' and furloughed all non-essential workers through at least May 4th, when the company hopes to resume production at its Fremont facility. Gigafactory 1, Tesla's facility in Sparks, NV., has continued operations to this point.

Tesla Economic Outlook & Sales Forecast - Find the best deals!

Tesla Motors' sales figures were strong through the first quarter of 2020, despite the setbacks endured by nearly every automaker beginning in mid-March. The automaker stated that it delivered 88,400 vehicles from January - March 2020, in comparison the 77,100 units the brand delivered during the same period the previous year.

The momentum was continuing to grow, as Tesla had just begun delivering its brand-new Model Y SUV to customers when the Coronavirus crisis forced the Fremont factory to temporarily suspend operations. The Model Y was expected to become Tesla’s highest-selling vehicle, so the inability to produce and deliver the new model will certainly have a massive impact on the company’s sales in the second quarter, and likely the rest of the calendar year.

J.D. Power released a statement regarding its 2020 outlook of 16.8 million U.S. light-vehicle sales, an outlook that was calculated before the globe was ground to a halt because of COVID-19. Due to the substantial strain the virus has put on the entire economy, it is no longer feasible to realistically attain these figures. J.D. Power expects sales to likely fall in the range of 14 to 16 million units due to the growing recovery efforts ahead due to the Coronavirus.