Tesla Motors is looking to improve sales of its Model S by giving drivers in China the chance to trade in their old cars for the all-electric sedan.
The new trade-in program involves the electric automobile maker working with used-car traders to buy vehicles from customers in Beijing, Shanghai and Hangzhou. The company will deduct the price of the old car the person sells from the price of the Model S, which currently starts at 648,000 yuan ($104,000) in China, according to Bloomberg.
The move comes eight months after Tesla started delivering the Model S in China. Elon Musk, CEO of Tesla, plans on building these vehicles in the country within three to four years.
Tesla currently has nine stores and services centers in six Chinese cities, as well as 700 power points in 70 cities across the county, which makes it the second-biggest charging network in the world (the biggest being in the U.S.), ValueWalk reported.
Despite Veronica Wu's recent resigning as head of the automaker's Chinese operations, Tesla is still expected to have a good year in 2015, with financial data firm FactSet reporting that the company's shares could be worth more than those of Google, Apple and Priceline.
Deals with China Unicom, Soho China and other network companies to build charging stations in China will also help Tesla establish a strong presence in the country.
