By Parag Deulgaonkar
US-based company starts offering in-house payment options for Model S and Model X
UAE residents will have to pay an additional $10,463 (AED38,400) to get full self-driving capabilities in their Tesla cars that are set to be delivered from mid-2017.
The ex-showroom price of Model S and Model X have been set at $78,392 (AED287,700) and $97,193 (AED356,700), respectively, in the UAE. However, the price does not include taxes, government fees and $463 (AED1,700) for destination/regulatory documentation fee.
Earlier this month, the US-based company announced the opening of its first regional showroom and charging stations in Dubai.
According to the company’s UAE website, buyers will have to first pay AED19,200 to get the enhanced autopilot facility in the car following which they can convert the vehicle into a full self-driving one by paying another AED15,400.
An upgrade from the autopilot facility doubles the number of active cameras from four to eight, enabling full self-driving in almost all circumstances. The system is designed to be able to conduct short and long distance trips with no action required by the person in the driver’s seat. The car originally comes with just one camera.
Tesla said self-driving functionality is dependent upon extensive software validation and regulatory approval, which may vary widely by country’s jurisdiction.
The company also has two to five years in-house finance options for UAE buyers.
Under its “hire purchase” facility for Model S, it offers four options at a fixed interest rate of 2.5 percent with monthly payments ranging from AED10,120.25 for 24 months, AED6,907.47 for 36 months, AED5,301.08 for 48 months and AED4,336.25 for 60 months. The down payment is fixed at AED57,830 in all the cases.
However, the company’s “balloon payment” facility offers three payment options. Under the 24-month facility, monthly payment is fixed at AED2,565.12 for 24 months at an interest rate of 3.93 percent, with the final lump sum at AED187,947.50. Under the 36-month facility, monthly payment is set at AED3,697.43 at an interest rate of 4.60 percent and a balloon payment of AED130,117.50. The 48-month option puts monthly payment at AED3,861.36, fixing the interest rate at 4.41 percent and a lump sum payment of AED86,745.
The company offers similar finance options for Model X as well.
On Wednesday, in a conference call with analysts, Tesla chief executive officer Elon Musk said the Model 3 was on track for volume production by September with the company set to deliver 500,000 cars in 2018 and one million vehicles by 2020.
The limited production for Model 3 will commence from late July, he added.
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