BEIJING: Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world's largest auto market, where the U.S. electric vehicle giant is in a protracted price war against entrenched rivals such as BYD. Pickups of existing inventories of Model 3 sedans and Model Y SUVs by the end of March would be entitled to a maximum of 34,600 yuan ($4,807.76) worth of incentives, Tesla said in a post on its Weibo account.

Among the incentives are a 8,000 yuan discount in car insurance products with partnerships with Tesla, and a 10,000 yuan discount if the buyer chooses a change of paint. Tesla also offers limited-time preferential financing plans that could save up to 16,600 yuan for purchases of Model Y.

When asked about the amount of inventory Tesla had in China, a sales representative said it was limited, but declined to provide details. Tesla didn't respond to a request for comment.

In the face of slowing demand and rising competition, Tesla slashed prices on some Model 3 and Y cars in China in January and offered cash discounts for some Model Ys from Feb. 1. Its biggest local rival BYD on Friday lowered the starting price of a new version of its Song Pro hybrid SUV by 15.4%.

BYD, which dethroned Tesla as the world's top EV maker in Q4, had responded with even bigger discounts on an array of new car versions in February. ($1 = 7.1967 Chinese yuan renminbi)