TSLA said on Thursday that 0.99% annual percentage rate (APR) financing is now available on Model 3 purchases in Canada, provided that the order is placed by March 7 and delivery is taken before April 1. What Happened: Tesla announced the new promotion in a post on social media platform X. The 0.99% APR rate is available on loan terms of up to 48 months. The move will likely boost sales given that a majority of customers purchase new cars on loans and high interest rates add significantly to purchase price. Source: Tesla Canada Website Why It Matters: The promotion comes days after Tesla hiked prices on the Model 3 in Canada. At the start of February, Tesla hiked the prices of its entire car lineup in Canada. While prices on Model S, X, and Y variants were hiked by as much as C$4000, Model 3 prices were hiked by as much as C$9000. The company hiked the starting price of the rear-wheel drive variant of its cheaper sedan by C$4000, its all-wheel drive by C$8000, and its performance variant by C$9000. The Model 3 now starts at C$59,990 ($41,873) in Canada. 0.99% APR financing now available for Model 3 in Canada Applies to new orders placed by 3/7, must take delivery by 3/31