Toyota Motor Corporation is discounting the all-electric RAV4 lease and loan offers in order to boost the demand for the compact crossover. The RAV4 EV is powered by a Tesla Motors battery pack and motor.
Toyota is now offering a $299 per month three-year lease for the $49,800 truck or a 60-month no-interest loan stated company spokeswoman Carly Schaffner.
This offer is running through September 3rd and is available in Los Angeles and San Francisco, which is the main markets of the vehicle. Honda, Nissan, and General Motors are also discounting their releases to push their rechargeable model vehicles. Toyota was expecting to sell 2,600 RAV4 EVs by the end of 2014 and 709 has been sold since sales started last September.
Toyota invested $50 million into Tesla back in 2010. Since Tesla’s shares have grown around fivefold this year, that investment is now worth around $476 million. Toyota owns around 2.4% in Tesla Motors.
“The use of our incentives is tactical, reinforcing our value and focus on keeping our products competitive in the market,” stated Schaffner. “We’re still evaluating the market demand for EVs.”