US electric vehicle company Tesla is introducing more new subsidies in mainland China in a bid to win against domestic EV giants in the country during the Lunar New Year, the South China Morning Post reported Wednesday.

Buyers of the Model 3 are eligible for an 8,000-yuan vehicle insurance subsidy, while Tesla will also offer a five-year interest-free loan for eligible customers, the report said.

Tesla said the promotion is the biggest for its Shanghai-made Model 3 units, the SCMP said.

China's top new-energy vehicle manufacturers include BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868) and NIO (HKG:9866, SGX:NIO).

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)