Tesla Inc. TSLA has announced significant changes to its referral program in North America, aiming to meet its goal of delivering 515,000 vehicles in the fourth quarter.
What’s New in Tesla’s Referral Program?: The updated program features improved discounts and rewards, particularly for the upcoming Cybertruck.
This information was shared through one of Tesla’s official accounts on X.
Moreover, customers who take delivery of their Tesla before the year ends will also enjoy three months of complimentary Full Self-Driving (Supervised) and unlimited Supercharging.
Additional Details: This referral program is applicable to the Model S, Model 3, Model X, Model Y, and Cybertruck.
Buyers of the Model S, Model X, and Cybertruck can benefit from a $2,000 discount. In contrast, purchasers of the Model 3 and Model Y will receive a $1,000 discount within the U.S.
Referrers in the U.S. have the potential to earn up to $10,000 through this program, while Canadian participants can accrue up to CAD13,000. Additionally, participants can enter for a chance to receive an invitation to a future Tesla event.
Why This Change Matters: The enhancements to Tesla’s referral program reflect a strategic effort to increase sales as the fourth quarter approaches. Recently, the company introduced unlimited overnight charging through its Tesla Electric service, dropping the price from $15 a month, which aims to attract new customers.
This strategy follows earlier discounts of up to $4,000 on select Model 3 and Model Y vehicles, part of its initiative to maintain annual delivery numbers.
Despite these promotional efforts, analysts anticipate that while Tesla’s Q4 deliveries may break records, they could still lead to an annual sales decline. Furthermore, the potential loss of the $7,500 EV tax credit due to shifts in the political landscape could have significant repercussions for Tesla’s profitability, as noted by industry expert Gary Black.
Stock Performance: On Tuesday, Tesla’s stock experienced a modest decline of 0.1%, closing at $338.23, but rebounded with a 0.6% increase in after-hours trading. Year-to-date, shares are up by 36.2%, according to data from Benzinga Pro.
Analysts currently hold a “Neutral” consensus rating on Tesla stock. The highest price target set by analysts is $400, contrasting with a consensus price target of $232.20, suggesting a potential downside of about 45% from its current value.
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Image courtesy: Tesla
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