Tesla Inc. TSLA on Tuesday revamped its referral program across North America, as it looks to race to its delivery target of 515,000 vehicles in the fourth quarter.
What Happened: Tesla’s updated referral program includes enhanced discounts and rewards, with specific incentives for the Cybertruck.
The changes were announced via one of Tesla’s official accounts on X.
Customers can earn $1,000 for each successful referral, while the new buyer can receive up to $2,000 off a new Tesla.
Additionally, those who take delivery before the end of 2024 will benefit from three months of free FSD (Supervised) and unlimited Supercharging.
See Also: Tesla, Rivian Signal End To 4-Year Legal Battle Over Alleged Trade Secrets Theft
The program applies to the Model S, Model 3, Model X, Model Y, and Cybertruck.
Buyers of the Model S, Model X, and Cybertruck can enjoy a $2,000 discount, while Model 3 and Model Y buyers are eligible for a $1,000 discount in the U.S.
Referrers in the U.S. can earn up to $10,000 via referrals, while Canadian participants can earn up to CAD13,000. Participants also have a chance to win an invitation to a future Tesla event.
Why It Matters: Tesla’s enhanced referral program is part of a broader strategy to boost sales in the fourth quarter. The company recently started offering unlimited overnight charging via the Tesla Electric service, down from $15 a month, aiming to attract more buyers.
This follows discounts of up to $4,000 on select Model 3 and Model Y vehicles to avoid a decline in annual deliveries.
Despite these efforts, analysts predict that Tesla’s Q4 deliveries will set new records but may not prevent a yearly sales decline. The potential removal of the $7,500 EV tax credit by the incoming Trump administration could further affect Tesla’s sales, as highlighted by Gary Black, who warns of significant earnings impact if the credit is cut.
Price Action: Tesla stock declined marginally by 0.1% on Tuesday to close at $338.23 but gained 0.6% in after-hours trading. Year-to-date, Tesla shares are up 36.2%, according to Benzinga Pro data.
According to Benzinga Pro data, the consensus rating from analysts is “Neutral” for the Tesla stock. The highest price target is $400, while the consensus price target is 232.20, implying a 45% downside.
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Photo courtesy: Tesla
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