In an effort to boost sales in the fourth quarter, Tesla has introduced a new incentive for buyers in Texas. The initiative is part of the company’s strategy to achieve record vehicle deliveries in Q4 2024.
What’s the Deal?
The deal offers unlimited overnight charging for just $5 per month for a year. To be eligible, buyers must purchase a new Tesla vehicle by December 31, reside in a Texas area where they can choose their electricity provider, and become new Tesla Electric members.
Expansion Plans
Tesla Electric, the company’s virtual power plant service, is currently operational in Texas and the UK. The service automatically manages electricity transactions for Powerwall owners, offering protection against peak prices. Plans for further expansion are underway.
Boosting Sales
This initiative is part of Tesla’s aggressive expansion plans to achieve record vehicle deliveries in Q4 2024, targeting over 515,000 units. The company is also offering discounts on some inventory vehicles in the U.S. and other offers in geographies including Europe.
Growth in Energy Segment
Tesla’s energy segment has seen significant growth, with revenues reaching $2.376 billion in Q3 2024, marking a 52% increase compared to the previous year. This growth has led to the promotion of Michael Snyder to Vice President of Energy and Charging.
Other Offers
In addition to the overnight charging deal, Tesla is offering three months of free full self-driving (FSD) subscription and supercharging for North American buyers who take delivery of a new inventory vehicle by the end of the year. This offer extends to Tesla’s entire lineup, including the newly added Cybertruck.
Stock Performance
Tesla stock gained over 2.1% on Tuesday to close at $346. Year-to-date, the EV giant’s stock has gained 39.3%.
Record Deliveries Expected
Tesla’s sales in China and globally are expected to set new records in Q4 2024, but may not be sufficient to avoid a decline in full-year sales. The company needs to deliver at least 514,926 vehicles in the last quarter to surpass its 2023 delivery numbers.