Tesla, Inc. has revamped its referral program across North America, aiming to reach its delivery target of 515,000 vehicles in the fourth quarter. The updated program includes enhanced discounts and rewards, with specific incentives for the Cybertruck.
Key Program Details
- Customers can earn $1,000 for each successful referral
- New buyers can receive up to $2,000 off a new Tesla
- Those who take delivery before the end of 2024 will benefit from three months of free FSD (Supervised) and unlimited Supercharging
- The program applies to the Model S, Model 3, Model X, Model Y, and Cybertruck
Model-Specific Discounts
- Buyers of the Model S, Model X, and Cybertruck can enjoy a $2,000 discount
- Model 3 and Model Y buyers are eligible for a $1,000 discount in the U.S.
Earning Potential
- Referrers in the U.S. can earn up to $10,000 via referrals
- 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, 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.
Analyst Predictions
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.
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%.