Tesla has introduced a new clause in the purchase agreement for the ‘Signature’ edition models of the Model S and X, which prohibits customers from reselling their vehicles within the first year of ownership. This move is likely intended to maintain the exclusivity and scarcity of these limited-edition models.
Details of the Clause
The clause, which was shared by a user on social media, states that customers agree not to sell or attempt to sell their vehicle within the first year following its delivery date. If a customer is forced to sell their vehicle due to unforeseen circumstances, they must notify Tesla and give the company reasonable time to purchase the vehicle at its sole discretion. The purchase price would be based on the original price listed on the final price sheet, minus $0.25 per mile driven.
Consequences of Breaching the Clause
If a customer breaches the terms of the clause, Tesla may seek injunctive relief to prevent the transfer of title of the vehicle or demand liquidated damages of up to $50,000 or the value received as consideration for the sale or transfer, whichever is greater. Additionally, Tesla may refuse to sell vehicles to customers who breach the clause in the future.
Other Developments at Tesla
In other news, Tesla is reportedly working on a new model for its lineup, targeting the affordable EV space. The company has also received regulatory approval for its Full Self-Driving (FSD) technology in the Netherlands, which could provide a major boost to its self-driving efforts.
Impact on Customers and Investors
The new clause is likely to have implications for customers who purchase the ‘Signature’ edition models of the Model S and X, as it restricts their ability to resell their vehicles within the first year of ownership. Investors will be watching to see how this move affects Tesla’s sales and revenue in the coming months.
Key Points
- Tesla introduces clause prohibiting resale of ‘Signature’ Model S and X within first year of ownership
- Clause applies to customers who purchase limited-edition models
- Breaching the clause may result in injunctive relief or liquidated damages
- Tesla working on new model for affordable EV space
- FSD technology receives regulatory approval in Netherlands