Tesla Ends Referral Benefits This Month: Musk Teases New Program In Few Months — What Happens To Current Credits?
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) is ending its current referral program by the end of April, with plans to introduce a new program in a few months, as announced by CEO Elon Musk. The existing referral credits will remain valid, but no new credits will be earned until the launch of the new program. This change comes alongside recent price cuts on Tesla's Model S, X, and Y vehicles in the U.S. by up to 4.5% and the removal of inventory discounts to streamline sales.
April 22, 2024 | 6:37 am
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Tesla Inc is ending its current referral program and will introduce a new one in the coming months. Existing referral credits will remain valid. The company also reduced prices on several vehicle models in the U.S. and removed inventory discounts.
The ending of the current referral program and the introduction of a new one could have a neutral short-term impact on TSLA's stock price. While the change might temporarily reduce customer incentives for referrals, the announcement of a new program could maintain customer interest and loyalty. The recent price cuts and removal of inventory discounts indicate a strategic shift to streamline sales and could potentially boost sales volume, balancing any negative impact from the referral program's temporary halt.
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