Tesla Revives Referral Program With $1,000 Discounts For New Buyers

Tesla has announced the revival of its popular referral program, offering substantial incentives for both new buyers and existing electric vehicle (EV) owners from its lineup.

Based on the company’s X account, first-time Tesla buyers can receive a $1,000 discount on the purchase of a new Model S, Model X, Model 3, or Model Y when using a referral code from an existing Tesla owner under the new system. In turn, the referring owner will be credited with $500, which can be applied towards various Tesla products and services.

This $500 credit for referrers is more flexible than in previous iterations of the program. It can be used for Supercharging, software upgrades, merchandise, service payments, or even towards the purchase of a new Tesla EV.

Moreover, the program caps the number of referrals at 10 per calendar year for each Tesla owner, with a lifetime limit of 10 referral rewards. However, referred buyers will still receive their $1,000 discount even if the referrer has reached their cap.

Notably, the Cybertruck and Roadster models are currently not eligible for the referral program discounts. In addition, the program does not include rewards for purchases of Tesla solar power systems or PowerWall batteries.

As 87% of owners indicated they plan to purchase another Tesla in the future, the referral program is seen as a strategic move for the company. In terms of the timely return of the program just ahead of Q4 2024, this could help Tesla push up its sales numbers as the year comes to a close.

With this revival of the referral program, Tesla’s leveraging of its leveraging its enthusiastic buyer base will play a key part in its growth strategy in the increasingly competitive EV market.

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