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Tesla Putting an End to its Customer Referral Programme in February

According to media reports, the referral programme had recently encountered problems, including unfulfilled prizes and unused codes, the report added

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Tesla to lay-off 7% full-time staff amid China dreams. Pixabay

Electric car maker Tesla is putting an end to its customer referral programme in February that allowed owners to give their friends a referral code to get six months of free charging via the company’s “Supercharger” network.

“The Tesla customer referral program will end on Feb 1. If you want to refer a friend to buy a Tesla and give them six months of free Supercharging, please do so before then,” company owner and CEO Elon Musk tweeted on Thursday.

The move comes amid a larger cost-cutting effort by the electric car company.

In December, the company cut prices on “Model 3” in China and last week, it discontinued the lowest-priced versions of “Model S Sedan” and “Model X SUV”, The Verge reported.

Tesla, car insurance
A sales staff chats with a customer at a Tesla store near a poster announcing orders of the Model 3 electric cars in Beijing, China, Monday, Jan. 7, 2019. VOA

“The whole referral incentive system will end. It’s adding too much cost to the cars, especially Model 3,” Musk added.

The referral programme was launched in 2015 to turn the company’s enthusiastic early adopters into real sales representatives — where the new buyer got perks and the owner made the referral win a variety of prizes, the report said.

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Recently the as part of the programme, the automaker changed the incentives to prizes for referrers and “Supercharger” access for new buyers.

According to media reports, the referral programme had recently encountered problems, including unfulfilled prizes and unused codes, the report added.  (IANS)

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Elon Musk Says He Earned Nothing in Terms of Income From Tesla in 2018

Musk was not paid any performance-based compensation from Tesla

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SIAM, Government, Electric Vehicles
The Society of Indian Automobile Manufacturers (SIAM) on Sunday said the government should adopt a practical approach towards adoption of EVs. Pixabay

While his electric vehicle (EV) company Tesla struggles to make profit, tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Instead, Musk said he had pocketed nothing at all.

A Tesla fanpage took to Twitter slamming a news report from last week that said Musk made more in 2018 than the next 65 highest-paid CEOs combined, making him the highest-paid executive among 200 CEOs of large publicly traded companies, Observer.com reported on Thursday.

Contradicting the story, the fanpage called Tesla4Everman argued that Musk was not paid any performance-based compensation from Tesla, instead he only “made the state mandated minimum wage,” which he later donated.

Siding by Tesla4Everman, Musk wrote: “I paid most of my Tesla-related expenses too. Tesla last year was actually net negative comp (compensation) for me.”

Elon Musk, Income, Tesla, 2018
Tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Pixabay

According to Observer.com, however, the $2.3 billion amount mentioned in the Business Insider article was not a cash or equity payout, but a compensation plan Tesla’s board approved last year that has yet to materialise.

The plan promises to compensate Musk with $2.3 billion worth of Tesla stock in 12 slices over a 10-year period on the condition that Tesla achieves a market capitalisation of $650 billion, in addition to hitting 12 operational milestones.

Amid the ongoing US-China trade war, Tesla’s current market cap stands at only $33 billion.

“Yeah, the fear, uncertainty and doubt propaganda campaign being pushed by those betting against Tesla has reached new heights,” Musk later tweeted.

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Earlier in May, Musk announced to his employees that he would personally be examining and reviewing every expenditure at Tesla, no matter how small, alongside Zach Kirkhorn, the company’s Chief Financial Officer (CFO), the media reported.

The new cost-cutting initiative has been implemented after the automaker suffered a loss of $702 million and involves Musk examining every payment, including parts, salary, travel expenses and rent. (IANS)