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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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Musk-run Tesla Hits $100-bn Market Value for the First Time

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth

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Elon Musk, a technology entrepreneur. Pixabay

Signalling an all-electric future is coming our way, Elon Musk-run Tesla has hit the $100 billion in stock market valuation for the first time.

Tesla shares were last up 1.4 per cent at $555 after trading was closed on Tuesday, reports CNBC.

The milestone came less than a month after Tesla’s stock crossed $420 — a price Musk tweeted last year which put him in much trouble.

The $100 billion valuation must stay for both one-month and six-month average in order to help Musk get first of 12 tranches of $346 million in a record-breaking pay package.

Tesla is currently valued more than Ford Motor and General Motors combined.

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A Tesla logo is seen in Los Angeles, California. VOA

Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was “considering taking Tesla private at $420. Funding secured”.

The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.

Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine.

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Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth. (IANS)