The incentive, which Tesla dubbed as “Refer and Earn” on its websites, is equivalent to about $500 in cashback for buyers in the US who purchase Model 3 and Model Y.
through referrals from existing customers, a strategy long used by traditional automakers to boost sales.on its websites, is equivalent to about $500 in cash back for buyers in the US who purchase Model 3 and Model Y.The program was rolled out in Tesla’s largest markets, including the United States, China, Germany, France, Canada, Mexico, Hong Kong and Singapore, according to the company’s regional websites on Friday.
Tesla CEO Elon Musk in April doubled down on the price war, saying the company would prioritize sales growth ahead of profit in a weak economy and amid rising competition.“Tesla’s continual actions like price cuts and referrals show we aren’t at an equilibrium yet, with inventory still growing, though at a slower rate, so it’s hard to be confident in the trajectory of future margins,” Needham analyst Chris Pierce said.
Tesla said Friday it would offer new buyers of its Model Y and Model 3 vehicles in China a cash rebate of 3,500 yuan if they could cite a referral from an existing owner.In the UK, buyers using a referral will receive a discount of 1,000 pounds on Model S and Model X starting July 7, the company’s website showed.
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