Tesla ends referral program and cuts prices again

Max McDee, 20 April 2024

What a week it has been for Tesla. Falling share prices, mass layoffs, and executive departures seemed like a week from hell. But Tesla decided it wasn't entirely done with the spring clean and added more explosive announcements to the mix. The company is ending its global referral program, where owners could earn rewards for referring friends and family to the brand. On top of that, Tesla has also slashed prices on some of its best-selling cars.

Tesla's referral program has been around for years, enticing current owners to spread the word about their EVs. Rewards have changed over time, ranging from cash bonuses to free Supercharging, temporary access to premium Tesla features, and even the promise of heavily discounted Roadsters. But all those perks will disappear on April 30th.

Tesla hasn't given an official reason for the change. Some speculate the program simply didn't create the sales boost it had before, while others believe the recent string of Tesla controversies and price cuts may be contributing factors.

Instead of relying on referrals, Tesla is now grabbing headlines with another round of significant price reductions on the Model Y, Model S, and Model X.

Tesla's most popular EV, the Model Y, just got a significant price drop of $2,000 across all its versions. The rear-wheel-drive models now start at an enticing $42,990, which puts the Model Y into the "$35k EV" territory after tax credit. Tesla fans looking for a luxurious experience will also be happy to know that the premium Model S and Model X have also received a $2,000 discount.

These price cuts follow a rough couple of months for Tesla. The brand has recently experienced disappointing sales numbers, rising inventory levels, and some negative publicity. The price drops seem strategic to boost demand and combat those challenges.

Interestingly, the popular Model 3, which recently got a facelift, has retained its current pricing. However, Tesla did introduce a more affordable lease option for those on a tight budget.

In a short time, the company became infamous for its frequent price adjustments. Finding the 'perfect' time to buy your next Tesla is a real gamble. The reduced Model Y prices are particularly tempting, especially with the potential for federal tax credits. But will the price go up or down next week? Your guess is as good as ours.

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