The 2024 Holiday Season is here and Tesla (TSLA) has started giving extra perks and benefits to its existing and upcoming customers.
Tesla has just upgraded and refreshed its 2024 Referral Program. The EV automaker introduced the newly structured Referral Program in August to reduce complications and increase the rewards.
The exciting news is that Tesla updated its Referral Program once again around the Holiday Season and the end of 2024. Tesla has doubled the credits earned for both the buyer of a new vehicle and the referrer (USA & Canada only).
A ‘referrer’ is a person whose referral link or code is used by a Tesla customer for purchasing a new vehicle (‘buyer’).
In the updated Tesla Referral Program (November 2024), the referrer earns $1,000 credited into their Tesla account and the buyer gets $2,000 off of the purchase of a new Tesla vehicle. These perks are doubled compared to the previous version of the Referral Program.
Additionally, buyers who take delivery of their new Tesla vehicle before 31st December, will get 3 months of free unlimited Supercharging and 3 months of free Full Self-Driving (Supervised).
A Tesla owner can refer up to 10 people or vehicle purchases in a calendar year. If a Tesla owner is successful in referring 10 people, he will have $10,000 in credits in his account. This means that the referrer can get a massive $10,000 discount on the purchase of a new vehicle. If the referrer is qualified for the $7,500 federal tax credit, the total discount on new Tesla vehicle purchase can be as much as $17,500.
This means that a base Tesla Model 3 RWD can be bought for as low as $25K if you have 10 referrals and qualify for the federal tax credit. Combined with the state-level incentives, like in California, a base Tesla Model 3 can cost even cheaper than $25K.
Following is the official description of the new Tesla Referral Program:
Earn $1,000 toward Supercharging, software upgrades, merchandise, service payments or a new vehicle for each person you refer who takes delivery. Limited to 10 awards. You’ll also have a chance to win an invitation to an upcoming Tesla event.
The first 10 people who order a new Tesla using your referral link will receive $2,000 off the purchase price.
Tesla referral discount for the buyer applies to the entire lineup, i.e. Model S, Model X, Model 3, Model Y, and the Cybertruck. The following list shows the percentage discount available on Tesla vehicles if purchased using someone’s referral code or link (h/t Sawyer Merritt via X):
- Model 3: Up to 2.3% discount
- Model Y: Up to 2.2% discount
- Model S: Up to 2.6% discount
- Model X: Up to 2.5% discount
- Cybertruck: Up to 2.5% discount
Boosting Holiday Season and End-of-Year Sales
Tesla has played a masterstroke by offering massive discounts and low to 0% APR on financing on the purchase of new vehicles at the end of the year.
This strategy allows Tesla to boost its sales for the fourth quarter of 2024. Tesla needs more than 500,000 cars to be sold in Q4 2024 to surpass the sales of last year.
Offering a direct $2,000 discount on its cars through the updated Referral Program coupled with tax benefits might just do the magic for the automaker for the much-needed year-end sales push.
Sales reports from China are encouraging and if the US, Canada, and Europe sales are increased by introducing new benefit measure, Tesla might just hit the quarterly sales target.
Automotive industry sales are generally stronger in the last quarter. With the new Referral Program benefits, Tesla (TSLA) might just be ahead of other automakers this Holiday Season. The strategy might also help boost Q1 2025 sales as the 1st quarter is generally slow in terms of sales across the industry.
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