All About Tesla Motors Inc (TSLA)’s Referral Program

Struggling with slowing sales, Tesla Motors Inc (NASDAQ:TSLA) has opted to offer incentives as a way of triggering sales momentum for its flagship product Model S. The giant electric company believes it can attract more buyers by offering discounts having already enjoyed success with current owners marketing the brand to their friends through a word of mouth.

Incentive Package on Offer

Tesla Motors Inc (NASDAQ:TSLA) will offer a credit of up to $1000 to Model S buyers who have been referred by current owners. The owners behind the referral will also be entitled to $1000 worth of credit that they can use to buy a new car, accessories or pay for a service visit. The deal is to run until October 31 this year.

Owners who come up with up to five referrals will get an invitation to attend the opening of the Gigafactory in 2016 according to CEO Elon Musk. Anyone who refers up to 10 customers will, on the other hand, be allowed to buy a special version of the Model X dubbed the Founder Series that won’t be available to the general public. The special version of the Model X will also be available for free to the first owner in North America, Europe, and Asia Pacific who refers ten new buyers.

Concerns over Slowing Demand

Analysts, on the other hand, are of the opinion that the latest push is basically a cash-back incentive intended to boost the business as Tesla nears saturation in the high-end market. Tesla Motors Inc (NASDAQ:TSLA) did not have the best of runs in the first six months of the year having shipped 8,950 cars representing a 1.6% drop from last year’s levels

The incentive program could also be an indication that early adopters willing to own a premium electric car are slowly waning. The incentive should help Tesla Motors Inc (NASDAQ:TSLA) affirm its grip on its wealthy clientele rather than try to expand to less affluent markets.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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