Tesla will now offer its buyers an opportunity to earn extra incentives through referrals from existing customers.
A marketing strategy typically used by automakers like Ford and GM, the incentive, which the EV maker calls "Refer and Earn," is the equivalent of about $500 in cash back to U.S. customers buying the Model 3 and Model Y. New customers will also receive three months of its Full Self-Driving feature.
The program is debuting in Tesla's largest markets including the U.S., China, Germany, France, Canada, Mexico, Hong Kong and Singapore.
Tesla CEO Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China, on May 31, 2023. (REUTERS/Tingshu Wang / Reuters Photos)
For customers in China, the Elon Musk-led company said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan or $483.69 if they could cite a referral from an existing owner.
Since Jan. 1, the price war among EV competitors like Tesla, Rivian, GM and Ford has heated up amid a string of price cuts to EV models, capital investment and infrastructure applications like charging stations and electric battery plants.
Ford CEO Jim Farley pats a Ford F-150 Lightning truck before announcing at a press conference that Ford Motor Company will be partnering with the world's largest battery company, a China-based company called Contemporary Amperex Technology, to create
On Thursday, Lamborghini reported selling out of combustion engine cars and will now only sell hybrids. Last month, Stellantis launched its own charging system while Rivian agreed to join Ford and GM on Tesla’s North American Standard.
Meanwhile, the supply chain of electric vehicles is being put into place with GM announcing a $3 billion EV battery center in Indiana, while Hyundai and LR partner on a $4.3 billion EV plant in Georgia.
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