EV giant Tesla Inc (NASDAQ:TSLA) has launched its new referral program after scrapping its predecessor in April.
What Happened: Tesla owners can now earn $500 by referring someone to buy a new Tesla vehicle. The money can then be used for supercharging, software upgrades or even to purchase merchandise.
The new buyer, meanwhile, will also get $1000 off on their purchase as part of the program.
However, new customers cannot purchase the company's latest offering- the Cybertruck- with a referral and get a discount. The referral discount only applies to the Model S, Model X, Model 3, and Model Y.
Why It Matters: Tesla's referral program aims to reward customers for their loyalty to the brand. Customers can gain benefits by making their first Tesla product purchase, referring other first-time customers, or even continuing to buy more eligible products.
Tesla ended its older referral program in April across all markets. Tesla CEO Elon Musk then assured that the company is not removing the referral program but working on a new one.
The end of the program came a few days after Musk said that the company's sales system had become "complex and inefficient."
Tesla customers who have credits pending from the previous referral program can continue to redeem those on the Tesla App until they expire, the company says on its website.
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