Tesla, known for its groundbreaking innovations and revolutionary strategies in the car business, has launched a worldwide initiative dubbed "Refer and Earn." Buyers may earn bonuses by introducing new Tesla customers, a tactic established manufacturers use to boost sales.
Under the Tesla referral program, the company incentivizes consumers who buy the Tesla Model 3 and Model Y in the United States with around $500 in return. In addition to the rebate, American buyers get three free months of Tesla's Full Self-Driving option, according to a Reuters report.
This referral program is implemented throughout Tesla's primary markets, including the US, China, Germany, France, Canada, Mexico, Hong Kong, and Singapore. The effort intends to use the influence of current clients in promoting Tesla's electric cars and growing its clientele.
Keeping The Lead in EV Industry
The execution of the Tesla referral program indicates that the company decided to move away from its initial concentration on real-time website pricing modifications. The return of the referral scheme coincides with Tesla's efforts to boost sales in the fiercely competitive global EV industry, where manufacturers often provide price reductions and incentives.
Elon Musk, the CEO of Tesla, underlined the value of prioritizing sales growth above profit in April, especially in challenging economic conditions with fiercer competition. The company's ongoing pricing modifications and Tesla referral program are now part of its goal to keep its position as the market leader and put pressure on established automakers and up-and-coming EV manufacturers, as per a report from The Gazette.
Read Also: Several EV Automakers Including Tesla, NIO Promise to Refrain from Price Wars in China
The business is still concentrating on growth potential even though Tesla shares have increased by more than twice this year, exceeding the S&P 500 index. Analysts claim that Tesla's standing as a compelling growth story results from the company's increasing car production in its factories in Texas and Germany, as well as forthcoming releases like the Cybertruck pickup and the development of a new facility in Mexico.
Tesla is adjusting its referral bonuses for several locations internationally. New Model Y and Model 3 buyers in China will get a cash return of 3,500 yuan ($483.69), provided they can offer a referral from an existing owner. UK customers may save 1,000 pounds ($1,278.00) on Model S and Model X and 500 pounds ($641.73) on Model 3 and Model Y.
Tesla Shanghai Gigafactory Layoffs
As the Tesla referral program makes the news, recent reports indicate that the electric vehicle manufacturer is cutting down on the number of workers at its Shanghai Gigafactory, per Al Jazeera. While the precise number of impacted employees and the reasons for the firings are yet unknown, this situation highlights the challenges associated with expanding EV production and synchronizing it with consumer demand.
The number of employees impacted by the layoffs and their reasons were not made explicit in the report released on Friday.
On Thursday, local online news source Deep Analysis reported that less than 1,000 workers worked on the factory's two battery production lines.
More than 20,000 people are employed in the Gigafactory in Shanghai, China, by the electric vehicle maker owned by Elon Musk. The Shanghai gigafactory is Tesla's largest. The Model Y and Model 3 are manufactured in this facility.
Related Article: Amazon Vendors Unknowingly Selling Stolen Goods, Suspended from Platform
