The electric vehicle giant Tesla Inc TSLA is discontinuing its current referral program and preparing a new one that will be ready in months, CEO Elon Musk said Saturday.
What happened: Tesla announced Friday via social media platform X that the benefits of its current referral program will end in all markets by the end of April.
However, the company is not completely removing the referral program, but is instead working to launch a new one, Musk said. The future program will be launched in a few months, he said, adding that referral credits with current customers will not be canceled.
“No, just that the new credits will not be earned until we launch a future referral program, which will be in a few months,” he wrote.
Because matter: Tesla’s referral program aims to reward customers for their brand loyalty. Customers can earn credits by making their first purchase of a Tesla product, referring other one-time customers, or even continuing to purchase more eligible products.
These credits can then be used to claim benefits through supercharge miles or other products. Tesla has previously held sweepstakes where customers could sign up via referral credits and win Tesla vehicles.
Tesla on Friday cut prices of its Model S, X and Y vehicles in the United States by up to 4.5%. The company also removed inventory discounts last week, claiming that the sales system has become “complex and inefficient.”
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To know more: Tesla recalls more than 3,800 cybertrucks and cites risk of unintended acceleration
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