Tesla Cancels Referral Program Except for $500 Bonus on Solar Roof

Published

3 years ago

September 18, 2021

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Today it appears that the rumors about Tesla revising its referral program were true: As of September 18, 2021, Tesla is no longer offering any referral incentives on the purchase of Tesla cars or traditional solar panel systems. The only Tesla product that still benefits from a referral discount is the Tesla solar roof. As of today, buyers of a Tesla solar roof who use a Tesla referral code can still get $500 back after installation. The referring customer will also receive a $500 referral bonus after the system is installed. But the previous bonus of free supercharging miles for car purchases or leases is no longer in effect.

Tesla Referral-eligible products as of September 2021

As of today, the only Tesla product eligible for a Referral bonus is the Tesla solar roof.

As with many Tesla “announcements,” there wasn’t one. Tesla simply changed the terms of the referral program on their web site without notice. The change comes just one week after Tesla increased the referral bonus for the purchase of any Tesla solar system from $100 to $500. It remains unclear why Tesla has increased the referral bounty of solar roof systems when the company has also recently stated that they are having trouble keeping up with demand for the PowerWall – Tesla’s home battery. As of April of this year, all Tesla solar systems (solar roof and traditional solar panel systems) require the purchase of one or more PowerWalls as part of the system.

The benefits of combining a large battery with a solar power system are significant: customers can save money and reduce strain on the grid by shifting their electricity usage from peak hours to off-peak hours. During peak usage hours, customers can draw electricity from the PowerWall instead of from the grid. They can then recharge the PowerWall from solar or from the grid during off-peak hours when power is cheaper. A PowerWall or two can also help provide continuous power to a customer during a blackout. Rather than installing a diesel or natural-gas powered backup generator, PowerWall owners can draw power from their own batteries and recharge those batteries from their solar panels until grid power is restored. But a PowerWall is still fairly expensive – currently $6,500 for the battery and $4,000 for additional hardware and installation. Current generation PowerWalls store around 13 kWh of electricity, which may not be enough capacity, depending on the length of the power outage. In some cases, Tesla recommends that multiple PowerWalls be installed to provide more backup power.

Tesla’s solar roof offers the benefits of solar power without traditional looking solar panels. Buyers of a Tesla solar roof can currently get $500 cash back by using a referral code from a current Tesla customer. Image courtesy of Tesla.

As for the referral program changes, Tesla has previously hinted that a new version of the referral program for car purchases could be coming at some point in the future, one that required more direct involvement and interaction between referrer and buyer. A new referral program may even require that the prospective buyer schedule a test drive in order to qualify for a referral bonus. Apparently the free supercharging perk of the previous referral program cost Tesla millions of dollars in the first quarter of this year, and the company may believe that the mechanism of the current referral program is too simple: click a link, get a bonus. By making the referral mechanism a little more complicated or labor intensive, Tesla may hope to be able to continue to offer an incentive to existing customers and to new buyers when a personal referral and connection is actually made. Tesla has not yet revealed any official details on a revised referral program for automobiles or traditional solar power systems.

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

Published

6 hours ago

November 5, 2024

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

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This ‘supercharger on wheels’ brings fast charging to you [update]

Published

8 hours ago

November 4, 2024

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This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

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Marqeta shares plunge more than 30% on big forecast miss

Published

8 hours ago

November 4, 2024

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Marqeta shares plunge more than 30% on big forecast miss

Marqeta celebrates its initial public offering at the Nasdaq on June 9, 2021.

Source: The Nasdaq

Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

Loss per share: 6 cents adjusted vs. a loss of 5 cents expected
Revenue: $128 million vs. $128.1 million expected

While third-quarter results showed a slight disappointment on the top and bottom lines, Marqeta’s forecast for the current period was more concerning.

The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Analysts were looking for growth of more than 17%, according to LSEG.

Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to “heightened scrutiny of the banking environment and specific customer program changes.” The company has been struggling for a while, and its stock is now down more than 80% from its peak in 2021, the year it went public. The stock was down 15% for the year prior to the report.

Total processing volume of $74 billion was up more than 30% from a year earlier. Net revenue and gross profit were up 18% and 24%, respectively.

Marqeta’s digital commerce business sells payment technology designed to detect potential fraud and ensure that money is properly routed. It also issues customized physical cards that look like a credit or debit card that can be used for point-of-sale purchases.

The company has been trying to break into the buy now, pay later business with a recently launched product called Marqeta Flex. The service brings BNPL from lenders such as Affirm or Klarna to any credit card wherever Mastercard and Visa are accepted.

“It’s an orchestration layer, but it’s tied to issuing and processing and disputes and chargebacks,” CEO Simon Khalaf told CNBC at Money2020 in Las Vegas last week. “So it is not actually a Wild West in BNPL. It is actually very well established. And there is a reason why a lot of people are jumping to it.”