Tesla has revamped its referral program in North America, shifting to a system allowing current Tesla owners to use their Tesla referral code to earn “loyalty points” that can be spent on various Tesla products.
The newest iteration referral program gives “credits” to both the buyer and referrer of a product, with a scaling amount of credits depending on the product purchased. The credits are only given to both buyer and referrer if the buyer is not a current Tesla customer – if they are a current customer, then they will earn their own “loyalty credits” but won’t be able to use a referral code.
Tesla’s referral program page lays out the specifics, with further information available in the Tesla app’s “loot box” section.
So far, the only products that qualify for credits are Tesla solar panels and the Tesla solar roof, both of which give 6,000 credits each.
The page does say “earn credits upon delivery of your car or activation of your solar system,” which suggests that cars may be added to the page at some point. We’re not sure how many credits they will generate if they do get added to the program. While Tesla’s referral program was ended last year for cars, cash rewards for solar referrals continued and were active up until yesterday, when Tesla revamped the program to give out credits instead of cash.
Those credits can then be spent on other Tesla products, though they expire after 12 months if not spent. The products are a selection from those on Tesla’s online shop, including both useful accessories for Tesla owners and some of the more “meme” products like Tesla’s short shorts or bizarre sipping glasses.
The prices don’t seem to map proportionally to the prices of the real-life items (for example, the Wall Connector is $400, and J1772 Wall Connector is $550), but it looks like the value of a single solar roof referral is about the same as it was in the previous version of the program – in the range of a few hundred dollars.
Last month, Tesla launched a new “points rewards” program in China, which turns out to be very similar to these new changes to the referral program. China also gets quarterly and annual raffles, which seem to be missing from the North American program. And Europe does not seem to have a similar referral program update as of this moment.
Tesla originally spawned the referral program after requests from Tesla fans who wanted to be rewarded for the number of friends they had converted to driving electric. In the early days of Tesla and EVs, word of mouth from EV fans was very effective at selling cars, particularly given the number of questions that prospective buyers might have about a new technology.
The referral program started off with $1,000 in “Tesla credits” for each use of an owner’s Tesla referral code. Those credits could be used on service and Tesla products, and then later Tesla started to offer various prizes like wall connectors, wheel sets, Tesla-branded luggage, and even sending your photos into space. It was modified many times, but eventually got a little out of control and Tesla killed off the program after they ended up promising over 80 next-gen Roadsters to top referrers.
The program was then scaled back to offer 1,000 free Supercharger miles to buyers and referrers, and most recently only consisted of a cash reward for solar roof referrals.
As of now, it looks like Tesla has mostly just modified the existing program of cash rewards for solar installations, but it’s clear that they have more planned given the “car” verbiage on their referral pages.
Electrek’s Take
This is interesting timing, considering Tesla has recently drastically scaled back its solar operation. We’ve received several reports of projects being cancelled and Tesla claiming they are shutting down operations, even in some popular markets, just in the last few weeks. So it seems like an odd time to revamp a system for solar referrals.
But this isn’t just about solar, is it? It seems clear that the program is intended to include cars at some point; they’re just not on there yet.
The introduction of the referral program in China coincided with a price drop in the region, suggesting that Tesla was looking to shore up demand after a few years of continual price hikes across the lineup and around the globe.
While we haven’t seen a price drop in the US (and don’t necessarily expect one), this could still be a way that Tesla is prepping to shore up demand on certain products, by adding them to the referral program when or if they see a need.
As for how we feel about it – this does seem a little more robust than the previous programs. Instead of a maze of ever-changing prize tiers, some of which were worth large amounts and took forever to deliver and some of which never materialized, we now have a clearer list of readily available products that have some monetary value but not enough to make referrers feel like total shills when recommending Tesla vehicles.
One of the issues with the original program, in my mind, was that it turned previously innocent EV evangelism into a method for personal profit, thus making it seem that word-of-mouth advocacy was being done for monetary gain, rather than honest recommendations from EV fans. It threatened to make EV fans seem like commissioned car salesman rather than genuine and honest advocates.
Now, there’s still a sense of monetary gain here, but it’s more like a perk – a few T-shirts, some supercharger miles, or a spare charging connector for each use of a referral code. It’s not as overwhelming as the idea that someone could earn a several thousand dollar Powerwall system or potentially even a supercar after hawking a Tesla to their friends.
So it seems like an improvement, but we’ll have to wait to see how it all shakes out, and whether Tesla adds other products to the program.
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Most Wall Street analysts covering Tesla’s stock (TSLA) badly misread the automaker’s delivery volumes this quarter. Some of them have started releasing notes to clients following Tesla’s production and delivery results.
Here’s what they have to say:
According to Tesla-compiled analyst consensus, the automaker was expected to report “377,592 deliveries” in the first quarter.
Truist Securities maintained its hold rating on Tesla’s stock, but it greatly lowered its price target from $373 to $280 a share. They insist that while their earnings expectations have crashed because they overestimated deliveries, investors should focus on Tesla’s self-driving effort, which they see as “much more important for the long-term value of the stock.”
Goldman Sachs lowered its price target from $320 to $275 a share. The firm expected 375,000 deliveries from Tesla in Q1 and therefore had to adjust its earnings expectations with almost 40,000 fewer deliveries.
Wedbush‘s Dan Ives, one of Tesla’s biggest cheerleaders, called the delivery results “disastrous”, but he reiterated his $550 price target on Tesla’s stock.
UBS has reiterated its $225 price target which it had lowered last month after adjusting its delivery expectations in Q1 to 367,000 – one of the more accurate predictions on Wall Street.
CFRA‘s analyst Garrett Nelson reduced his price target from $385 to $360 a share.
Electrek’s Take
I find it funny that most of them are maintaining or barely changing their expectations after they were so wrong about Tesla in Q1.
If you were so wrong in Q1, you should expect to be incorrect also for the rest of the year, and readjust accordingly.
But Cantor is invested in Tesla, and the firm is owned by Elon’s friend, who happens to now be the secretary of commerce. Truist still believes Elon’s self-driving lies, Goldman Sachs overestimated Tesla’s deliveries by the equivalent of $2 billion in revenues, and Dan Ives is Dan Ives.
Covering Tesla over the last 15 years has confirmed to me that most Wall Street analysts have no idea what they are doing – or at least not when it comes to companies like Tesla.
Do you know any who have been consistently good lately? I’d love suggestions in the comment section below.
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The global market rout on Thursday, sparked by President Donald Trump’s announcement of widespread tariffs, had an outsized effect on fintech companies and credit card issuers that are closely tied to consumer spending and credit.
Affirm, which offers buy now, pay later purchasing options, plunged 19%, while stock trading app Robinhood slid 10% and payments company PayPal fell 8%. American Express and Capital One each tumbled 10%, and Discover was down more than 8%.
President Trump on Wednesday laid out the U.S. “reciprocal tariff” rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy. Trump said his plan will set a 10% baseline tariff across the board, but that number is much higher for some countries.
The announcement sent stocks reeling, wiping out nearly $2 trillion in value from the S&P 500, and pushing the tech-heavy Nasdaq down 6%, its worst day since the start of the Covid-19 pandemic in 2020.
The sell-off was especially notable for companies most exposed to consumer spending and global supply chains, including payment providers and lenders. Fintech companies that rely on transaction volume or installment-based lending could see both revenue and credit performance deteriorate.
“When you go down the spectrum, that’s when you have more cyclical risk, more exposure to tariffs,” said Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods, citing PayPal and Affirm as businesses at risk. He said bigger companies in the space “are more defensive” and better positioned.
Dan Dolev, an analyst at Mizuho, said bank processors such as Fiserv are less exposed to tariff volatility.
“It’s considered a safe haven,” he said.
Affirm executives have previously said rising prices might increase demand for their products. Chief Financial Officer Rob O’Hare said higher prices could push more consumers toward buy now, pay later services.
“If tariffs result in higher prices for consumers, we’re there to help,” O’Hare said at a Stocktwits fireside chat last month. Affirm CEO Max Levchin has offered similar comments.
However, James Friedman, an analyst at SIG, told CNBC that delinquencies become a concern. He compared Affirm to private-label store cards, and pointed to historical trends in credit performance during downturns, noting that “private label delinquency rates run roughly double” in a recession when compared to traditional credit cards.
“You have to look at who’s overexposed to discretionary,” he said.
Affirm did not provide a comment but pointed to recent remarks from its executives.
Wait, Mazda sells a real EV? It’s only in China for now, but that will change very soon. The first Mazda 6e built for overseas markets rolled off the assembly line Thursday. Mazda’s new EV will arrive in Europe, Southeast Asia, and other overseas markets later this year. This could be the start of something with a new SUV due out next.
Mazda’s new EV rolls off assembly for overseas markets
The Mazda EZ-6 has been on sale in China since October with prices starting as low as 139,800 yuan, or slightly under $20,000.
Earlier this year, Mazda introduced the 6e, the global version of its electric car sold in China. The stylish electric sedan is made by Changan Mazda, Mazda’s joint venture in China.
After the first Mazda 6e model rolled off the production line at the company’s Nanjing Plant, Mazda said it’s ready to “conquer the new era of electrification with China Smart Manufacturing.”
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The new global “6e” model will be built at Changan Mazda’s plant and exported to overseas markets including Europe, Thailand, and other parts of Southeast Asia.
Mazda calls it “both a Chinese car and a global car,” with Changan’s advanced EV tech and Mazda’s signature design.
Mazda 6e electric sedan during European debut (Source: Changan Mazda)
Built on Changan’s hybrid platform, the EZ-6 is offered in China with both electric (EV) and extended-range (EREV) powertrains. The EV version has a CLTC driving range of up to 600 km (372 miles) and can fast charge (30% to 80%) in about 15 minutes.
Mazda’s new EV will be available with two battery options in Europe: 68.8 kWh or 80 kWh. The larger (80 kWh) battery gets up to 552 km (343 miles) WLTP range, while the 68.8 kWh version is rated with up to 479 km (300 miles) range on the WLTP rating scale.
At 4,921 mm long, 1,890 mm wide, and 1,491 mm tall, the Mazda 6e is about the size of a Tesla Model 3 (4,720 mm long, 1,922 mm wide, and 1,441 mm tall).
Mazda said the successful rollout of the 6e kicks off “the official launch of Changan Mazda’s new energy vehicle export center” for global markets.
The company will launch a new SUV next year and plans to introduce a third and fourth new energy vehicle (NEV).
Although prices will be announced closer to launch, Mazda’s global EV will not arrive with the same $20,000 price tag in Europe as it will face tariffs as an export from China. Mazda is expected to launch the 6e later this year in Europe and Southeast Asia. Check back soon for more info.
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