Tesla Motors Reboots its Referral Program for Third Time

The updated Tesla referral program went live on February 16, as reported by CNET. It’s being sold or will soon be sold to the public via a range of dealers, including the solar arm of insulation company CSR Bradford, Origin Energy, Simply Energy, SunEdison Australia, and Sydney-based solar installer Natural Solar. Cornerstone Capital Management Holdings LLC. now owns 4,200 shares of the electric vehicle producer’s stock valued at $1,008,000 after buying an additional 800 shares during the period. Before you start to consider it as a cheaper alternative to a real Tesla Model S, keep in mind this $US500 ($697) version – shipping some time in May – can only support drivers up to 37kg. It has underperformed by 31.09% the S&P500.

Tesla Motors Inc (NASDAQ:TSLA) traded down 0.5696% on Friday, hitting $165.8201.

Along with this referral program renewal, Tesla has also taken steps to help boost its business in China with what it’s calling a “New Years gift”. Zacks Investment Research cut shares of Tesla Motors from a “hold” rating to a “sell” rating in a research note on Monday, January 4th.

The first referral program by Tesla issued $1,000 credits to the referrer and buyer. Morgan Stanley decreased their target price on Tesla Motors from $450.00 to $333.00 and set an “overweight” rating for the company in a research note on Monday, February 1st. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

The company’s latest referral program finished last December and the top referrers were awarded 188 Model S vehicles Tesla has managed to sell nearly 5,000 Model S vehicles thanks to this program which makes it one of the most fruitful promotional schemes.

The “Model S for Kids” comes in real Model S colors.

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