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Analysis News Spotlights Stocks Technology

Tesla dangles deals for new buyers who get their cars delivered by year’s end as it tries to hit growth goal

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Tesla is offering three months of free Supercharging and FSD to customers taking deliveries in 2024.

The incentives come as Tesla tries to meet its goal of delivering a record number of cars this year.

The possible end of the $7,500 EV tax credit under Trump could also motivate buyers.

If you’re thinking of buying a Tesla, now may be a good time.

Elon Musk is looking to deliver a record number of Teslas by the end of the year, so the car company is increasing its incentives with less than two months to go in 2024.

The EV giant is offering three months of free Supercharging and its Full Self-Driving (Supervised) beta software to customers who take delivery of a new inventory Tesla in North America by December 31. FSD usually costs $8,000.

“New inventory vehicles” refer to Teslas that are already built and ready to be delivered. The banner on Tesla’s website says used vehicles and business orders are excluded from this deal, and the offer can’t be postponed to a later date. So if you kit out a Tesla model that isn’t built in time for you to take delivery this year, you’re out of luck.

Tesla added the new promotion as it looks to make good on its guidance that it will grow vehicle deliveries this year. In its third-quarter earnings, Tesla predicted it would end the year with “slight growth in vehicle deliveries” despite a challenging landscape.

The EV maker delivered about 1,294,000 vehicles as of the third quarter and ended 2023 with 1.81 million total deliveries. If Tesla wants to beat last year’s delivery numbers, that means it would need to deliver over 516,000 vehicles in the fourth quarter. Wells Fargo analysts previously said they expect Tesla to offer “aggressive finance promos globally” this quarter.

Tesla’s latest offerings aren’t the first time the EV maker has offered incentives to new buyers. In July, it offered three months of free Supercharging for buyers taking delivery of any Model S, 3, X, or Y by August 15. In August, Tesla introduced a $5,000 three-year bundle for its Model S and Model X, offering an FSD-supervised subscription, Supercharging, and premium connectivity.

 

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