EV giant Tesla Inc. TSLA said on Friday that customers who purchase or lease a new Model X or Model S in the U.S. are eligible for free supercharging during their ownership of the vehicle, an offer aimed at increasing demand for the company’s expensive car offerings.
What Happened: The offer also applies to Model S and X purchases in Canada, Puerto Rico, Europe, and the Middle East, the company said in a post on social media platform X, formerly Twitter.
Model S and X are Tesla’s pricier car offerings. While the Model S starts at $79,990 in the U.S., the Model X starts at $84,990.
The new offer comes on the heels of data that the American EV giant sold 63,238 China-made vehicles in January, marking a dip of 11.5% from the corresponding month of 2024.
Furthermore, Tesla launched a refreshed version of its bestselling Model Y SUV in January. Company CEO Elon Musk warned in January that the company will be retooling factories for the start of production of its new and refreshed Model Y in the first quarter and the change will result in several weeks of lost production. Deliveries of the facelifted vehicle are slated to start in March.
Why It Matters: Tesla reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023, marking a fall in vehicle deliveries for the first time in over a decade.
While Tesla said in its 2024 earnings report that the company expects its vehicle business to “return to growth” in 2025, Musk did not reiterate the 20-30% delivery growth expectation that he put forth in October.
However, the company said last month that it expects to start production of new models, including more affordable ones, in the first half of 2025, likely increasing its total addressable market.
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