Tesla Inc.(Nasdaq:TSLA): Tesla (TSLA) CEO Elon Musk kills the referral program, suggests it hurt margins - StockNews.com

Tesla Inc. TSLA, +0.39% Chief Executive Elon Musk announced on Twitter late Wednesday the end of the Silicon Valley auto maker’s referral program, which involved awards such as a $1,000 credit, Tesla merchandise and products, and months worth of free Tesla’s “supercharging” over several iterations. The program officially ends Feb. 1, Musk said. In response to questions tweeted at him, Musk said there were no plans to create another referral program, and suggested it was hurting margins. The program added “too much cost to the cars, especially Model 3,” Musk said. Shares of Tesla rose 0.8% on Thursday and are up 0.4% in the last 12 months, versus losses of 6.5% for the S&P 500 index SPX, +0.23% in the same period.

Tesla Inc. shares were trading at $347.77 per share on Thursday afternoon, up $1.72 (+0.50%). Year-to-date, TSLA has gained 4.50%, versus a 4.63% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of B (Buy), and is ranked #2 of 25 stocks in the Auto & Vehicle Manufacturers category.

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