Tesla Inc TSLA confirmed over the weekend it will once again offer new car owners access to unlimited supercharging for no extra cost.
Tesla had put an end to its free unlimited supercharging for car owners at the start of 2017. On Saturday, the company said all new Model S and Model X orders will come with free unlimited supercharging. There is no indication at this time if the offer is time limited or comes with any other stipulations. It's unclear if the offer will be extended to users who buy the lower-priced Model 3 sedan.
Tesla has not publicly commented on the rationale behind its new charging offer and the timing of the announcement follows a disappointing earnings report in late July. Tesla's second-quarter report was described by one analyst as a "disaster" as it had to cut prices to sell more cars.
Tesla lost $408 million in the most recent quarter and investors will likely be looking for any signs that the latest promotion can speed up the losses or entice more consumers to buy cars.
Tesla's stock traded lower by 2% Monday morning to $229.25 per share.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.