Electric car maker Tesla is offering three months of free fast-charging to customers in the US who purchase their new Model 3 cars by June 30, according to the company's website. The move is aimed at clearing out inventory of Tesla's Model 3 sedans ahead of the end of the financial quarter. The company is continuing to offer the perk despite all versions of the sedan becoming eligible for the full $7,500 federal tax credit in the US earlier this month.
Tesla has faced investor concern recently over its rate of vehicle production and delivery, though with several charging companies, including Ford and General Motors, adopting Tesla's North American Charging Standard, this is starting to dissipate. Tesla has also sought to stimulate sales growth by slashing its vehicle prices and using its Supercharger network to help sell Model 3 inventory cars. However, the carmaker delivered 422,875 vehicles in the first quarter and needs to speed up in the rest of the year in order to achieve its annual target of 1.8 million vehicles.
In addition to the offer on Model 3 cars, Tesla is also hoping to clear out inventory of its more expensive Model S and Model X vehicles by offering customers three years of free fast-charging if they purchase and take delivery before the end of the quarter.
Tesla's shares initially dropped by 3.7% but recovered to fall only 1.2% as of 9:50 am (New York time) on Thursday following a record-breaking rise in valuation the day before.