Tesla (NASDAQ: TSLA) stock rose 3% on Tuesday following a pivotal announcement from CEO Elon Musk.
Elon Musk, the CEO of Tesla (NASDAQ: TSLA), has revealed plans to offer a one-month free trial of the electric vehicle (EV) maker’s Full Self-Driving (FSD) system in a bid to stimulate sales amidst a slump in industry-wide demand for EVs.
Taking to X, the social media platform he owns, Musk announced,
“All US cars that are capable of FSD will be enabled for a one-month trial this week.”
In addition, Musk reportedly instructed employees in a memo that newly purchased vehicles in North America must now install and activate FSD as a mandatory requirement. In addition, buyers must undergo a brief test drive to familiarize themselves with the system before leaving with their Tesla.
This strategic move comes as Tesla seeks to bolster sales amidst a downturn in demand for EVs across the industry. Tesla has also incentivized purchases by offering 5,000 free hours of Supercharging for customers who take delivery by month-end and 10,000 free hours for owners who trade in their existing Tesla for a new one.
Tesla (NASDAQ: TSLA) Stock Reaction
TSLA stock jumped 2.92% to close at $177.67 on Tuesday. The traders had exchanged hands with 112,732,470 (112.73 million) shares compared to the average daily trading volume of 103.21 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
