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Tesla to End Free Supercharging Program for New Buyers
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On Monday, electric car maker Tesla Motors Inc. (TSLA - Free Report) announced changes to its Supercharging network program: new customers who purchase a Tesla Model X or Model S after January 1, 2017 will now have to pay a “small fee” when filling up at a station.
The company has created a popular, convenient network of Supercharger stations over the years that allow Tesla owners to travel long distances; there are currently over 4,600 Superchargers in the network. But for any new Tesla models ordered after the new year, owners will be charged a small fee after a free, annual 400 kWh (about 1,000 miles) Supercharging credit is used up.
The charges will not impact current Tesla owners or any new models ordered before January 1, as long as delivery is taken before April 1, 2017. More details will be released later this year.
Tesla notes that filling up at a Supercharger station will “cost less than the price of filling up a comparable gas car.” However, its “Supercharger Network will never be a profit center,” the company continued. The fees charged to new owners will help subsidize the network’s future expansion. At the moment, there are about 734 Supercharger stations around the world; the chargers can add about 170 miles of driving range to a Tesla battery in about 30 minutes, or a full charge in 75 minutes.
These new charges should not come as a surprise, especially as Tesla begins to expedite production of its Model 3; the company still plans on producing 500,000 cars per year by the end of 2018.
For an in-depth discussion on Tesla, Lithium-ion batteries, and the rise of electric vehicles, make sure to check out Zacks’ free report “Electric Cars: Which Companies Will Surge?” It profiles EV technology, EV manufacturers, and the future of the electric vehicle industry. Click here to see the free report >>
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Tesla to End Free Supercharging Program for New Buyers
On Monday, electric car maker Tesla Motors Inc. (TSLA - Free Report) announced changes to its Supercharging network program: new customers who purchase a Tesla Model X or Model S after January 1, 2017 will now have to pay a “small fee” when filling up at a station.
The company has created a popular, convenient network of Supercharger stations over the years that allow Tesla owners to travel long distances; there are currently over 4,600 Superchargers in the network. But for any new Tesla models ordered after the new year, owners will be charged a small fee after a free, annual 400 kWh (about 1,000 miles) Supercharging credit is used up.
The charges will not impact current Tesla owners or any new models ordered before January 1, as long as delivery is taken before April 1, 2017. More details will be released later this year.
Tesla notes that filling up at a Supercharger station will “cost less than the price of filling up a comparable gas car.” However, its “Supercharger Network will never be a profit center,” the company continued. The fees charged to new owners will help subsidize the network’s future expansion. At the moment, there are about 734 Supercharger stations around the world; the chargers can add about 170 miles of driving range to a Tesla battery in about 30 minutes, or a full charge in 75 minutes.
These new charges should not come as a surprise, especially as Tesla begins to expedite production of its Model 3; the company still plans on producing 500,000 cars per year by the end of 2018.
For an in-depth discussion on Tesla, Lithium-ion batteries, and the rise of electric vehicles, make sure to check out Zacks’ free report “Electric Cars: Which Companies Will Surge?” It profiles EV technology, EV manufacturers, and the future of the electric vehicle industry. Click here to see the free report >>
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>