Tesla Motors Inc (TSLA) Won’t Punish Unsatisfied Customers

Tesla Motors Inc (NASDAQ:TSLA) is implementing a new program that in essence guarantees customer satisfaction. The new program involves a trial period, Phil LeBeau said in a report on CNBC.

Tesla, is TSLA a good stock to buy, Phil LeBeau

Called the “Happiness Guarantee,” the scheme was implemented by Tesla Motors Inc (NASDAQ:TSLA) along with lowered lease rates for the outgoing Model S.

“[…] Basically, it comes down to this: if you lease a Model S, you have three months in which if you don’t like it for any reason at all, you can return it no questions asked,” LeBeau said.

Nonetheless, there is a caveat for this new Tesla Motors Inc (NASDAQ:TSLA) policy. People will not be able to return their leased Model S vehicles only to take out another lease on a later version of the Model S to get the latest features of the vehicle.

According to LeBeau, the new program will cut the electric car maker’s lease prices by 25%, the company estimates. It remains to be seen whether this new program will drum up interest from customers, the CNBC contributor added.

Meanwhile, what interested one of the CNBC contributors more than this new program is the fact that governors of different U.S. states are moving to ban Tesla Motors Inc (NASDAQ:TSLA) from directly selling their cars to their constituents. For example, Gov. Rick Snyder of Michigan has signed into law more restrictions on the direct selling of the company of its cars in the state.

Tesla Motors Inc (NASDAQ:TSLA) shareholders includes Daniel Benton’s Andor Capital Management which reported owning 1.25 million shares of the company by June 30. At the time the institutional investor reported the stake, it was valued at about $224.29 million and made up 16.27% of the firm’s portfolio.