Tesla to Make Strategic Announcement Later Today, April 26th image

Tesla CEO Elon Musk said that later today, April 26th, the automaker will make a strategic announcement.

”Announcement of new @TeslaMotors strategy tomorrow. Tesla owners will like this,” Musk said in a message on Twitter yesterday.

At the beginning of this month Elon Musk said that Tesla will announce details regarding the revamped service and the expansion of the fast-charging stations network by the end of this month, part of the company’s plan to boost sales. Tesla shares increased almost 3% late Thursday afternoon.

“I’m an engineer, so service is not something that I naturally do,” Musk said in an interview on April 2. “But it’s the right thing for the company and I think we have the opportunity to re-engineer service.”

The company’s spokeswoman said today that the announcement will be related to this service. At the beginning of this month Tesla announced it will sign deals with Wells Fargo & Co and US Bank for a financing product to make its expensive electric sedans accessible to more customers.

“Given right now there’s a $600 a year service requirement,” he said, adding that it is cheaper if prepaid. “And given that BMW and Mercedes offer two to three to four years worth of free end-to-end maintenance, most likely what (Tesla officials) are doing is waiving the service requirement, making service free for the first two or three years.”

Source: Reuters