Tesla software update will save more than $1 million per year, report says
Tesla Inc. said Friday it will offer free software upgrades to more than 4 million Tesla owners to help them avoid making the same mistakes.
The company said it will also offer $5,000 cash bonuses to anyone who uses its free software for at least a year.
The software update, which is already available in some regions, will make it easier for Tesla owners and their customers to file for a refund of the $35,000 annual fee they pay to lease a car.
Tesla said it is offering the software update because “over the past two years, there has been a significant number of Tesla owners who have not paid their fees in full or with all their required information,” and that the company was working on a solution.
The free software update is available in the U.S., Canada and some European countries.
Tesla spokeswoman Amy Davis said the company is working on ways to distribute the software in countries outside of those that are eligible for the software upgrade.
The upgrade comes just days after Tesla said the automaker had to pay $500 million in fines and penalties for not disclosing how much it had paid to license the software.
The automaker said it had agreed to pay the fines and settle with the Securities and Exchange Commission in March.
Tesla was also hit with a $7.2 billion lawsuit from New Jersey, which alleged it had been misled about the financial condition of its vehicle dealerships by Tesla.
Tesla says it was “unable to provide information to the SEC” about its financial statements, and the lawsuit also accused Tesla of withholding key information.
Tesla is also facing a separate lawsuit in a California court from a California car dealer who says he was defrauded by the automatons stock trading business by charging too much for Tesla stock.
Tesla’s stock price rose in aftermarket trading on Friday, but fell slightly as the company announced the software change.
The Tesla stock rose 4% on Friday.
The stock closed Friday at $57.50.