Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
DETROIT (AP) — Tesla Motors has ended its resale guarantee program in North America.
The program — which began in 2013 — guaranteed that Tesla vehicles would have a higher resale value after three years than premium sedans from manufacturers like BMW and Mercedes.
Tesla CEO Elon Musk personally backed the program, saying he wanted to give buyers peace of mind. Buyers who used Tesla financing were eligible.
A Tesla spokesperson said Wednesday that the program reassured customers in Tesla's early years when its cars didn't have a track record. But Tesla sedans are now holding their value even better than the resale value guarantees, so the program is no longer necessary.
The resale guarantee will still be available in some international markets.
Tesla shares fell 1 percent to close at $222.53 Wednesday.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
