EV giant Tesla Inc (NASDAQ:TSLA) is halting its current referral program and preparing a new one which will be ready in months, CEO Elon Musk said on Saturday.

What Happened: Tesla announced via social media platform X on Friday that its current referral program benefits will end across markets by the end of April.

However, the company is not removing the referral program in totality but instead working on launching a new one, Musk said. The future program will be launched in a few months, he said, while adding that the referral credits with customers at present won’t be voided.

“No, just that new credits would not be earned until we launch a future referral program, which is a few months away,” he wrote.

Why It Matters: Tesla’s referral program aims to reward customers for their loyalty to the brand. Customers can gain credits on making their first Tesla product purchase, referring other one-time customers, or even continuing to buy more eligible products.

These credits can then be used to claim benefits through supercharging miles or other products. Tesla has previously even held lotteries where customers could enroll via referral credits and win Tesla vehicles.

Tesla cut prices on its Model S, X, and Y vehicles in the U.S. by as much as 4.5% by Friday. The company also removed inventory discounts last week, alleging that the sales system has become “complex and inefficient.”

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