EV makers roll out conquest offers as Tesla trade-ins climb

It’s not every day the CEO of the world’s most valuable automaker starts working in the West Wing—and it’s even rarer when that crossover ignites protests in certain parts of the country (and world). But that’s where we are.

Driving the news: Since taking on an advisory role in the Department of Government Efficiency (DOGE), Tesla $TSLA ( ▼ 0.46% ) CEO Elon Musk has been at the center of several controversies—leading some disgruntled citizens to take it out on Tesla owners (with some collateral damage too). 

• With some owners disillusioned, March saw a record-high share of Tesla trade-ins going toward new or used vehicles at non-Tesla dealerships, according to Edmunds.

• Knowing this—rival EV companies and legacy automakers are capitalizing on the opportunity with aggressive conquest offers. 

Follow the money: 

• Polestar is offering up to $20,000 off a 2025 Polestar 3 lease—$5,000 for Tesla drivers, plus up to $15,000 in Clean Vehicle Incentives.

• Lucid Motors is quietly stacking discounts too—up to $7,000 off a 2025 Lucid Air for Tesla owners( $2,000 to buy, $2,000 with a Tesla trade-in, and another $1,000 if the car is in stock at a studio). Both Polestar and Lucid’s offers require delivery by April 30.

• Volvo jumped in mid-March with a $1,000 bonus for Tesla drivers buying or leasing select 2024 and 2025 EVs or PHEVs—including the 2025 XC90 plug-in. Offer ends this month.

• At BMW—Tesla drivers can get a $1,000 conquest credit toward 2024 or 2025 EVs, valid through April 30 with proof of ownership or lease.

As a result: Some of these EV makers are already seeing positive sales movement. 

• Jordan Hoffman, Head of Sales at Polestar U.S. recently wrote: “The numbers speak for themselves. This week saw some of the highest order days for Polestar 3, and the response to our Tesla Conquest Offer has been incredible.”

• Marc Winterhoff, interim CEO of Lucid Motors, told Fox Business News the electric automaker has experienced a “dramatic uptick over the past two months” in orders from former Tesla drivers in an interview spotlighting the new Lucid Gravity Grand Touring.

But there’s risk involved. Tesla’s resale values have become harder to price, as the company’s public image shifts faster than the market can adjust. That volatility is making trade-in economics harder to justify.

• Regardless, Joseph Yoon, consumer insights analyst at Edmunds told TechCrunch that buyers are willing to trade their vehicles at a loss.

• “What these kinds of conquest bonus programs are capitalizing on is that these guys are going to [trade in their Teslas] anyway. What if we make it a little bit sweeter for them and make sure they come to us instead of a competitor?” Yoon said.

Looking ahead: Whether this is a turning point or just a moment of churn depends on one thing—how well competitors turn these trade-ins into long-term loyalty. As always, the market will decide.

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