On Friday, Tesla Motors (NASDAQ:TSLA) announced new warranty coverage for the batteries that run its electric cars and a car loan program for Model S owners whose vehicles are being serviced.
In a post on the company’s blog, CEO and founder Elon Musk noted that Tesla was “building a fleet of top of the line Model S loaners.” Customers who use loaner Model S cars will have the option of purchasing the vehicle, if they find it better than their own Model S. In some markets, Tesla customers will have the choice of a Tesla Roadster loaner vehicle.
The company announced also that it would replace any malfunctioning battery with a factory reconditioned battery in all events, except accidents, deliberate tampering or servicing by non-authorized parties.
Additionally, Musk noted that Tesla would not longer require customers to bring their cars in for an annual checkup and could continue to honor warranty repairs on vehicles had never received an annual checkup.
Earlier this month, Tesla predicted that it would post its first quarterly profit ever, due to better-than-expected Model S sales.
Shares of Tesla fell more than 1% in Friday trading.