Automotive industry

Tesla has become a huge name in the automotive industry, Know-how

To learn more about his adventurous journey since 2003, keep scrolling to the end

When Tesla’s flagship automobile, the Model S, came out in 2012, it put Elon Musk, the company’s CEO, in the limelight.

Tesla’s exit was not only a hit with automotive customers, but it also propelled the company into the limelight as one of the few successful independent automakers as well as a pioneer in the electric vehicle industry. .

The Model S, a sleek luxury sedan with a starting price of $ 79,990, has received praise from the trade press and industry. When the Model S was first launched in 2013, it hit the headlines when praised by the trade press. Consumer Reports gave the plug-in electric car an almost perfect score of 99 out of 100, calling it “the best car ever tested.”

With 2,500 sold in September 2014, the automobile set sales records in the United States and sales reached a new high of 10,030 in the first quarter of 2015. It is currently considered a standard in the electric vehicle world. . As of May 4, 2020, the market capitalization of the company was $ 138.8 billion.

Tesla is no longer a start-up, but rather a pioneer in the field of the electric car, contrary to popular belief. Martin Eberhard and Marc Tarpenning, two engineers from Silicon Valley, started the company in 2003 with the aim of “proving that electric cars can be superior to gasoline-powered cars,” according to the company’s website.

Tarpenning met Eberhard, an engineer at Wyse Technology at the time, in 1990 and the two became quick friends. They shared many interests, including a desire to start businesses, and they quickly created NuvoMedia, which published the Rocket e-book in 1998. After divorcing and deciding to acquire a sports car, Eberhard developed an interest for automobiles. He invested in AC Propulsion, a small electric car start-up, and wondered if this was a market he could enter.

NuvoMedia website

When Eberhard and Tarpenning overheard Musk speaking at a Mars Society event at Stanford University in 2001, they approached him and introduced themselves. Musk is used to starting successful businesses. He co-founded PayPal with Peter Thiel and Max Levchin. He founded Space X, which designs, manufactures and launches rockets and advanced spacecraft, after making a fortune from his PayPal shares after the company was sold to eBay in 2002.

After a few years, Eberhard and Tarpenning approached Musk and asked to meet with him to discuss their electric car concept. With Musk on board, the three gathered to talk about the concept.

Tesla was founded in 2003 with the aim of developing a powerful and stylish electric car that emits no pollution. JB Straubel (who was Tesla’s CTO until 2019) and Ian Wright, who left Tesla in 2004 to start his own business, Wrightspeed, were also co-founders.

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The company’s co-founders completed their first rounds of venture capital funding in 2004. Musk, co-founder of PayPal, joined the board a year later after leading the company’s first round of funding. company.

Elon Musk: The man who took Tesla to new heights

Elon Musk has become the public face of Tesla, and he’s often mistaken for the company’s founder or co-founder. Musk was trained as an engineer and is a Canadian-American born in South Africa. From the University of Pennsylvania, he obtained a double bachelor’s degree in physics and economics.

Musk started SpaceX, a space exploration company, with the money he made from PayPal when he was younger. Musk became chairman of Tesla’s board after a meeting and pitch with Eberhard and Tarpenning, and was instrumental in raising funds for the company. Friends and relatives as well as a number of venture capitalists, including Valor Equity Partners, were among the company’s investors.

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Tesla continued to develop and develop its first car, the Roadster, between 2004 and 2008. The company established a 5.5 million square foot manufacturing complex in Fremont, Calif., Previously owned by Toyota and GM. . Nummi is the name of the factory, which consists of two paint shops and 2.5 km of assembly lines.

Musk was named the company’s CEO and Product Architect in 2008, and he continues to hold those roles today. Tesla’s first car, the Roadster, was released that same year. “It’s not just a car,” Car & Driver noted, “but one of the most powerful automotive claims of all time.”

According to the Roadster’s summary, the company has always favored the mechanics of the car over its appearance. According to the summary, “high performance” meant accelerating from 0 to 60 mph in under 3.9 seconds and requiring no maintenance up to 100,000 miles (except for the tires).

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The secret to Tesla’s success is that it continues to focus on the development of electric vehicles and EV powertrain systems and components. The company operates 80 stores and galleries in North America, Europe and Asia, as well as more than 100 charging stations in the United States.

Focusing on one product at a time is one of the markers of business success. As Tesla continues to focus on the Model S, it is also introducing additional models to expand its consumer base. One of the new cars in the pipeline is the Model X SUV, which began production in early 2015.

In order to keep up with trends, Tesla has made efforts to introduce new products aimed at a wider audience. The E Model, a cheaper variant of the S Model, is also in the works, priced under $ 40,000.

Tesla Motors has increased its production presence in the Netherlands and Lathrop, California in order to remain competitive in the niche market. Tesla and key strategic partners such as Panasonic have started construction of a Giga plant in Nevada that will allow production of an inexpensive, mass-market vehicle, the Model 3, according to the company’s website, in order to maintain the costs of lithium-ion batteries. moo.

Luxury automakers such as Mercedes Benz and BMW are also entering the electric vehicle industry. According to analysts, total global sales of electric vehicles reached 320,000 units in 2014, and are easily expected to exceed 500,000 in 2015. Tesla’s long-term success, however, is unknown. Tesla plans to deliver 500,000 cars by 2020, but Morgan Stanley auto analyst Adam Jonas predicted the company would be below 40% in December 2014. Reports say Jonas believes the target is unrealistic and inaccessible.

Last words:

There are no guarantees in life or in business, as with anything else. Tesla Motors has grown from a start-up to an established industrial player in the 12 years since its incorporation. What remains constant is its remarkable history and its pioneering position in the field of electronic vehicles.

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