Tesla’s history has been an interesting ride: Here is how it started
Everyone knows the entrepreneur, Elon Musk and his company Tesla, which supplies electric vehicles and solar energy. However, most people do not know the history behind the business that expedites renewable energy to the environment.
Tesla produces a set of energy solutions that includes Powerwall, Powerpack and Solar Roof that aids in managing renewable energy and storage. Tesla produces a set of renewable
Founders of Tesla
In 2003, two engineers, Martin Eberhard and Marc Tarpenning, founded Tesla Motors in San Carlos, Calif. The other co-founders of the company include Ian Wright, J. B. Straubel and Elon Musk.
Musk joined the company in 2004. He made an investment of $30 million dollars into Tesla, Inc. Consequently, Musk became the chairman of its Board of Directors.
General Motors (GM) -- an automotive company -- initially produced the very first electric vehicle model called EV1. When GM destroyed the model, it gave Eberhard and Tarpenning an opportunity to build a battery-electric car that focuses on high performance and a low fuel economy.
Roadster
Tesla, Inc. revealed the Roadster to the public in 2006. The production officially began in 2008.
Musk brought the idea of a carbon-fiber-reinforced polymer body on the Roadster vehicle.
Once the Tesla Roadster shipped its first automobile in 2009, co-founders Tarpenning and Eberhard were blamed for the financial problems that occurred with the new prototype.
They completely left Tesla and allegedly stated that they were forced out of the company. Both Tarpenning and Eberhard filed a lawsuit on Musk for libel and slander.
The next step for Tesla: 2010-2015
In 2010, Tesla faced short-term capital concerns. The company decided to open on the NASDAQ at $17 a share.
As a result, Tesla has one of the largest volumes in stock trading today.
Tesla launched the Model S luxury sedan in June 2012 where it was their first stepping stone towards the mainstream consumer market. They also opened it's first charging station called Superchargers.
In 2014, Tesla, Inc. announced their Gigafactory in Fremont, Calif.
Tesla’s first SUV, the Model X launched in September 2015. In the same year, the company announced a new line of solar energy products. The set of energy solutions are designed to power homes and businesses.
Where is Tesla now?
2017 was a busy year for the company. Tesla Motors became Tesla, Inc. Meanwhile, the Model 3 Sedan was launched and lost more than 5 per cent of its value. The sedan began to produce at a fraction of the rate it initially produced.
In the year of 2019, Tesla lost $862 million on total revenues of $24.6 billion. Luckily, Tesla generated a market capitalization of $86 billion.At Tesla's 2020 Battery Day event, they announced the next generation of batteries where they will be featuring a tabless battery design that increases the vehicle’s range. Not only is this new battery efficient and an improvement from the previous battery, Tesla is able to decrease the price of their vehicles.
Tesla unveiled the Cybertruck in 2019, an electric six-seater pickup truck.
2020 was an even bigger year for Tesla.
- Model Y Crossover launched in March 2020
- Tesla reached a market capitalization of $206 billion
- Recorded four profitable quarters in a row
- Announced a 5-for-1 stock split
Batteries over the generations
Tesla currently partners with Panasonic and Contemporary Amperex Technology Co. Limited (CATL) for their battery cells.
At Tesla's 2020 Battery Day event, the company announced the next generation of batteries where they will be featuring a Tabless battery design that increases the vehicle’s range. Not only is this new battery efficient and an improvement from the previous battery, Tesla is able to decrease the price of their vehicles.
It can be expected that the new batteries will be 56 per cent cheaper. This Tabless battery design will allow cars to travel 54 per cent more in distance.
Tesla faces new challenges and opportunities on a daily basis. A company has its highs and lows however, Tesla continues to improve vehicles and sales each year. It is important to understand the history of a company to gain insight into the years of hard work that goes into building their product.
Be sure to read more by visiting the Tesla website at Tesla.com
