Things to read
Complete company overview from the beginning
Tesla, Inc. is an American company producing electric vehicles and other products utilizing clean energy. This company is engaged in the design, development, re-designing, and sale of automotive, energy generation systems, and storage solutions, keeping green energy at the core of the designing and manufacturing process.
The company was founded in 2003 in San Carlos, California, United States, by visionaries like Elon Musk, JB Straubel, Martin Eberhard, Marc Tarpenning, and Ian Wright. Headquarters are based in Palo Alto, California, United States. The company is named after legendary Serbian American inventor Tesla.
Initially, the company was started to design and manufacture a fully electric sports car. The success in this attempt made way to other notable inventions, which primarily focused on harnessing the green or electric energy-based solutions to ease consumers’ lives.
In five years from inception, in 2008, the company rolled out its first electric sports car, Roadster. Its main features include- 0 to 60mph acceleration in less than 4 seconds, covering about 390 km in a single charge, and a top speed of 125 mph on a full charge.
History and current market about it
The history of this company can be outlined in the shape of these critical milestones:
- Foundation year: 2003
- Produced it first Sports Car Roadster: 2008
- Key management changes: 2008
- Elon Musk took over as CEO: 2008
- Tesla announced IPO: 2010
To attain better feasibility and achieve buyer confidence, the company established various charging stations in partnership with leading solar cell manufacturers and electric energy manufacturers of the US.
All luxury car makers having electric cars segment in their offering compete for the market share with Tesla. The leading companies and their competing models are:
- BMW – i – Series electric cars
- General Motors
- Chevy Bolt & Bolt EV
- BYD Group, China’s leading EV brand
After the Roadster’s success, Tesla became more experimental and started thinking about reinventing Model S Sedan’s luxury. It rose to fame backed by rave reviews of critics in which they praised the design and performance. The fundamental change made in this Sedan was that the batteries were lodged at the car’s bottom. This simple change made the car more accommodating in terms of storage space and was easier to balance due to the low center of gravity.
Apart from Model S Sedan, the other noticeable rollout was that of Model S semiautonomous type, which has several automated controls. The enhanced driving experience encouraged the company to produce more of such automotive beauties.
Simultaneously, the company has diversified into solar energy products. It has forayed into other electric energy-based products through mergers and acquisitions. Some of the notable mergers and acquisitions are:
- It took over solar panel company SolarCity in 2016. Started as a seller of electric cars, the company has grown into manufacturing clean energy products, and accordingly, was rechristened to Tesla, Inc. in 2017 to project its diversified image.
- Tesla acquired Canada-based Hibar Systems Ltd., a battery system manufacturer for laptops, electric automotive, and others, in 2019.
- The company took over a startup, DeepScale, that excelled in low-wattage processors useful for enhancing computer vision in the same year. This acquisition helped the company improve its autonomous driving technology.
- Another most important acquisition was that of Maxwell Technologies, Inc. in 2019. This company deals in ultracapacitors, which deliver surges of energy apart from storing it efficiently. The company’s dry electrode technology has been a booster in producing better quality Tesla products.
Apart from the plug-in electric car line, the company is involved in making sustainable energy solutions like Solar Roof, PowerPack, and PowerWall. These solutions enable domestic and commercial energy consumers to implement and utilize green electricity to meet their premise’s power requirements.
According to the latest reports, the company CEO Elon Musk has shared his plans to have an in-house manufacturing facility of batteries, power points, etc. From the merger and acquisition model, the company aims to move to self-sufficiency in the hope of bringing down the product price by working in a cost-efficient manner.
The share price of this company fluctuates quite widely; currently, it is faring in the $500-$550 stock price range.
Important Statistics on Current Market
According to 2019 data, the company delivered about 367000-368000 cars. It was placed as the largest seller of plug-in electric vehicles.
Model 3 constitutes about 80% of the total sales, leaving behind Model S and Model X, which mainly targeted high-end buyers.
In October 2020, the company reportedly has recorded sales of 1,39,000 vehicles in the third quarter and aims at touching the figure of 5,00,000 cars sold by the end of 2020.
A majority of Tesla car consumers are located in China, where the company has its manufacturing base in Shanghai.
The next significant contributor is Norway, where green energy products are always in high demand.
Followed by Norway is another European location Netherlands, which is followed closely by Germany. Switzerland, Denmark, and France are other prime consumer countries of Tesla cars.
According to some statistics, the UK is also making an appearance in the top buyers’ list of Tesla cars.
In its home country, the company is aggressively working on other supplies related to plug-in electric cars. For example, the charging points’ expansion throughout the country is seriously contemplated. The company aims to double the numbers of 2019 in the current year in the US.
Best cars of the company
In the current scenario, the company sells five fully autonomous electric cars in the luxury segment. The automotive line of the company comprises:
- Tesla Model S Sedan
- Tesla Model S Semiautonomous
- Tesla Model X – a crossover, an SUV by the body but on a car chassis
- Tesla Model 3 – a comparatively less expensive vehicle offering a mileage of 295 miles per charge and seating for up to seven people
- Tesla Cybertruck – a better performance truck than an SUV
- Tesla Semi – The most fuel-efficient truck available to energy-conscious customers