Tesla Motors is one of the biggest automotive and energy companies in the United States and is based in California!
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- Tesla, Inc. is an American automotive and energy company
- It is based in Palo Alto, California
- Formerly Tesla Motors, Inc.
- The company specializes in electric car manufacturing
- And, through its SolarCity subsidiary, solar panel manufacturing
- It operates multiple production and assembly plants
- Notably Gigafactory 1 near Reno, Nevada
- Its main vehicle manufacturing facility at Tesla Factory in Fremont, California
- As of June 2018, Tesla sells the Model S, Model X and Model 3 vehicles
- Powerwall and Powerpack batteries, solar panels, solar roof tiles
- And some related products
- Tesla was founded in July 2003, by engineers Martin Eberhard and Marc Tarpenning
- Under the name Tesla Motors
- The company’s name was derived from physicist Nikola Tesla.
- In early Series A funding, Tesla Motors was joined by Elon Musk, J. B. Straubel and Ian Wright
- All of whom are retroactively allowed to call themselves co- founders of the company
- Musk, who formerly served as chairman
- He is the current chief executive officer
- He said that he envisioned Tesla Motors as a technology company and independent automaker
- Aimed at eventually offering electric cars at prices affordable to the average consumer
- Tesla Motors shortened its name to Tesla in February 2017
- After 10 years in the market, Tesla ranked as the world’s best selling plug- in passenger car manufacturer in 2018,
- Both as a brand and by automotive group
- With 245,240 units delivered
- A market share of 12% of the plug- in segment sales
- Tesla vehicle sales in the U.S. increased by 280% from 48,000 in 2017 to 182,400 in 2018
- Globally were up by 138% from 2017
- Tesla Motors was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning
- They financed the company until the Series A round of funding
- The founders were influenced to start the company after GM recalled all its EV1 electric cars in 2003 and then destroyed them
- Elon Musk led the Series A round of investment in February 2004
- Joining Tesla’s board of directors as its chairman
- Tesla’s primary goal was to commercialize electric vehicles
- Starting with a premium sports car aimed at early adopters
- Then moving into more mainstream vehicles, including sedans and affordable compacts
- Musk took an active role within the company
- He oversaw Roadster product design at a detailed level
- In addition to his daily operational roles, Musk was the controlling investor in Tesla from the first financing round
- Funding the large majority of the Series A capital investment round of US$7.5 million with personal funds
- Musk later led Tesla Motors’ Series B, US$13 million
- A nd co-led the third, US$40 million round in May 2006
- Tesla’s third round included investment from prominent entrepreneurs
- Including Google co- founders Sergey Brin & Larry Page, former eBay President Jeff Skoll, Hyatt heir Nick Pritzker
- It also added the VC firms Draper Fisher Jurvetson, Capricorn Management and The Bay Area Equity Fund managed by JPMorgan Chase
- The fourth round in May 2007 added another US$45 million and brought the total investments to over US$105 million through private financing