Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla's current products include electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, as well as other related products and services. In 2020, Tesla had the highest sales in the plug-in and battery electric passenger car segments, capturing 16% of the plug-in market (which includes plug-in hybrids) and 23% of the battery-electric (purely electric) market. Through its subsidiary Tesla Energy, the company develops and is a major installer of solar photovoltaic energy generation systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020.
Founded in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors, the company's name is a tribute to inventor and electrical engineer Nikola Tesla. Elon Musk, who contributed most of the funding in the early days, has served as CEO since 2008. According to Musk, the purpose of Tesla is to help expedite the move to sustainable transport and energy, obtained through electric vehicles and solar power. Tesla began production of their first car model, the Roadster, in 2009. This was followed by the Model S sedan in 2012, the Model X SUV in 2015, the higher volume Model 3 sedan in 2017, and the Model Y crossover in 2020. The Model 3 is the world's all-time best-selling plug-in electric car, with more than 800,000 delivered through December 2020. Tesla's global vehicle sales were 499,550 units in 2020, a 35.8% increase over the previous year. In 2020, the company surpassed the 1 million mark of electric cars produced.
Tesla has been the subject of numerous lawsuits and controversies arising from statements and acts of CEO Elon Musk, allegations of creative accounting, allegations of whistleblower retaliation, alleged worker rights violations, and allegedly unresolved and dangerous technical problems with their products.
Founded as Tesla Motors, Tesla was incorporated on July 1, 2003, by Martin Eberhard and Marc Tarpenning. Eberhard and Tarpenning served as CEO and CFO, respectively. Eberhard said he wanted to build "a car manufacturer that is also a technology company", with its core technologies as "the battery, the computer software, and the proprietary motor".
Ian Wright was Tesla's third employee, joining a few months later. The three raised US$7.5 million in series A funding in February 2004 from various investors, including Elon Musk, who contributed the vast majority at $6.5 million. Following the investment, Musk joined the company and became chairman of the board of directors.J. B. Straubel joined Tesla in May 2004. A lawsuit settlement agreed to by Eberhard and Tesla in September 2009 allows all five – Eberhard, Tarpenning, Wright, Musk and Straubel – to call themselves co-founders.
Musk took an active role within the company and oversaw Roadster product design at a detailed level, but was not deeply involved in day-to-day business operations. From the beginning, Musk consistently maintained that Tesla's long-term strategic goal was to create affordable mass market electric vehicles. Tesla's goal was to start with a premium sports car aimed at early adopters and then moving into more mainstream vehicles, including sedans and affordable compacts.
In February 2006, Musk led Tesla's Series B $13 million investment round which added Valor Equity Partners to the funding team. Musk co-led the third, $40 million round in May 2006. This round included investment from prominent entrepreneurs including Google co-founders Sergey Brin and Larry Page, and former eBay President Jeff Skoll. A fourth round worth $45 million in May 2007 brought the total private financing investment to over $105 million. Prototypes of the Tesla's first car, the Roadster, were officially revealed to the public on July 19, 2006, in Santa Monica, California, at a 350-person invitation-only event held in Barker Hangar at Santa Monica Airport.
In August 2007 Eberhard was asked to step down from his CEO position by the board of directors. Eberhard then took the title of "President of Technology" before ultimately leaving the company in January 2008. Co-founder Marc Tarpenning, who served as the Vice President of Electrical Engineering of the company, also left the company in January 2008. In August 2007, Michael Marks was brought in as interim CEO, and in December 2007, Ze'ev Drori became CEO and President. Musk succeeded Drori as CEO in October 2008.
Tesla began production of the Roadster in 2008. By January 2009, Tesla had raised $187 million and delivered 147 cars. Musk had contributed $70 million of his own money to the company. Later that year in June Tesla was approved to receive $465 million in interest-bearing loans from the United States Department of Energy. The funding, part of the $8 billion Advanced Technology Vehicles Manufacturing Loan Program, supported engineering and production of the Model S sedan, as well as the development of commercial powertrain technology. Tesla repaid the loan in May 2013, with $12 million interest.
IPO, Model S, and Model X (2010–2015)
First deliveries of Model S at the Tesla Factory in Fremont, California, in June 2012
In May 2010, Tesla purchased what would later become the Tesla Factory in Fremont, California, for $42 million, and opened the facility in October 2010 where Model S would be produced. The next month, on June 29, 2010, Tesla Motors launched its initial public offering (IPO) on NASDAQ, the first American car company to do so since the Ford Motor Company had its IPO in 1956. The company issued 13.3 million shares of common stock at a price of $17.00 per share, raising $226 million.
In January 2012 Tesla ceased production of the Roadster, and in June the company launched its second car, the Model S luxury sedan. The Model S won several automotive awards during 2012 and 2013, including the 2013 Motor Trend Car of the Year, and became the first electric car to top the monthly sales ranking of a country, when it achieved first place in the Norwegian new car sales list in September 2013. The Model S was also the best-selling plug-in electric car worldwide for the years 2015 and 2016.
Tesla announced the Autopilot, a driver-assistance system, in 2014. In September that year, all Tesla cars started shipping with sensors and software to support the feature, with what would later be called "hardware version 1" or "HW1".
In April 2015, Tesla entered the energy storage market unveiling its Powerwall home and Powerpack industrial battery packs. The company received orders valued at $800 million within a week of the unveiling.
Tesla launched its third vehicle, the luxury SUV Model X, in September 2015. By this time, the company was selling over 10,000 vehicles per quarter.
SolarCity and Model 3 (2016–2018)
In November 2016, Tesla acquired SolarCity, thus entering the solar photovoltaics market. A few months later, in February 2017, Tesla Motors shortened its name to Tesla, to better reflect the scope of the expanded business, which by that time included electric vehicles, stationary energy storage systems, and solar power generation.
Tesla began selling its fourth vehicle model, the Model 3 sedan, in July 2017. The Model 3 was a cheaper vehicle compared to previous Tesla vehicles, meant for the mass market. It was highly anticipated, which prompted the company to try to speed up production. By August 2017, there were 455,000 reservations for the Model 3. The rollout was plagued by delays and production problems. This increased pressure on the company, which at this time was one of the most shorted companies in the market. In 2018, CEO Elon Musk briefly considered taking Tesla private. The plan did not materialize, and the statement gave rise to much controversy and many lawsuits. By the end of 2018, the production problems were overcome, and the Model 3 was the world's best selling plug-in electric car for the year.
Global expansion (2019–present)
In recent years the company has been expanding their production capacity globally. Tesla opened its first Gigafactory outside the United States in Shanghai, China, in 2019. The Giga Shanghai was the first automobile factory in China fully owned by a foreign company, and was built in less than 6 months. The following year Tesla also started construction on a new Gigafactory in Berlin, Germany, and another in Texas, United States. In March 2020, Tesla began deliveries of its fifth vehicle model, the Model Ycrossover.
On January 10, 2020, Tesla reached a market capitalization of $86 billion, breaking the record for greatest valuation of any American automaker. On June 10, 2020, Tesla's market capitalization surpassed those of BMW, Daimler and Volkswagen combined. The next month, Tesla reached a valuation of $206 billion, surpassing Toyota's $202 billion to become the world's most valuable automaker by market capitalization. On August 31, 2020, Tesla had a 5-for-1 stock split following the increase in value.
From July 2019 to June 2020, Tesla reported four profitable quarters in a row for the first time, which made it eligible for inclusion in the S&P 500. Tesla was added to the index on December 21 of the same year. It was the largest company ever added, and the sixth-largest company in the index at the time of inclusion. As investors tried to buy more shares as a result of this inclusion, some analysts, such as J.P. Morgan's Ryan Brinkman, suggested investors exercise caution as Tesla was "dramatically" overvalued. In 2020, the share price of Tesla increased 740%, and on January 26, 2021, its market capitalization reached $848 billion, more than the next nine largest automakers combined and making it the 5th most valuable company in the US.
In October 2020, Tesla told Electrek that they had dissolved their PR department (with the exception of a few PR managers representing Tesla's European and Asian markets), becoming the first automaker to do so.
Tesla hit its goal of building a half-million cars in 2020. The company ended the year with over $19 billion of cash, compared to $6.3 billion at the end of 2019.
In February 2021, it was revealed that Tesla had invested some $1.5 billion in the cryptocurrencyBitcoin, and the company indicated it would soon accept Bitcoin as a form of payment. In the first quarter of 2021, Tesla sold some of the Bitcoin it had invested. In late March 2021, Tesla started accepting Bitcoin as a form of payment in the United States and claimed that they would introduce Bitcoin payment in other countries later that year. On May 12, 2021, Tesla indicated via a tweet from Elon Musk that they would no longer accept Bitcoin as a form of payment due to climate change concerns. This resulted in the price of Bitcoin dropping by around 12% on May 13.
In March 2014, the Model S broke the 28-year-old Norwegian record for the highest monthly sales of a single model regardless of power source.
The Model S is a five-door liftbacksedan. Deliveries began on June 22, 2012. The car became the first electric vehicle to top the monthly sales ranking in any country, when it achieved first place in the Norwegian new car sales list in September 2013. The Model S won the 2013 Motor Trend Car of the Year, the 2013 "World Green Car",Automobile magazine's 2013 "Car of the Year",Time magazine's Best 25 Inventions of the Year 2012 award, as well as the 2019 Motor Trend "Ultimate Car of the Year".
The Model S was the best-selling plug-in electric car worldwide for the years 2015 and 2016, selling an estimated 50,931 units in 2016. By the end of 2017, it listed as the world's second best selling plug-in electric car in history after the Nissan Leaf, with global sales of 200,000 units. In June 2020, Tesla announced that the Model S Long Range Plus had an EPA range of 402 miles (647 km), the highest of any battery electric car at the time.
The Model 3 is a four-door fastback sedan. Tesla unveiled the Model 3 on March 31, 2016. Potential customers began to reserve spots on March 31 with a refundable deposit. One week after the unveiling, Tesla reported over 325,000 reservations.Bloomberg News claimed "the Model 3's unveiling was unique in the 100-year history of the mass-market automobile." Limited vehicle production began in July 2017.
First production Tesla Model 3 cars ready for the delivery event on July 28, 2017. By early 2019, the Tesla Model 3 became the world's all-time best selling plug-in electric car.
Since March 2020, The Model 3 is the world's best selling electric car in history, and global sales since inception totaled more than 810,000 units through December 2020. The Tesla Model 3 has ranked as the world's best selling plug-in electric car for three consecutive years, from 2018 to 2020, and also as the best selling plug-in electric car in the United States since 2018. The Model 3 also set records in Norway and the Netherlands, listing in both countries as the best selling passenger car model in the overall market in 2019.
Elon Musk delivering one of the first six Model X Founders Series models
The Tesla Model X is a mid-sizecrossover SUV. It is offered in 5-, 6- and 7-passenger configurations. The passenger doors are articulating "falcon-wing" designs that open vertically.
The Model X was developed from the full-sized sedan platform of the Model S. Deliveries started in September 2015. After one full year on the market, in 2016, the Model X ranked seventh among the world's best-selling plug-in cars. The United States is its main market with an estimated 57,327 units sold through September 2018.
The Model Y is a compactcrossover utility vehicle. The Model Y is built on a platform that shares many components with the Model 3. The car has up to three rows of seats (up to 7 people), 66 cu ft (2 m3) of cargo space with the second and third rows folded, and has a range of up to 300 miles (480 km).
The Model Y was unveiled on March 14, 2019. Deliveries for the Model Y started on March 13, 2020. The Tesla Model Y is being manufactured at Tesla Factory in Fremont, California, as well as in Giga Shanghai in China. A version of the Model Y is also expected to be produced at Giga Berlin once the factory is open.
Tesla Roadster 2020 prototype at the launch event in November 2017
Through a surprise reveal at the end of the event that introduced the Semi on November 16, 2017, Tesla unveiled the second generation Roadster. Musk said that the new model will have a range of 620 miles (1,000 km) on the 200 kWh (720 MJ) battery pack and will achieve 0–60 mph in 1.9 seconds; it also will achieve 0–100 mph in 4.2 seconds, and the top speed will be over 250 mph (400 km/h). The vehicle will have three electric motors allowing for all-wheel drive, and torque vectoring during cornering and the SpaceX Package which will include SpaceX cold air thrusters that will increase the speed even more.
At the time, the base price was set at $200,000 while the first 1,000 units, the Founder's series, would sell for $250,000. Reservations required a deposit of $50,000, and those who ordered the Founder's series paid the $250,000 in full upon ordering. Those who made a reservation at the event were allowed a test drive with a driver in the prototype. Deliveries of the second generation Roadster are expected to start in 2022.
The Tesla Semi is an all-electric Class 8semi-trailer truck announced in November 2017. Musk confirmed that two variants would be available: one with 300 miles (480 km) and one with 500 miles (800 km) of range. The Semi will be powered by four electric motors of the type used in the Tesla Model 3 and will include an extensive set of hardware sensors to enable it to stay in its own lane, a safe distance away from other vehicles, and later, when software and regulatory conditions allow, provide self-driving operation on highways. Musk also announced that the company would be involved in installing a solar-powered global network of Tesla Megachargers to make the Semi more attractive to potential long-haul customers. A 30-minute charge would provide 400 miles (640 km) of range.
Musk initially said in 2017 that Semi deliveries would start in 2019 and be selling 100,000 trucks a year, but deliveries were later delayed to 2021. Part of the reason for this delay, according to Musk, is that the Semi includes five times more battery cells than their passenger cars, and the battery supply is not yet sufficient for both Tesla cars and the Semi.
The Cybertruck is a light duty truck unveiled on November 21, 2019, with production set for late 2021. On September 22, 2020, Musk revealed roughly 600,000 Cybertruck preorders. The truck's angular design had a mixed reception, and some Wall Street analysts questioned whether pickup truck buyers will have interest in the Cybertruck. James Goodwin, chief executive of an Australian car safety organization, says that the angular design and steel construction of the Cybertruck may pose safety risks. After the Cybertruck's unveiling, Musk announced that the Tesla Cyberquad, an electric four-wheel quad bike revealed alongside the Cybertruck, would be an optional accessory for Cybertruck buyers in 2021.
The only discontinued Tesla vehicle model is the original Tesla Roadster. The Roadster is a battery electric vehicle (BEV) sports car, evolved from the Lotus Elise chassis, that was produced by Tesla Motors (now Tesla, Inc.) in California from 2008 to 2012. The Roadster was the first highway legal serial production all-electric car to use lithium-ion battery cells and the first production all-electric car to travel more than 320 km (200 miles) per charge. It is also the first production car to be launched into space, carried into a Mars-crossing orbit by a Falcon Heavy rocket test flight on February 6, 2018.
On July 20, 2016, Musk detailed his new master plan for Tesla. It includes more affordable cars produced in higher volume, solar roofs, mid-size vehicles, SUVs and pickup trucks, as well as the refinement of autonomous vehicles and the creation of a sharing economy, in which cars can be active while the owner is not using them. Tesla intended to build a minibus on the Model X platform. In May 2017, Musk indicated that he might favor a 10–12 passenger version of the Model X over a dedicated minibus design. Musk put to rest hopes for a Tesla motorcycle, saying "we're not going to do motorcycles".
In 2016, Musk revealed Tesla's intention to produce a car cheaper than the Model 3. In 2018, Musk indicated a plan to enter a new market segment, offering a compact hatchback in "less than five years". At Battery Day in 2020, Musk said Tesla expects to have a $25,000 electric car within 3 years, which "will basically be on-par or slightly better than a comparable gasoline car".
In April 2019, Musk announced Tesla's intention to launch an autonomous taxi service by the end of 2020 using more than 1 million Tesla vehicles. A year later, in April 2020, Musk stated Tesla would not make the end of 2020 deadline but said, "we'll have the functionality necessary for full self-driving by the end of the year."
Tesla subsidiary Tesla Energy develops, builds, installs and sells solar energy generation systems, battery energy storage products, as well as other related products and services to residential, commercial and industrial customers.
The company was founded after the merger of Tesla's existing battery energy storage products division with SolarCity, a solar energy company that Tesla acquired in 2016 at a cost of approximately $2.6 billion.
In 2020, the company deployed solar energy systems capable of generating 205 megawatts (ranked third in U.S. residential solar installations) and deployed 3 gigawatt-hours of battery energy storage products.
In 2012, Tesla began building a network of 480-volt fast-charging Supercharger stations. As of November 2020[update], Tesla operates over 20,000 Superchargers in over 2,100 stations worldwide. The Supercharger is a proprietary direct current (DC) technology that provides up to 250 kW of power. The navigation software in Tesla cars can recommend the fastest route for long-distance travel, incorporating possible charging delays.
Almost all Tesla cars come standard with Supercharging hardware. Model S and X cars ordered before January 15, 2017 received free unlimited supercharging. Model S and X cars ordered between January 15, 2017 and August 3, 2019 got 400 kWh (1,400 MJ) of free Supercharging credits per year, which provides a range of roughly 1,000 miles per year (1,600 km/a). Between August 3, 2019 and May 26, 2020, all Tesla Model S and X cars ordered came with free unlimited supercharging again. Being a less premium model, Model 3 cars do not come with free unlimited supercharging.
Destination charging location network
Tesla destination charger in North America
In 2014, Tesla launched the "Destination Charging Location" Network by providing chargers to hotels, restaurants, shopping centers, resorts and other full service stations to provide on-site vehicle charging at twice the power of a typical home charging station.
Destination chargers are installed free of charge by Tesla-certified contractors; the locations must provide the electricity at no cost to their customers. All installed chargers appear in the in-car navigation system.
Software updates and upgrades
Tesla vehicles' software is regularly updated over-the-air when new software and firmware versions are released. This allows the cars to remain up to date and improve after purchase. Tesla also offers the option to unlock features in the car through over-the-air software upgrades after purchase. Available upgrades include basic Autopilot, Full Self Driving, acceleration boost (for Model 3 owners), and rear-heated seats (for Model 3 owners).
All Tesla cars come with "Standard Connectivity" which provides navigation using a cellular connection, and video streaming, internet browsing, and music streaming (with a paid subscription) only over WiFi or Bluetooth. "Premium Connectivity" adds cellular access to live traffic, satellite maps, and music streaming, as well as video streaming, browsing the internet and "caraoke" when parked.
Tesla service strategy is to service its vehicles through remote diagnosis and repair, mobile technicians, and Tesla-owned service centers.
In 2016, Tesla recommended to have any Tesla car inspected every 12,500 miles or once a year, whichever comes first. In early 2019, the manual was changed to say: "your Tesla does not require annual maintenance and regular fluid changes," and instead it recommends periodic servicing of the brake fluid, air conditioning, tires and air filters.
Tesla partnered with Liberty Mutual Insurance Company to offer an insurance plan designed specifically for its electric cars. The plan was made available to US customers in October 2017. In August 2019, this partnership was superseded by a partnership with State National Insurance designed specifically for its electric cars. It was initially only available to Tesla owners in California. In July 2020, Musk, relying on data obtained through their partnership with State National Insurance, announced that Tesla was creating its own major insurance company. The insurance will use individual vehicle data to offer personalized pricing.
On June 4, 2017, the American Automobile Association raised insurance rates for Tesla owners following a report from the Highway Loss Data Institute. The report concluded that the Model S crashes 46% more often and is 50% more expensive to repair than comparable vehicles. Similarly, the Model X was concluded to crash 41% more often and to be 89% more expensive to repair than similar vehicles. As a result, AAA raised insurance rates on Tesla cars by 30%. Tesla said that the analysis is "severely flawed and not reflective of reality", however, Tesla failed to provide any contradictory numbers. Shortly thereafter, Russ Rader, the spokesman for the Insurance Institute for Highway Safety, confirmed the AAA's analysis and that "Teslas get into a lot of crashes and are costly to repair afterward". The following year, an analysis of claim frequency and insurance cost data by the Insurance Institute for Highway Safety conducted by financial research provider 24/7 Wall St. found that the Tesla Model S and Model X were the two most expensive vehicles to insure. Musk hopes that these insurance rates will greatly decrease once driver-assist and self-driving technology become commonplace.
At the time of Tesla's founding, electric vehicles were very expensive. Tesla's strategy was to first produce high-price, low volume vehicles, such as sports cars, for which customers are less sensitive to price. This would allow them to progressively bring down the cost of batteries, which in turn would allow them to offer cheaper and higher volume cars. Tesla's first vehicle, the Roadster, was low-volume (less than 2,500 were produced) and priced at over $100,000. The next models, the Model S and Model X, are more affordable but still luxury vehicles. The most recent models, the Model 3 and the Model Y, are priced still lower, and aimed at a higher volume market, selling over 100,000 vehicles each quarter. Tesla continuously updates the hardware of its cars rather than waiting for a new model year, as opposed to nearly every other car manufacturer.
Tesla does not pay for direct advertisement. The company aims to educate customers through its showrooms situated in malls and other high-traffic areas, and sells its vehicles online rather than through a conventional dealer network. The company is the first automaker in the United States to sell cars directly to consumers.
The Tesla Patent Wall at its headquarters was removed after the company announced its patents are part of the open source movement.
Tesla has a high degree of vertical integration, reaching 80% in 2016. The company produces vehicle components as well as building proprietary stations where customers can charge their vehicles. Vertical integration is rare in the automotive industry, where companies typically outsource 80% of components to suppliers and focus on engine manufacturing and final assembly.
Tesla generally allows its competitors to license its technology, stating that the purpose of the company is to accelerate sustainable energy. Licensing agreements include provisions whereby the recipient agrees not to file patent suits against Tesla, or to copy its designs directly. Tesla retains control of its other intellectual property, such as trademarks and trade secrets to prevent direct copying of its technology.
Tesla develops many components in-house, such as batteries, motors, and software.
Tesla vehicle chassis used in Model S and X, with the battery visible
Tesla was the first automaker to use batteries containing thousands of small, cylindrical, lithium-ion commodity cells like those used in consumer electronics. Tesla uses a version of these cells that is designed to be cheaper to manufacture and lighter than standard cells by removing some safety features; according to Tesla, these features are redundant because of the advanced thermal management system and an intumescent chemical in the battery to prevent fires.
The batteries are placed under the vehicle floor. This saves interior and trunk (boot) space but increases the risk of battery damage by debris or impact (see #Crashes and fires). After two vehicle fires in 2013 due to road debris, the Model S was retrofitted with a multi-part aluminum and titanium protection system to reduce the possibility of damage.
In 2016, former Tesla CTO J.B. Straubel expected batteries to last 10–15 years, and discounted using electric cars to charge the grid with vehicle-to-grid (V2G) because the related battery wear outweighs economic benefit. He also preferred recycling over re-use for grid once they reach the end of their useful life for vehicles. Tesla launched its battery recycling operation at Giga Nevada in 2019.
Panasonic is Tesla's supplier of the cells in the United States, and cooperates with Tesla in producing 2170 batteries at Giga Nevada. As of January 2021, Panasonic has the capacity to produce 39GWh per year of the 2170 batteries at Giga Nevada. Tesla's battery cells in China are supplied by Panasonic and CATL, and are the more traditional prismatic cells used by other automakers.
Tesla is involved in lithium-ion battery research. Starting in 2016, the company established a 5-year battery research and development partnership at Dalhousie University in Nova Scotia, Canada, featuring lead researcher Jeff Dahn. Tesla also acquired two battery companies in 2019: Hibar Systems and Maxwell Technologies.
During Tesla's Battery Day event on September 22, 2020, Tesla announced the next generation of their batteries, featuring a tabless battery design that will increase the range and decrease the price of Tesla vehicles. The new battery is named the "4680" in reference to its dimensions: 46 mm (1.8 in) wide by 80 mm (3.1 in) tall. Two weeks before Battery Day, Tesla paid a total of $3 to buy a number of patent applications related to battery manufacturing from a small Canadian battery company called Springpower International.
Tesla predicted the new batteries could be up to 56% cheaper and allow the cars to have a 54% longer range. The company said this would be achieved by a more efficient production process, new battery design, cheaper resources for the anode and cathode, and better integration into the vehicle. Business analysis company BloombergNEF estimated Tesla's battery pack price in 2020 at $115 per kWh, versus an industry average of $137 per kWh. This is already close to $100 per kWh, the cost at which the US Department of Energy estimate electric cars would reach cost-parity with gasoline-powered cars.
Tesla makes two kinds of electric motors. Their oldest currently-produced design is a three-phase four-pole ACinduction motor with a copper rotor (which inspired the Tesla logo), which is used as the rear motor in the Model S and Model X. Newer, higher-efficiency permanent magnet motors are used in the Model 3, Model Y, the front motor of 2019-onward versions of the Model S and X, and is expected to be used in the Tesla Semi Class 8 semi-truck. The permanent magnet motors increase efficiency, especially in stop-start driving.
Starting in September 2014, all Tesla cars are shipped with sensors and software to support Autopilot (initially hardware version 1 or "HW1"). Tesla upgraded its sensors and software in October 2016 ("HW2") to support full self-driving in the future. HW2 includes eight cameras, twelve ultrasonic sensors, and forward-facing radar. HW2.5 was released in mid-2017, and it upgraded HW2 with a second graphics processing unit (GPU) and, for the Model 3 only, a driver-facing camera. HW3 was released in early 2019 with an updated and more powerful computer, employing a custom Tesla-designed system on a chip.
In April 2019, Tesla announced that all of its cars will include Autopilot software (defined as just Traffic-Aware Cruise Control and Autosteer (Beta)) as a standard feature moving forward. Full self-driving software (Autopark, Navigate on Autopilot (Beta), Auto Lane Change (Beta), Summon (Beta), Smart Summon (Beta) and future abilities) is an extra cost option.
In April 2020, Tesla released a software update where cars recognize and automatically stop at stop signs and traffic lights (even if they were green). In October 2020, the software was updated to drive straight through green lights.
Full self-driving (FSD) is an optional upcoming extension of Autopilot to enable fully autonomous driving. At the end of 2016, Tesla expected to demonstrate full autonomy by the end of 2017. The first beta version of the software was released on October 22, 2020 to a small group of testers. The release of beta FSD has renewed concern regarding whether the technology is ready for testing on public roads. The NTSB has called for "tougher requirements" for any testing of Autopilot on public roads.
Tesla's approach to achieve full autonomy is different from that of other companies. Whereas Waymo, Cruise, and other companies are relying on highly detailed (centimeter-scale) three-dimensional maps, lidar, and cameras, as well as radar and ultrasonic sensors in their autonomous vehicles, Tesla's approach is to use coarse-grained two-dimensional maps and cameras (no lidar) as well as radar and ultrasonic sensors. Tesla claims that although its approach is much more difficult, it will ultimately be more useful, because its vehicles will be able to self-drive without geofencing concerns. Tesla's self-driving software is being trained on over 20 billion miles driven by Tesla vehicles as of January 2021. In terms of computing hardware, Tesla designed a self-driving computer chip that has been installed in its cars since March 2019.
Most experts believe that Tesla's approach of trying to achieve full self-driving by eschewing lidar and high-definition maps is not feasible. In March 2021, according to a letter that Tesla sent to the California DMV about FSD’s capability, acquired by PlainSite via a public records request, Tesla stated that FSD is not capable of autonomous driving and is SAE Level 2 automation. In a May 2021 study by Guidehouse Insights, Tesla was ranked last for both strategy and execution in the autonomous driving sector.
In November 2016, the company announced the Tesla glass technology group. The group produced the roof glass for the Tesla Model 3. It also produces the glass used in the Tesla Solar Roofsolar shingles.
In addition to its corporate headquarters, the company operates five large factories in the United States, Europe, and China, with two more under construction. The company also operates showrooms and galleries around the world.
Tesla was founded in San Carlos, California. In 2010, Tesla moved its corporate headquarters and opened a powertrain development facility in Palo Alto. In May 2020, after California's government had refused to let the Tesla factory reopen after a COVID-19 lockdown, Elon Musk said that he would move the company's headquarters from California to Texas or Nevada.
Tesla's first retail store was opened in 2008 in Los Angeles, followed by others in major U.S. cities. As of 2020, Tesla operates 466 service centers globally.
Tesla's first assembly plant occupies the former NUMMI plant in Fremont, California, known as the Tesla Factory. The factory was originally opened by General Motors in 1962, and then operated by a joint venture of GM and Toyota from 1984. The original factory was closed in 2010, and was acquired by Tesla the same year. By 2015, Tesla also occupied a second factory in Fremont a few miles from the original Fremont plant.
The first major battery production facility was opened in Nevada in 2016. The Giga Nevada (originally Gigafactory 1) produces Powerwalls and Powerpacks, battery cells in partnership with Panasonic, and Model 3 battery packs and drivetrains. The factory received substantial subsidies from the local and state governments, that in exchange for opening in their jurisdiction allowed Tesla to operate essentially tax free for 10 years.
Tesla opened its first European store in June 2009 in London. Tesla's European headquarters are in the Netherlands. A 62,000 sq ft (5,800 m2) European service center operates in Tilburg, Netherlands, along with a 77,650 m2 (835,800 sq ft) assembly facility that adds drivetrain, battery and software to the (imported) car body to reduce EU import tax, which depends on the location of final assembly.
In late 2016, Tesla acquired German engineering firm Grohmann Engineering in Prüm as a new division dedicated to helping Tesla increase the automation and effectiveness of its manufacturing process. After winding down existing contracts with other auto manufacturers, Grohmann works exclusively on Tesla projects.
Tesla announced its plans to build a car and battery Gigafactory in Europe in 2016. Several countries campaigned to host, and eventually the chosen location, Berlin, was announced in November 2019. As of early 2021, the Giga Berlin factory is under construction.
Tesla Motor's showroom in Aoyama, Tokyo, which was the first showroom opened in Japan.
By 2013, showrooms and service centers operated in Hong Kong, Beijing and Shanghai. Tesla opened its first Japanese showroom in Tokyo, Japan, in October 2010. In South Korea, it opened two showrooms in March 2017 and a service center in late 2017. In August 2017, Taiwan opened its first service center and showroom.
In July 2018, Tesla signed an agreement with Chinese authorities to build a factory in Shanghai, China, which is Tesla's first Gigafactory outside of the United States. The factory building was finished in August 2019, and the initial Tesla Model 3s were in production from Giga Shanghai in October 2019.
On January 8, 2021, Tesla incorporated Tesla India Motors and Energy Private Limited in Bangalore, India, with the aim to start selling Tesla cars in the country.
In response to the Chinese military banning Tesla cars from entering military housing complexes, Elon Musk stated during the China Development Forum in March 2021 that the company would stop producing cars in the country if cars were being used to spy. The comment came shortly after a meeting of Chinese and U.S. diplomats in Alaska, in part over concerns of U.S. intervention in China's internal affairs.
In 2020, China was the second largest market for Tesla, accounting for 21% its vehicle sales, after the United States, which accounted for 48% of its sales.
The first expansion of Tesla in the Middle East was with the opening of a showroom and a service center in Dubai, United Arab Emirates, in 2017. Five ultra-fast superchargers were also built between cities with a planned 50 destination chargers in the United Arab Emirates by the end of 2017. One of the first Tesla customers was Dubai's Roads and Transport Authority which ordered 200 Tesla Model S and Model X vehicles that were added to Dubai Taxi Corporation's fleet. In May 2017, a service center and store in Amman, Jordan was opened. In January 2020 a "pop-up" store in Tel Aviv, Israel was opened and an R&D center.
Tesla's major partner is Panasonic, which is the main developer of battery cells for the company. Tesla also has a range of minor partnerships, for instance working with Airbnb and hotel chains to install destination chargers at selected locations.
Panasonic Energy Company President Naoto Noguchi presented Tesla CTO JB Straubel with the first lithium-ion cells from Panasonic's facility in Suminoe-ku, Osaka, Japan.
On January 7, 2010, Tesla and battery cell maker Panasonic announced that they would together develop nickel-based lithium-ion battery cells for electric vehicles. The partnership was part of Panasonic's $1 billion investment over three years in facilities for lithium-ion cell research, development and production.
Beginning in 2010, Panasonic invested $30 million for a multi-year collaboration on new battery cells designed specifically for electric vehicles. In July 2014, Panasonic reached a basic agreement with Tesla to participate in battery production at Giga Nevada.
Tesla and Panasonic previously collaborated on the manufacturing and production of photovoltaic (PV) cells and modules at the Giga New York factory in Buffalo, New York. The partnership started in mid-2017 and ended in early 2020, before Panasonic exited the solar business entirely in January 2021.
In March 2021, the outgoing CEO of Panasonic stated that the company plans to reduce reliance on Tesla as their battery partnership evolves.
Daimler AG and Tesla began working together in late 2007. On May 19, 2009, Daimler bought a stake of less than 10% in Tesla for a reported $50 million. As part of the collaboration, Herbert Kohler, Vice-President of E-Drive and Future Mobility at Daimler, took a Tesla board seat. On July 13, 2009, Daimler AG sold 40% of its acquisition to Aabar. Aabar is an investment company controlled by the International Petroleum Investment Company (IPIC), which is owned by the government of Abu Dhabi. In October 2014, Daimler sold its remaining holdings for a reported $780 million.
Tesla produced and co-developed the Mercedes-Benz B250e's powertrain, which ended production in 2017. The electric motor was rated 134 hp (100 kW) and 230 pound force-feet (310 N⋅m), with a 36 kWh (130 MJ) battery. The vehicle had a driving range of 200 km (124 mi) with a top speed of 150 km/h (93 mph).Smart electric drive cars also had a 14-kilowatt-hour (50 MJ) lithium-ion battery and a powertrain from Tesla.
Initial versions of Autopilot were developed in partnership with Mobileye beginning in 2014. Mobileye ended the partnership on July 26, 2016, citing "disagreements about how the technology was deployed."
On May 20, 2010, Tesla and Toyota announced a partnership to work on electric vehicle development, which included Toyota's $50 million future conditional investment in Tesla and Tesla's $42 million purchase of a portion of the former NUMMI factory.
In July 2010, the companies announced an agreement to develop a second generation compact Toyota RAV4 EV. A demonstrator vehicle was unveiled at the October 2010 Los Angeles Auto Show. Toyota built 35 of these converted RAV4s (Phase Zero vehicles) for a demonstration and evaluation program that ran through 2011. Tesla supplied the lithium metal-oxide battery and other powertrain components based on components from the Roadster. In August 2012, the production version was unveiled, with some battery pack, electronics and powertrain components being those used in the Tesla Model S sedan (also launched in 2012), The RAV4 EV had a limited production run which resulted in just under 3,000 vehicles being produced. The RAV4 EV left the market in 2014 and there are no known plans to revive the model.
According to Bloomberg News, the partnership between Tesla and Toyota was "marred by clashes between engineers". Toyota engineers rejected designs that Tesla had proposed for an enclosure to protect the RAV4 EV's battery pack; Tesla used a similar design in its Model S sedan, which led to cars catching fire due to punctured battery packs. On June 5, 2017, Toyota announced that it had sold all of its shares in Tesla and halted co-operation, as Toyota had created their own electric car division.
Tesla and Musk have been party to more than 1,000 lawsuits as of December 2020. Some of Tesla's major legal problems pertain to Musk's August 7, 2018 tweet, "Am considering taking Tesla private at $420. Funding secured[,]" as the tweet caused the stock to initially rise but then drop when it was revealed to be false. Musk settled fraud charges with the U.S. Securities and Exchange Commission (SEC) over his false statements in September 2018. According to the terms of the settlement, Musk agreed to have his tweets reviewed by Tesla's in-house counsel, he was removed from his chairman role at Tesla temporarily, and two new independent directors were appointed to the company's board. Tesla and Musk also paid civil penalties of $20 million each. A civil class-action shareholder lawsuit over Musk's statements and other derivative lawsuits were also filed against Musk and the members of Tesla's board of directors as then constituted in relation to statements made and actions connected to a potential going-private transaction.
In 2018 a class action was filed against Musk and the members of Tesla's board of directors alleging they breached their fiduciary duties by approving Musk's stock-based compensation plan. Musk received the first portion of his stock options payout, worth more than $700 million in May 2020.
Other legal cases involve the acquisition of SolarCity. In 2016, Musk urged investors to approve the acquisition despite publicly recusing himself from involvement in the deal. The consolidated shareholders lawsuit alleges that Musk knew SolarCity was going broke before the acquisition, that he and the board of directors overpaid for SolarCity, ignored their conflicts of interest and breached their fiduciary duties in connection with the deal, and failed to disclose “troubling facts” essential to an analysis of the proposed acquisition. The members of the board of directors settled in 2020, leaving Musk as the only defendant.
Several legal cases have revolved around alleged whistleblower retaliation. These include the firing of Tesla safety official Carlos Ramirez and former Tesla security employee Karl Hansen. In January 2019, another former Tesla security manager and Hansen's supervisor Sean Gouthro filed a whistleblower complaint alleging that the company illegally hacked employees' phones and spied on them while also failing to report illegal activities to the authorities and shareholders.
Tesla filed a lawsuit against Alex Khatilov in January 2021, and alleged that the former employee stole company information by downloading files related to its Warp Drive software to his personal Dropbox account. Khatilov denies the allegation that he was acting as a "willful and malicious thief" and attributes his actions to an accidental data transfer. Tesla has sued former employees in the past for similar actions, for example, Guangzhi Cao, who served as an engineer at Tesla, was accused of uploading Tesla Autopilotsource code to his iCloud account.
In September 2018, Tesla disclosed that it was under investigation by the U.S. Federal Bureau of Investigation (FBI) regarding its Model 3 production figures. Authorities were investigating whether the company misled investors and made projections about its Model 3 production that it knew would be impossible to meet. A stockholder class action lawsuit related to Model 3 production numbers (unrelated to the FBI investigation) was dismissed in Tesla's favor in March 2019.
In August 2019, Walmart filed a multi-million dollar lawsuit against Tesla, claiming that Tesla's "negligent installation and maintenance" of solar panels caused roof fires at seven Walmart stores dating back to 2012. Walmart reached a settlement with Tesla in November 2019; the terms of the settlement were not disclosed.
In June 2018, a Tesla employee named Martin Tripp leaked information that Tesla was scrapping or reworking up to 40% of its raw materials at the Nevada Gigafactory. After Tesla fired him for the leak, Tripp filed a lawsuit and claimed Tesla’s security team gave police a false tip that he was planning a mass shooting at the Nevada factory. The court ruled in Tesla's favor on September 17, 2020.
In September 2019, a California judge ruled that 12 actions by Musk and other Tesla executives violated labor laws in 2017 and 2018 when they sabotaged employee attempts to unionize.
In May 2021, a Norwegian judge found Tesla guilty of throttling charging speed through a 2019 update, awarding each of the 30 customers who were part of the lawsuit $16,000 (136,000 Norwegian kroner). Approximately 10,000 other Norwegian Tesla owners may be granted a similar award.
There have been numerous concerns about Tesla's financial reporting. In 2013, Bloomberg questioned whether Tesla's financial reporting violated Generally Accepted Accounting Principles (GAAP) reporting standards.Fortune accused Tesla in 2016 of using creative accounting to show positive cash flow and quarterly profits. In 2018, analysts expressed concerns over Tesla's accounts receivable balance. In September 2019, the SEC questioned Tesla CFO Zach Kirkhorn about Tesla's warranty reserves and lease accounting. Hedge fund manager David Einhorn accused Elon Musk in November 2019 of "significant fraud", and publicly questioned Tesla's accounting practices, telling Musk that he was "beginning to wonder whether your accounts receivable exist."
Battery swap technology
From 2012 to 2014, Tesla earned more than $295 million in Zero Emission Vehicle credits for a battery-swapping technology that was never made available to customers. Staff at California Air Resources Board were concerned that Tesla was "gaming" the battery swap subsidies and recommended eliminating the credits in 2013.
COVID-19 pandemic in the United States
As of June 2020[update], much controversy surrounded Tesla's early management of the COVID-19 pandemic in the United States. Musk wanted the Tesla factory in Alameda County, California to be exempted from stay-at-home orders imposed by the county for public health reasons. In an earnings call in April, he called the public health orders "fascist". In May 2020, while Alameda County officials were negotiating with the company to reopen the Fremont Factory on the 18th, Musk defied local government orders by restarting production at the factory on the 11th. This act was in non-compliance with the governor's order for the state of California during the crisis. Tesla also filed a lawsuit against Alameda County but later rescinded it after the Fremont Factory was given approval to reopen. Tesla published its detailed plan for bringing employees back to work and keeping them safe, but CNBC reported some employees continued to express concern over lax coronavirus precautions.
In June 2020, Tesla fired an employee who criticized the company for taking inadequate safety measures to protect workers from the coronavirus at the Fremont Factory. Three more employees at Tesla's Fremont Factory also say they were fired for staying home out of fear of catching COVID-19, despite Musk telling workers in May that they could stay home if they feel uncomfortable coming back to work. This was subsequently denied by Tesla, stating that the employees were still employed with the company. According to Alameda County health records obtained by PlainSite, COVID-19 cases at the factory grew from 10 in May 2020 to 125 in December 2020, with about 450 total cases in that time period out of the approximately 10,000 workers at the plant.
Musk has been criticized for repeated pushing out both production and release dates of products. By one count in 2016, Musk had missed 20 projections. In October 2017, Musk predicted that Model 3 production would be 5,000 units per week by December. A month later, he revised that target to "sometime in March" 2018. Delivery dates for the Model 3 were delayed as well. Other projects like converting supercharger stations to be solar-powered have also lagged projections. Musk responded in late 2018: "punctuality's not my strong suit...I never made a mass-produced car. How am I supposed to know with precision when it's gonna get done?"
In 2020, the New York state comptroller released a "scathing"[clarification needed] audit of the Giga New York project, concluding that it presented many red flags, including lack of basic due diligence and that the factory itself produced only $0.54 in economic benefits for every $1 spent by the state.
Short-sellers and TSLAQ
The members of TSLAQ, a collective of Tesla critics and short sellers who, as of January 2020[update], worked to "shape [the] perception [of Tesla] and move its stock."[according to whom?] In January 2020, 20% of Tesla stock was shorted, the highest at that time in the U.S. equity markets. By early 2021, according to CNN, short sellers had lost $40 billion during 2020 as the stock price climbed much higher.Michael Burry, a short seller portrayed in The Big Short, disclosed through a tweet in December 2020 that he was still shorting Tesla stock.
Worker safety and rights
An investigation by the Reveal podcast alleged that Tesla "failed to report some of its serious injuries on legally mandated reports" in order to downplay the extent of injuries. From 2014 to 2018, Tesla's Fremont Factory had three times as many Occupational Safety and Health Administration (OSHA) violations as the ten largest U.S. auto plants combined.
In March 2021, the US Labor board ordered Tesla CEO to remove a tweet and reinstate a fired employee over union organization activities.
Tesla operates stores and galleries—usually located in shopping malls—in many U.S. states. However, customers buy vehicles only from the Tesla website. The stores serve as showrooms that allow people to learn about the company and its vehicles. Some galleries are located in states with restrictive dealer protection laws that prohibit discussing prices or financing, or providing test drives, as well as other restrictions. Forty-eight states have laws that limit or ban manufacturers from selling vehicles directly to consumers, and although Tesla has no independent dealerships, dealership associations in multiple states have filed lawsuits over Tesla's sales practices. In response, Tesla has lobbied in several states for the right to sell cars. The Federal Trade Commission recommends allowing direct manufacturer sales, which government analysts believe would save consumers 8% in average vehicle price.
Vehicle product issues
On April 20, 2017, Tesla issued a worldwide recall of 53,000 (~70%) of the 76,000 vehicles it sold in 2016 due to faulty parking brakes which could become stuck and "prevent the vehicles from moving". On March 29, 2018, Tesla issued a worldwide recall of 123,000 Model S cars built before April 2016 due to corrosion-susceptible power steering bolts, which could fail and require the driver to use "increased force" to control the vehicle.
In October 2020, Tesla initiated a recall of nearly 50,000 Model X and Y vehicles throughout China for suspension issues. Soon after in November, the National Highway Traffic Safety Administration (NHTSA) announced it had opened its own investigation into 115,0000 Tesla cars regarding "front suspension safety issues", citing specifically 2015 - 2017 Model S and 2016 - 2017 Model X years. Cases of the "whompy wheel" phenomenon, which also included Model X and the occasional Model 3 cars, have been documented through 2020.
In February 2021, Tesla was required by the NHTSA to recall 135,000 Model S and Model X vehicles built from 2012 to 2018 due to using a flash memory device that was only rated to last 5 to 6 years. The problem was related to touchscreen failures that could possibly affect the rear-view camera, safety systems, Autopilot and other features. The underlying technical reason is that the car writes a large amount of syslog to a flash memory, wearing it out prematurely.
Also in February 2021, the German Federal Motor Transport Authority (KBA) ordered Tesla to recall 12,300 Model X cars because of "body mouldings problems".
In June 2021 Tesla recalled 5,974 electric vehicles due to worry that brake caliper bolts might become loose, which could lead to loss of tire pressure, potentially increasing the chance of a crash.
In 2013, a Model S caught fire after the vehicle hit metal debris on a highway in Kent, Washington. Tesla confirmed the fire began in the battery pack and was caused by the impact of an object. As a result of this and other incidents, Tesla announced its decision to extend its current vehicle warranty to cover fire damage. In March 2014, the NHTSA announced that it had closed the investigation into whether the Model S was prone to catch fire, after Tesla said it would provide more protection to its battery packs. All Model S cars manufactured after March 6, 2014, have had the 0.25-inch (6.4 mm) aluminum shield over the battery pack replaced with a new three-layer shield. In October 2019, the NHTSA opened an investigation into possible battery defects in Tesla's Model S and X vehicles from 2012 to 2019 that could cause "non-crash" fires.
A Model S driver died in a collision with a tractor-trailer in 2016, while the vehicle was in Autopilot mode; the driver is believed to be the first person to have died in a Tesla vehicle in Autopilot. The NHTSA investigated the accident but found no safety-related defect trend. In March 2018, a driver of a Tesla Model X was killed in a crash. Investigators say that the driver of the vehicle had his car in 'self-driving' mode and was using his phone to play games when the vehicle collided with the barrier in the middle of the freeway. Through investigation, the National Transportation Safety Board (NTSB) found that the Tesla malfunctioned due to the system being confused by an exit on the freeway.
In August 2015, two researchers said they were able to take control of a Tesla Model S by hacking into the car's entertainment system. The hack required the researchers to physically access the car. Tesla issued a security update for the Model S the day after the exploit was announced.
In September 2016, researchers at Tencent's Keen Security Lab demonstrated a remote attack on a Tesla Model S and controlled the vehicle in both Parking and Driving Mode without physical access. They were able to compromise the automotive networking bus (CAN bus) when the vehicle's web browser was used while the vehicle was connected to a malicious Wi-Fi hotspot. This was the first case of a remote control exploit demonstrated on a Tesla. The vulnerability was disclosed to Tesla under their bug bounty program and patched within 10 days, before the exploit was made public. Tencent also hacked the doors of a Model X in 2017.
In January 2018, security researchers informed Tesla that an Amazon Web Services account of theirs could be accessed directly from the Internet and that the account had been exploited for cryptocurrency mining. Tesla responded by securing the compromised system, rewarding the security researchers financially via their bug bounty program, and stating that the compromise did not violate customer privacy, nor vehicle safety or security. Later in 2019, Tesla awarded a car and $375,000 to ethical hackers during a Pwn2Own Model 3 Hacking Event.
Tesla reported 2020 vehicle deliveries of 499,550, which was better than analysts' estimates but shy of the company's goal of 500,000. Tesla is ranked as the world's best-selling plug-in and battery electric passenger car manufacturer, with a market share of 16% of the plug-in segment and 23% of the battery electric segment 2020 sales. In 2020, Tesla accounted for nearly 80% of all battery electric car registrations in the U.S. At the end of 2020, Tesla's global sales since 2012 totaled over 1.4 million units.
Tesla deliveries vary significantly by month due to regional issues such as availability of car carriers and registration. On March 9, 2020, the company produced its 1 millionth electric car, becoming the first auto manufacturer to achieve such a milestone.
Tesla financial performance
For the fiscal year 2020, Tesla reported a net income of $721 million, the company's first annual profit. The annual revenue was $31.5 billion, an increase of 28% over the previous fiscal cycle.
Tesla ended 2020 with over $19 billion of cash on hand after having raised approximately $12 billion in stock sales. At the end of 2019 it had $6.3 billion cash on hand.
Tesla makes significant revenue from selling regulatory credits to other manufacturers. Various governments issue the credits to BEV automakers based on their sales volume, which in turn can be sold to other makers who need credits to offset their sales volume of ICE vehicles. In the fourth quarter of 2020, Tesla earned $401 million from such sales, which directly increased Tesla's revenue and contributed to its net profit in 2020.
In February 2021, a 10-K filing revealed that Tesla had invested some $1.5 billion in the cryptocurrencyBitcoin, and the company indicated it would soon accept Bitcoin as a form of payment; critics pointed out how investing in cryptocurrency can run counter to environmental concerns. Reports have indicated that Tesla may have made more profit from the investment than the profit from selling cars last year, due to the increase after it was announced.
In an April 2017 public letter, a group of influential Tesla investors, including the California State Teachers' Retirement System, asked Tesla to add two new independent directors to its board "who do not have any ties with chief executive Elon Musk". The investors wrote that "five of six current non-executive directors have professional or personal ties to Mr. Musk that could put at risk their ability to exercise independent judgement." Tesla's directors at the time included Brad Buss, who served as chief financial officer at SolarCity; Steve Jurvetson, a venture capitalist who also sits on the board of SpaceX; Elon Musk's brother, Kimbal; and Ira Ehrenpreis and Antonio Gracias, both of whom also invested in SpaceX. The letter called for a more independent board that could put a check on groupthink. At first Musk responded on Twitter, writing that the investors "should buy Ford stock" because "their governance is amazing." Two days later, he promised he would add two independent board members.
Full-time Chairwoman of Tesla, Inc.; former CFO and Head of Strategy of Telstra
As of March 2020, Denholm is the only Board member with automotive experience besides Musk. (Denholm served in finance and corporate reporting roles at Toyota Motor Corporation Australia from 1989 to 1996.)
^ abcdefgVance, Ashlee (May 19, 2015). Elon Musk : Tesla, SpaceX, and the quest for a fantastic future (First ed.). New York, NY. pp. 151–155. ISBN978-0-06-230123-9. OCLC881436803. On July 1, 2003, Eberhard and Tarpenning incorporated their new company. " "The third desk was occupied a few months later by Ian Wright..." "...the three men went hunting for some venture capital funding in January 2004." "With an investment of $6.5 million, Musk had become the largest shareholder of Tesla and the chairman of the company." "Straubel stopped by the office for a meeting, and was hired right away in May 2004...
^ abBurns, Matt (October 8, 2014). "A Brief History of Tesla". TechCrunch. Archived from the original on July 17, 2015. Retrieved June 11, 2015. Tesla was founded not by Elon Musk, but rather by Martin Eberhard and Marc Tarpenning in July 2003. The two bootstrapped the fledgling auto company until Elon Musk led the company's US$7.5 million Series A financing round in February 2004.
^Jose, Pontes (January 31, 2019). "Global Top 20 - December 2018". EVSales.com. Archived from the original on February 1, 2019. Retrieved February 2, 2019. "Global sales totaled 2,018,247 plug-in passenger cars in 2018, with a BEV:PHEV ratio of 69:31, and a market share of 2.1%. The world's top selling plug-in car was the Tesla Model 3, and Tesla was the top selling manufacturer of plug-in passenger cars in 2018, followed by BYD."
^Frydenlund, Ståle (April 2, 2014). "Tesla knuste 28 år gammel rekord" [Tesla broke 28-year-old record] (in Norwegian). Norsk Elbilforening (Norwegian Electric Vehicle Association). Archived from the original on April 7, 2014. Retrieved April 5, 2014.
^Cobb, Jeff (January 22, 2018). "Tesla Quietly Sold 200,000th Model S Last Year". HybridCars.com. Retrieved January 22, 2018. "Tesla sold its 200,000 Model S in the fourth quarter of 2017, in October or early November, becoming the second plug-in car to cross this sales threshold after the Nissan Leaf (300,000 units by early 2017). As of December 2017[update], Tesla reported global sales of 212,874 Model S cars."
^ abJose, Pontes (February 2, 2021). "Global Top 20 - December 2020". EVSales.com. Retrieved February 3, 2021. "Global sales totaled 3,124,793 plug-in passenger cars in 2020, with a BEV to PHEV ratio of 69:31, and a global market share of 4%. The world's top selling plug-in car was the Tesla Model 3 with 365,240 units delivered, and Tesla was the top selling manufacturer of plug-in passenger cars in 2019 with 499,535 units, followed by VW with 220,220."
^Norwegian Road Federation (OFV) (January 2020). "OFV Registreringsstatistikk" [OFV Registration Statistics] (in Norwegian). OFV. Retrieved May 10, 2020. To access the sales ranking by model choose "Modell" and the tabs for "2019" and "Desember" - The Tesla Model 3 was the best selling passenger car in Norway in 2019 with 15,683 units registered.
^Damon, Anjeanette (September 16, 2014). "Inside Nevada's $1.25 billion Tesla tax deal". Reno Gazette Journal. Retrieved November 3, 2016. the company must invest a minimum of $3.5 billion in manufacturing equipment and real property in the state. Five other states charge no sales tax at all and 34 states, including Arizona and Texas, don't charges sales tax on manufacturing equipment.
^Kane, Mark. "Tesla's New Tilburg Factory Now Open". InsideEVs. Archived from the original on May 17, 2016. Retrieved January 5, 2017. re-assembled after leaving Tesla's Fremont factory in California in order to meet domestic manufacturing/regulatory standards and to avoid extra EU taxation/import tariff rules. The ‘final assembly‘ process reportedly takes about 2–3 hours per vehicle, but saves about ~10% worth of fees added to the EVs' pricing.
^Linden, Fritz-Peter (April 6, 2017). "Demnächst nur noch ein einziger Kunde für Tesla Grohmann in Prüm" [Next, only a single customer for Tesla Grohmann in Prüm] (in German). Volksfreund.de. Retrieved April 8, 2017. We need all capacities in Prüm to drive the production of the Model 3 in large numbers. "a fast and smooth transfer of current customers to other suppliers" is being carried out.