In February 2006, Musk led Tesla's Series B venture capital funding round of $13 million, which added Valor Equity Partners to the funding team. The company's strategy was to start with a premium sports car aimed at early adopters and then move into more mainstream vehicles, including sedans and affordable compacts. Main article: Tesla Roadster (first generation)Įlon 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. Ī 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. Straubel joined Tesla in May 2004 as chief technical officer. Musk became the chairman of the board of directors and the largest shareholder of Tesla. In February 2004, the company raised $7.5 million in series A funding, including $6.5 million from Elon Musk, who had received $100 million from the sale of his interest in PayPal two years earlier. Ian Wright was Tesla's third employee, joining a few months later. 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". Eberhard and Tarpenning served as CEO and CFO, respectively. on July 1, 2003, by Martin Eberhard and Marc Tarpenning. The company was incorporated as Tesla Motors, Inc. Tesla Motors insignia as seen on a Tesla Roadster, c. Tesla has been the subject of several lawsuits, government scrutiny, journalistic criticism, and public controversies arising from statements and acts of CEO Elon Musk and from allegations of whistleblower retaliation, worker rights violations, and defects with their products. In October 2021, Tesla's market capitalization reached $1 trillion, the sixth company to do so in U.S. Tesla's 2022 full year deliveries were around 1.31 million vehicles, a 40% increase over the previous year, and cumulative sales totaled 3 million cars as of August 2022. The Model 3 is the all-time bestselling plug-in electric car worldwide, and in June 2021 became the first electric car to sell 1 million units globally. The company plans to start production of the Cybertruck light-duty pickup truck in 2023. This was followed by the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, the Model Y crossover in 2020, and the Tesla Semi truck in 2022. Tesla began production of its first car model, the Roadster sports car, in 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. In February 2004, via a $6.5 million investment, Elon Musk became the largest shareholder of the company. The company's name is a tribute to inventor and electrical engineer Nikola Tesla. Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 6.5 gigawatt-hours (GWh) installed in 2022. Through its subsidiary Tesla Energy, the company develops and is a major installer of photovoltaic systems in the United States. In 2022, the company had the most worldwide sales of battery electric vehicles, capturing 18% of the market. Tesla is one of the world's most valuable companies and, as of 2023, is the world's most valuable automaker. Tesla designs and manufactures electric vehicles ( electric cars and trucks), battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. ( / ˈ t ɛ s l ə/ TESS-lə or / ˈ t ɛ z l ə/ TEZ-lə ) is an American multinational automotive and clean energy company headquartered in Austin, Texas.
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