Tesla, Inc. (formerly Tesla Motors, Inc.), is an American electric vehicle and clean energy company based in Palo Alto, California. The company specializes in electric vehicle manufacturing, battery energy storage from home to grid scale and, through its acquisition of SolarCity, solar panel and solar roof tile manufacturing.
Tesla operates multiple production and assembly plants, such as: its main vehicle manufacturing facility at Tesla Factory in Fremont, California; Giga Nevada near Reno, Nevada; Giga New York in Buffalo, New York; and Giga Shanghai in Shanghai, China.
As of 2020, Tesla sells Model S, Model 3, Model X, and Model Y cars. Tesla also sells Powerwall, Powerpack, and Megapack batteries, solar panels, solar roof tiles, and some related products.
Tesla Motors was founded in July 2003 by engineers Martin Eberhard and Marc Tarpenning. The company’s name is a tribute to inventor and electrical engineer Nikola Tesla. Elon Musk was responsible for 98% of the initial funding, and served as chairman of the board. He appointed Martin Eberhard to be the first CEO.In its 2004 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 and is the current chief executive officer, 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. In February 2017, Tesla Motors shortened its name to Tesla.
After 11 years in the market, Tesla ranked as the world’s best-selling plug-in as well as best-selling battery electric passenger car manufacturer by cars sold in 2019, both as a brand and by automotive group, with a market share of 17% of the plug-in segment and 23% of the battery electric segment.Tesla global vehicle sales increased 50% from 245,240 units in 2018 to 367,849 units in 2019.
Tesla has never had a profitable year;however, it has had several individually profitable quarters, most recently the quarters ending September 2018, December 2018, September 2019, and December 2019.
On February 20, 2020, Tesla reached a market capitalization of US$166 billion.