The History of Tesla
Find out the history behind the world's leading EV brand.
With a market cap of over $580 billion, Tesla is the number one electric car manufacturer in the world. They have revolutionised the electric charging market, and their model Y is the world’s bestselling car. But it hasn’t always been plain sailing - we take a dive into Tesla’s rollercoaster history.
2003 - 2010
Tesla was founded by engineers Martin Eberhard and Marc Tarpenning in San Carlos, California in the year 2003. It was named after 19th century inventor Nikola Tesla, who discovered the properties of rotating electromagnetic fields.
Eberhard and Tarpenning based their ideas for a fully electric car on the General Motor’s experiment with the EV1.
2004 is when the current face of Tesla, Elon Musk, joined the company. He invested $30 million into Tesla Motors and became the chairman of the Board of Directors.
The Tesla Roadster was the first entirely electric sports car, and its prototype was unveiled in 2006. It began production in 2008, which became the first model to travel almost 250 miles on a single battery and held acceleration and top speeds that rivalled ICE counterparts.
Although the Roadster was revolutionary, it was not accessible to the majority of the population. Retailing at more than $100,000, many Americans simply could not afford to invest in electric - especially since the car took between 24-48 hours to recharge on a standard home outlet.
In 2009, after Eberhard and Tarpenning’s exist from the company, Tesla Motors hit a speed bump - the company had potentially less money than it needed to deliver the cars it had already sold. Solace came when Daimler AG - AKA the company that own Mercedes Benz - bought a 10% stake in the company, and the Department of Energy handed over a hefty loan to help the company’s survival.
2010 - 2015
In 2011, the prototype of the Model S was unveiled, and drove excitement as the company stepped towards the mainstream consumer market, retailing the sedan for $76,000.
The car went into full production in 2012 and was critically successful. It received awards and set benchmarks for what a fully electric vehicle could achieve - a range of 300 miles and reduced charging times to name a few. By the end of 2012, the Roadster was retired so the company could focus on its sedans.
2012 was a big year, as it was also the time when the company unveiled their ‘Supercharger’ network. These chargers offer a quick solution to charging, available for free for Tesla owners. It also saw the reveal of the Model X prototype; Tesla’s first SUV. It however did not enter production until the end of 2015.
In 2014, the Tesla Gigafactory in Nevada was announced. This is where the batteries for Tesla cars are manufactured today, and by square footage, it is one of the largest buildings in the world.
2015 – 2020
In 2015 Tesla expanded its ambitions, announcing a line of solar energy products designed to power businesses and houses through rechargeable batteries. This was reflected in the 2017 name change from Tesla Motors to simply Tesla Inc.
In 2016, Tesla announced the Model 3 sedan: the first car with a price point below $70,000. Unfortunately, the company struggled to roll out the vehicle as quickly as they had aimed to – they had promised a turnaround of more than 5000 units a week but were only completed 2400… over three months. This was blamed on its supply chain.
However, the Model 3 was the least of the company’s worries after Musk tweeted himself into trouble in in 2018. He revealed ’am considering taking Tesla private at $420. Funding secured. Shareholders could either to sell at 420 or hold shares & go private’[sic].
This led to investors racing to grab shares before the privatisation happened, causing the company’s stock price to elevate by 10% before trading was halted. Problem is - Tesla never went private.
This led to a charge with securities fraud, for releasing ‘false and misleading information’ to drive the company’s stock price. Tesla ended up paying an eyewatering $20 million fine, and Musk stepped down as the chairman of Tesla’s board, although he remained CEO of Tesla Inc, with Robyn Denholm taking his place as chairman.
In 2019, the Model Y was unveiled. The Y can seat 7 people and travel 300 miles on a single charge. The Cybertruck was unveiled at the end of 2019: a fully electric truck which can tow 14,000 lbs and travel 500 miles on a single charge. The demonstration went slightly wrong, though - the ‘armoured’ glass ended up cracking in front of a live audience.
2020 - Present
The Model Y was delivered to customers just as the COVID-19 pandemic hit the US in March. Three months later, the Model S Long Range Plus achieved an EPA-rated range of a record breaking 402 miles. This record was then beaten by the Lucid Air, which can travel an incredible 516 miles on a single charge.
The turn of the new decade saw Tesla’s share price skyrocket, and they were just shy of their target: half a million units delivered in 2020.
In June 2021, the Model 3 became the first electric car to sell 1 million units globally, making it the all-time bestselling plug in electric car worldwide. Later that year in October, Tesla’s total valuation came in at $1 trillion, becoming the sixth US company to do so, alongside the likes of Microsoft and Apple.
At the beginning of 2022, Tesla HQ moved from Silicon Valley to the Gigafactory in Texas.
Today in 2023, Tesla continues to be a powerhouse in the electric car market.
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