“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.
Founded in July 2003 by engineers Martin Eberhard and Marc Tarpenning as Tesla Motors, the company’s name is a tribute to inventor and electrical engineer Nikola Tesla. The next three employees were Ian Wright, Elon Musk, and J. B. Straubel, all of whom are named as co-founders of the company. Musk, who formerly served as chairman and is the current CEO, 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, Inc.
Tesla’s current products include cars (the Model S, Model 3, Model X, and Model Y), batteries (the Powerwall, Powerpack, and Megapack), solar products (solar panels and solar roof tiles) and related products and services. To produce these, Tesla operates multiple production and assembly plants. Its main vehicle manufacturing facility is at Tesla Factory in Fremont, California. Other facilities are Giga Nevada, Giga New York, and Giga Shanghai.
After 11 years in the market, Tesla ranked as the world’s best-selling plug-in and battery electric passenger car manufacturer 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. In 2020, the company surpassed the 1 million mark of electric cars produced. The Model 3 ranks as the world’s all-time best-selling plug-in electric car, with more than 500,000 delivered. Tesla cars accounted for 81% of the battery electric vehicles sold in the United States in the first half of 2020.