Barely a decade old, Tesla Inc (NASDAQ:TSLA), the American automaker specializing in electric car and lithium ion battery energy storage, has truly shaken the car industry. CEO Elon Musk envisions Tesla as a technology company and independent automaker aimed at eventually offering electric cars at affordable prices to the average consumer. After the Roadster was discontinued in 2012, Tesla has focused on its second platform, which gave rise to its two current models – the Model S and Model X, and now, the highly anticipated Tesla Model 3 is ready to join the pack.
The Californian company received nearly 400,000 pre-orders, worth upwards of $10 billion, simply by showing off a close-to-production prototype. No other automaker has ever pulled off such a feat.
But how is Tesla different?
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- Tesla are constructing a ‘Gigafactory’ in Nevada, which will create lithium-ion batteries for use in Tesla cars. This will be the second largest building in the world by volume, once it is complete, and it will be powered by 100% renewable energy.
- Tesla will recycle entire trains, amongst other items, into batteries.
- Tesla’s sales model is illegal in many US states – as the company prefers to sell direct to the customer without franchised dealers.
- CEO Elon Musk is one huge asset for the company that competitors just don’t have the pleasure of working with– Musk has also invested $70 million of his own money in Tesla and only takes $1 annual salary from Tesla.
- But not only has he invested his own money, Musk has managed to take to the companies Paypal, Tesla, SpaceX and Solar City to valuations of over $1 billion, so you could say that Tesla is in good hands.
- The Roadster was Tesla’s first model, which launched in 2008, but according to Musk, was a complete disaster.
Despite dominating the electric vehicles market, overtaking competitor’s sales year on year, continuously growing market share and Tesla’s yearly revenue accelerating, you might be surprised to hear that Tesla has never actually turned an annual profit and it is predicted to stay this way until 2020.
Car leasing company Select have taken the opportunity to have a look and delve into the electronic motoring giant’s journey so far, to see how far they’ve come and how they’ve fared against the competition.