Category: Automotive History
Facts about Tesla Motors. Tesla Motors is an American automobile manufacturing company with the name, Tesla Motors, Inc. The business plans, manufactures, and trades electric sedans and electric automobile power train parts. It is a public corporation that operates under the symbol TSLA on the NASDAQ stock exchange. During the first quarter of 2013, the business posted proceeds for the record in its history. Initially, Tesla Motors gained extensive attention after their manufacture of the first completely electric sports sedan, the Tesla Roadster. The second vehicle of the company is a completely electric luxury car, the Model S, and its subsequent two automobiles are the Models X and Model 3.
History of Tesla Motors
Tesla Motors was established by Marc Tarpenning and Martin Eberhard, who were American engineers and executives, during July 2003, financed the business until the Series-A round of financial support. Both guys played a vital role in the early growth of the company before the involvement of Elon Musk, the one of the founders of Tesla Motors. Musk guided the Series-A round of speculation during February 2004, joining the Board of Directors of Tesla as its Chairman. The main goal of Tesla was to commercialize electric automobiles, beginning with a premium sports sedan, targeted at early followers and then moving as quickly as possible into supplementary mainstream automobiles, as well as cars and reasonable compacts.
Series A round of Musk incorporated SDL Ventures and Compass Technology Partners, including as many private shareholders. Later, Musk led the Series B of Tesla Motors, with the US$13 million speculation round that included Valor Equity Partners to the financial support group. Musk co-guided the third, US$40 million investment round during May 2006, together with Technology Partners. The fourth investment round during May 2007 appended one more US$45 million and brought the overall investments to more than US$105 million in the course of private financing.
During December 2007, Ze'ev Drori, who was an Israeli-born technology entrepreneur of America, became President and CEO of Tesla. Tesla was compelled to reduce the company labor force by 10% to lessen its burn rate, which was beyond control in 2007.
The fifth investment round during February 2008 included another US$40 million. A sum of US$70 million was contributed by Musk and during October 2008, Musk succeeded Ze'ev Drori as CEO of Tesla, and Drori left the business during December. Tesla had increased US$187 million by January 2009 and delivered 147 sedans. On the 19th of May 2009, Daimler AG, the German manufacturer of Mercedes-Benz, purchased less than 10 percent equity share of Tesla. During July 2009, Daimler declared that Aabar Investments of Abu Dhabi bought 40% of interest of Daimler in Tesla.
On the 11th of July 2005, Tesla Motors signed a manufacturing agreement with Group Lotus to manufacture gliders. The agreement lasted until March 2011, but the two auto manufacturers extended the contract to continue the manufacture of electric Roadster until December 2011 with a minimum amount of 2,400 vehicles.
In November 2013, the stock of Tesla fell in excess of 20 %, after news of a third Model S fire. In spite of the plunge, Tesla was yet the leading player on the Nasdaq 100 index during 2013. Tesla Motors is looking for to trade 40,000 electric automobiles all over the world during 2014, including China to its export arrangements.
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