Tesla is one of the world's leading manufacturers and designers of electric cars and trucks. The company is owned by technology businessman Elon Musk and is based in Austin, Texas. The multinational automaker also designs battery energy storage for homes, solar panels, and other clean energy-related products. Tesla remains the most valued auto manufacturer, with a mark capitalization of nearly $1 trillion. Moreover, the company is one of the top sellers around the world of electric vehicles, controlling over 20% of the market.
The plug-in hybrid market is controlled by Tesla at 14%, and the company also develops its own installer called photovoltaic. In terms of energy storage, again, Tesla leads the world in this technology as one of the largest global suppliers. Tesla's success has helped earn its leading executive, Elon Musk, a large fortune as one of the wealthiest individuals in the world.
Named after engineer Nikola Tesla, the company was founded in 2003 by Martin Eberhard and Marc Tappening, originally under the name Tesla Motors. However, Musk became the largest shareholder of Tesla in 2004 after investing $6.5 million. At the time, Musk earned his fortune from working at Paypal. The main goal and purpose of the company are to provide a safe and sustainable energy alternative to fossil-fueled automobiles via electric vehicles.
The first Tesla car model was released in 2009, called the Roadster sports car, before being followed by the Model S sedan in 2012 and the Model X SUV in 2015. The Model 3 sedan, released in 2017, became the bestselling electric car in the world with more than 1 million sold and helped make Tesla a dominant safe energy company. In 2021, Tesla saw its global sales increase by over 87% compared to the prior year. Musk and Tesla rely on government subsidies and contract to fund many parts of their business.
