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First Electric car 2008
Model 3 best-selling electric car in the world
Exchange rate increased from $ 17 (December 2010) to $ 2,500 (August 2020)
The visionary entrepreneur is closely linked to the success of the electric car manufacturer from California Elon Musk. He joined the then small company Tesla Motors in 2004 for six million US dollars and became CEO in 2008. Almost exactly ten years later, the price of $ 17 a share when it went public in 2010 turned into more than $ 2,500 a share.
Elon Musk’s takeover
Although much of today’s success is attributed to Elon Musk, the first word did not go to him. In July 2003, Martin Eberhard founded the company together with Marc Tarpenning and named it after the inventor Nikola Tesla. Even then, they were convinced that electric cars would play an important role in the future. In addition, they did not agree that General Motors took back the leased EV1 electric cars in order to scrap them. Elon Musk only joined the company a year later and became CEO in 2008. Through an agreement, he can officially designate himself as a co-founder of Tesla. The two original founders have not been with the company since 2007 and 2008 respectively.
Tesla’s first electric car
In March 2008, Tesla’s first electric car, the Tesla Roadster, went into production. This consisted of the body of a classic sports car and had a range of at that time a pioneering 350 kilometers and almost 300 hp. The drive battery consisted of lithium-ion batteries, which are also used in notebooks. This was followed by the IPO on June 29, 2010 at an issue price of US $ 17 per share. A value that was rated as unexpectedly high at the time. Since Ford in 1953, Tesla was the first US automaker to venture onto the stock exchange. With the Model S, the world’s first sedan with purely electric drive comes onto the market, with an even greater range and even better performance than the Tesla Roadster. Drivers of a Tesla model can charge their cars on the superchargers introduced by Tesla in 2012. There are now over 18,000 Superchargers at over 1,600 locations worldwide. Up to Model 3, three more electric cars had been developed and brought onto the market, but said Model 3 was tough.
Avoiding multiple bankruptcies
With the production of the Model 3, the company faced enormous difficulties. These were so severe that Tesla was said to be only a few weeks away from bankruptcy, as money was burned like crazy – even though the Model 3 became the world’s best-selling electric car at the same time. Unlike the other Tesla models, the Model 3 was no longer in the luxury segment, but was available for the price of a mid-range car. But that wasn’t the only bankruptcy Tesla had to struggle with. In 2008, the company was only a few days before bankruptcy and was particularly dependent on outside financiers. In May 2009, Daimler AG bought Tesla with $ 50 million. The value of the investment would be around ten billion dollars today, if CEO Dieter Zetsche had not sold the stake in 2014 for 600 million euros.
What speaks for Tesla
But the Tesla super-meltdown did not materialize and the soaring Tesla share seems to be unstoppable. The Californian electric car manufacturer is now more valuable than the three German car giants VW, Daimler and BMW – combined. In contrast to the three just mentioned, Tesla recognized early on that for high numbers of electric cars there is no way around its own cell production facility, which also appears to be superior to its competitors not only in terms of quantity but also in quality. As a result, there are hardly any quality problems or difficulties from suppliers with the batteries for the Tesla models. Circumstances from which other automobile manufacturers are far from. In general, supply chain problems are hardly imaginable at Tesla, since a large number of the components are produced in-house on site. So-called gigafactories have already been opened in Nevada and Shanghai, with more to follow in Brandenburg and Texas. Overall, Tesla produces a larger battery capacity on a kWh basis than all other vehicle manufacturers combined.
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