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Tesla
Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. Its name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004, Elon Musk led Tesla's first funding round and became the company's chairman; in 2008, he was named chief executive officer. In 2008, the company began production of its first car model, the Roadster sports car, followed by the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, the Model Y crossover in 2020, the Tesla Semi truck in 2022 and the Cybertruck pickup truck in 2023. Tesla is one of the world's most valuable companies in terms of market capitalization. Starting in July 2020, it has been the world's most valuable automaker. From October 2021 to March 2022, Tesla was a trillion-dollar company, the seventh U.S. company to reach that valuation. Tesla exceeded $1 trillion in market capitalization again between November 2024[5] and February 2025.[6] In 2023, the company led the battery electric vehicle market, with 19.9% share. Also in 2023, the company was ranked 69th in the Forbes Global 2000.[7] Tesla has been the subject of lawsuits, government scrutiny, and journalistic criticism, stemming from allegations of multiple cases of whistleblower retaliation, worker rights violations such as sexual harassment and anti-union activities, safety defects leading to dozens of recalls, the lack of a public relations department, and controversial statements from Musk including overpromising on the company's driving assist technology and product release timelines. founder Marc Tarpenning, who served as the Vice President of Electrical Engineering of the company, also left the company in January 2008.[21] In August 2007, Michael Marks was brought in as interim CEO, and in December 2007, Ze'ev Drori became CEO and president.[22] Musk succeeded Drori as CEO in October 2008.[22] In June 2009, Eberhard filed a lawsuit against Musk for allegedly forcing him out.[23] The case was dismissed in August 2009.[24] Tesla began production of the Roadster in 2008 inside the service bays of a former Chevrolet dealership in Menlo Park.[25][26] By January 2009, Tesla had raised $187 million and delivered 147 cars. Musk had contributed $70 million of his money to the company.[27] In June 2009, Tesla was approved to receive $465 million in interest-bearing loans from the United States Department of Energy. The funding, part of the $8 billion Advanced Technology Vehicles Manufacturing Loan Program, supported the engineering and production of the Model S sedan, as well as the development of commercial powertrain technology.[28] Tesla repaid the loan in May 2013, with $12 million in interest.[29][30]
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