Tesla’s $1 Trillion valuation – a brief history of the world’s largest electric vehicle maker

 Tesla’s $1 Trillion valuation – a brief history of the world’s largest electric vehicle maker

Tesla’s $1 Trillion valuation – a brief history of the world’s largest electric vehicle maker.

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Tesla, Inc. was founded 18 years ago as Tesla Motors by the American Entrepreneurs Eberhard and Marc Tarpenning, named after the famous inventor Nikola Tesla. The purpose behind the company’s establishment was to develop a sports car that ran purely on electricity and the funding that the company gathered initially came from PayPal co-founder, Elon Musk.

Musk contributed more than $30 million to Tesla Motors and he also served as a chairperson from 2004 onwards. The first Tesla vehicle was released in 2008, achieving 394 kilometres with a single charge.

Eberhard resigned as CEO in 2007 and Tarpenning left the year after, with Musk taking over as CEO. Tesla raised over $226 million during its initial public offering in 2010 and under Musk’s leadership, the company stopped its production of the Roadster in 2012 and shifted focus to the Model S sedan.

This innovative creation had three different battery options and had a range between 379 and 483 kilometres. Following the Model S, the Model X was the next model to be released in 2015 under Musk’s reign, followed by the Model 3 in 2017 and the Model Y in 2020.

How did Tesla grow to be so successful, and what is next?

On Friday Tesla, Inc. became the second-fastest company in history to reach a market capitalisation of $1 trillion, barely behind the tech giant Facebook, Inc.

This significant milestone was driven by all-time high profits in addition to a 100,000-vehicle order received from Hertz. Sales on Tesla increased significantly in October, up by 30%, providing the company with record profits and revenues.

Tesla’s popularity is attributable to the widespread adoption of electric vehicles and the company is the best positioned to capitalise on this opportunity. Tesla is on track to sell 1 million cars this year alone, accounting for 50% annual growth in vehicle sales in the next few years alone.

Liezel Thorne

Liezel is a content writer with a passion for writing about the financial industry and corresponding markets. Her favorite topics include Forex, Stocks and Indices, Cryptocurrencies, and anything relating to trading technology – news, newest and latest tips, tricks, and trends. She has done extensive reviews on brokers, trading platforms (web, desktop, and mobile), and various other concepts involved with trading. As a student of Environmental management, she has a keen interest in geography, environmentalism as well as conservation of both fauna and flora.

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