Tesla Is Born (2003): Martin Eberhard and Marc Tarpenning established Tesla Motors in 2003 to create innovative electric cars. They dreamed of vehicles that balanced performance and sustainability. The startup sought to disrupt the reign of gasoline-powered cars. Elon Musk wasn’t on board yet, but Tesla’s roots were planted with aggressive innovation at its centre.
Elon Musk Steps In (2004): In 2004, Elon Musk spearheaded Tesla’s initial significant investment round, investing US$6.5 million of US$7.5 million raised. He became chairman of the board and soon impacted product direction. Although not a founder at first, Musk’s vision, leadership, and capital became essential to Tesla’s survival and future success in the EV market.
Roadster Revolution (2006–2008): The Roadster, Tesla’s first vehicle, debuted in 2006. It showcased Tesla’s lithium-ion battery technology and was built on a Lotus chassis. It proved that electric cars could be svelte, quick, and stylish. Despite production delays and cost overruns, the Roadster’s performance astounded sceptics and helped validate Tesla’s automotive concept.
Musk Becomes CEO (2008): Tesla was financially struggling by 2008. Founders departed due to internal tension. Elon Musk became CEO at the time of crisis, investing millions more of his own money. He cut personnel and reconfigured operations. Musk kept Tesla afloat with risky moves, personal sacrifices, and unwavering faith in electric vehicle technology despite being close to bankruptcy.
Who’s a Founder? (2009): In 2009, a lawsuit from Eberhard questioned Musk’s claim as co-founder. A legal settlement allowed five men, Eberhard, Tarpenning, Wright, Musk, and Straubel, to officially hold the co-founder title. This resolved the controversy, giving Musk recognition for his early impact, even though he wasn’t involved in Tesla’s original incorporation in 2003.
Tesla Goes Public (2010): To go public, Tesla raised US$226 million in 2010. The IPO served as a catalyst, increasing credibility and funding. Tesla transformed from a minor market to a significant automaker under Musk’s direction. The project for the Model S began. From a start-up, Tesla has grown to become a world leader in electric vehicles.
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