Tesla, Inc. (formerly Tesla Motors, Inc.), is an American electric vehicle and clean energy company based in Palo Alto, California. The company specializes in electric vehicle manufacturing, battery energy storage from home to grid scale and, through its SolarCity subsidiary, solar panel and solar roof tile manufacturing.
Tesla operates multiple production and assembly plants, such as: its main vehicle manufacturing facility at Tesla Factory in Fremont, California; Giga Nevada near Reno, Nevada; Giga New York in Buffalo, New York; and Giga Shanghai in Shanghai, China.
As of 2019, Tesla sells Model S, Model X, and Model 3 cars. It is accepting reservations for the Model Y, Roadster (2020), Cybertruck, and Semi vehicles. Tesla also sells Powerwall, Powerpack, and Megapack batteries, solar panels, solar roof tiles, and some related products.
Tesla was founded in July 2003, by the engineers Martin Eberhard and Marc Tarpenning, under the name of Tesla Motors. Elon Musk was responsible for 98% of the initial funding, and served as Chairman of the Board. He appointed Martin Eberhard to be the first CEO. The company's name is a tribute to engineer Nikola Tesla. In its 2004 Series A funding, Tesla Motors was joined by Elon Musk, J. B. Straubel and Ian Wright, all of whom are retroactively allowed to call themselves co-founders of the company. Musk, who formerly served as chairman and is the current chief executive officer, said that he envisioned Tesla Motors as a technology company and independent automaker, aimed at eventually offering electric cars at prices affordable to the average consumer. Tesla Motors shortened its name to Tesla in February 2017.
After 10 years in the market, Tesla ranked as the world's bestselling plug-in passenger car manufacturer in 2018, both as a brand and by automotive group, with 245,240 units delivered and a market share of 12% of the plug-in segment sales. Tesla vehicle sales in the U.S. increased by 280% from 48,000 in 2017 to 182,400 in 2018, and globally were up by 138% from 2017. Tesla has never had a profitable year; however, it has had several individually profitable quarters, most recently in the quarters ending September 2018, December 2018, September 2019, and December 2019.