Background of Elon Musk, Tesla and its Impact
Elon Musk is a South African-born Canadian-American business magnate, engineer and technology billionaire who was once a college dropout. He is an influential figure who, from an early age, has always had a passion for engineering and technological innovation. Musk made his fortune early in life with his venture “Paypal,” from which he refused to capitalize too much and instead pursued his dream of creating sustainable electronic cars, leading him to begin his famous Tesla Motors Company.
Tesla Motors was founded in 2003, with Musk later becoming its CEO in 2008. It has become a flagship company for the production of electric cars, which has revolutionized the auto industry. Unlike its principal competitors, the cars offered by Tesla have become the leading electric vehicles on the market; they appeal not just to those looking for an eco-friendly option, but to anyone who wants a reliable and high-performing car. Tesla has further allowed drivers to take more control of their vehicles and even invest in energy projects.
Devoted to Electric Vehicles
Tesla Motors has become Muck’s primary venture. He has bet nearly all of his capital on this current venture and has devoted the past decade to ensure that the company achieves success. Musk believes that electric cars are the future and he has pushed through numerous barriers to make this dream a reality. He has had to fight against well-established auto companies and overcome long-established mindsets and conventional thinking about how cars should be powered, designed and driven. This has included investing in new production and battery technologies and locating new supplier lines, all of which he has been able to succeed in thus far.
Investments and Finances
In order to make his electric car concept become a reality, Musk has had to secure various financial investments. This has included collecting funds from various venture capitalists and the government. He has approached skeptical investors and pushed the value of his cars onto the general public. As more and more people have begun to invest in Tesla vehicles and recognize their value, Institutional investors have become eager to invest and the stock valuation of Tesla has reached the stratosphere. Tesla’s investor’s equity has risen to over $30 billion.
The Growth of Tesla
Some of Tesla’s newest innovations and models have set the car industry on its head. New models such as the Model S, Model X and Model 3 have been incredibly popular and successful, particularly with environmentally conscious drivers. Tesla has also begun to find ways to use its technology to power homes. This has further prompted the incredible growth of Tesla, with hundreds of thousands of cars produced and orders from all around the world.
The Impact of Tesla and Elon Musk
Tesla and Musk have altered what had historically been the way of the auto industry. They have managed to bring electric cars to the world’s forefront of transportation, and provided an eco-friendly option for both regular and luxury travelers. Tesla’s reputability, durability and affordability has further made it alluring to many people, who have had to no other choice but to purchase conventional cars. People now have the freedom to pick cars with advanced technology, and a product that contributes to the environment.
In addition, Musk and Tesla have managed to push the limits of automation and artificial intelligence. Autopilot, assisted driving and AI have become engrained features of their cars, allowing drivers to have more control over their vehicles and ultimately remain safer on the roads.
Tesla has managed to make electric cars more appealing and economical than its traditional competitors. Tesla cars provide immediate torque, low acceleration noise and emissions, making them the perfect choice for commuters. Additionally, the Tesla battery provides enough range for everyday use, as well as for long drives.
The Future for Tesla and Elon Musk
Musk has consistently maintained that Tesla Motors should receive the credit for the innovative aspects of the car industry. As the company progresses, Musk hopes to use the funds raised from investors to create fully automated cars with the ability to drive themselves. This is an incredibly ambitious goal and if achieved, could be seen as Musk’s greatest achievement.
He has also used his resources to launch numerous space exploration initiatives. Through SpaceX, Musk has developed the ability to launch satellites and reusable rockets, which have even been used to send payloads to the planet Mars.
Musk has further begun to invest in energy projects, such as solar roofs, and hopes to use this technology to power homes and electric cars worldwide. As Tesla cars become more popular and affordable, more people will be able to make the shift from conventional cars to electric ones. Musk claims this will lead to a decrease in global emissions, as well as a general improvement in the quality of air.
Marketing and Expansion
One of Musk’s strategies to promote Tesla has been to partner with well-established companies such as the ride-share company, Uber. With the assistance of Uber, Tesla vehicles can be rented throughout the country. This provides drivers more options in terms of being able to affording electric vehicles.
Tesla has also rapidly expanded its dealerships. Customers can now test drive and purchase Tesla vehicles in many countries apart from the United States, including the United Kingdom, Canada, Hong Kong and China. Pre-ordering options are also available to customers, who can now reserve their cars online.
Furthermore, Tesla has continued to introduce new products and services to its profile. This includes providing users with extensive help manuals on how to maintain their cars, through its dedicated web portal. Customers are also able to find additional information about Tesla products on their official Youtube channel.
Criticisms of Tesla and Musk
One of the common criticisms of Tesla is that its cars remain at the high-end market, making it difficult for average customers to afford them. Furthermore, most of Tesla’s customers are well-educated and have a substantial amount of wealth and access to capital, making it difficult for the company to reach the middle class due to the high price of their vehicles.
In terms of Musk, he has been scrutinised by many for his assertiveness in business, as well as his short-term aggressive goals. This includes expecting too much from his projects and employees, as well as operating under tight deadlines, and having a strong aversion to failure.
Manufacturing Challenges
Tesla has faced numerous production challenges upon launching their cars. These have included battery and production delays, which have hindered the company’s ability to mass produce vehicles on time. In addition, Musk has had to face numerous safety recalls for reports of faulty brakes and electric fires.
Tesla has also experienced supply chain problems, and issues relocating operations and acquiring vehicles from suppliers. Currently, the majority of Tesla’s production vehicles are created in the United States, with cars shipped all over the world.
It is essential that Tesla continues to create innovative and cost-effective cars, in order to remain competitive in the auto industry. The company nonetheless does not plan to manufacture a traditional car and instead, is keen to remain true to its original mission of creating eco-friendly vehicles that are affordable and efficient.
