Business strategy tesla assignment part8

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Humber College *

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525

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Business

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Nov 24, 2024

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1. History Founded in 2003 by a group of visionary entrepreneurs, including Martin Eberhard and Marc Tarpenning. Tesla's origins can be traced back to San Carlos, California, a region renowned for its technological innovations (Reed, 2020). The company's co-founder Elon Musk, joined shortly after its inception playing a pivotal role in shaping its future. This iconic automaker has not only revolutionized the automotive industry but has also made substantial contributions to sustainable energy solutions and space exploration. Tesla's growth patterns have been nothing short of remarkable. In its early years, the company faced numerous challenges including financial difficulties and technical setbacks. The company's first significant milestone came in 2008 with the launch of the Tesla Roadster, the world's first high-performance electric sports car that could travel almost 250 miles on a single battery, with acceleration and top speed compared to many consumer-level sports cars (Reed, 2020). This achievement signaled the beginning of a new era in the automotive industry demonstrating that electric vehicles could be both environmentally friendly and thrilling to drive. As Tesla continued to develop and refine its technology they announced the Model S in 2008 and introduced in 2012 the first production car marking another significant milestone (Reed, 2020). The Model S was not only an electric vehicle but a luxurious and high-performance sedan that could compete with traditional gas-powered cars. This groundbreaking achievement demonstrated that electric vehicles could be practical and appealing to a wider range of consumers. Tesla's growth continued with the introduction of the Model 3 in 2017 (Reed, 2020). With a more affordable price point, the Model 3 aimed to make electric vehicles accessible to a broader audience further accelerating the adoption of electric mobility through the public. The Model 3 became Tesla's best-selling vehicle

and played a pivotal role in the company's expansion. Tesla has also played a significant role in advancing autonomous driving technology. Through regular software updates the company's vehicles have gained advanced driver assistance features, bringing the promise of fully autonomous driving closer to reality. Tesla's focus on over-the-air software updates has enabled the continuous improvement of its vehicles, setting a precedent in the automotive industry. Tesla's growth patterns also include global expansion with manufacturing facilities in various countries including the United States, China and Germany allowing the company to serve a more extensive customer base and tap into international markets. These growth patterns demonstrate Tesla's evolution from a niche electric vehicle startup facing challenges to a global leader in electric mobility and clean energy solutions.

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