As the popularity of electric cars increases, Tidbits looks into the history of the most popular one, made by a company with a net worth of $800 billion.
• Although we associate the name of Elon Musk with Tesla, he was not one of the company’s founders. In 2003, the company was incorporated by engineers Martin Eberhard and Marc Tarpenning, who named the company in tribute to Serbian-American engineer and inventor Nikola Tesla, who was responsible for designing an alternating current electricity supply system. Eberhard and Tarpenning were the inventors of the very first handheld e-reader, the Rocket eBook, which went into production in 1998. Although named for Nikola Tesla, the acronym actually stands for Tera electron volt Energy Superconducting Linear Accelerator.
• The e-reader didn’t generate enough capital for the two engineers to continue with their venture, so in February, 2004, just seven months after its founding, the pair had to seek outside investors. This is where Elon Musk stepped in, investing $6.5 million in the company ($10 million in today’s dollars), becoming the company’s largest shareholder. Musk had sold his interest in PayPal in 2002 for $100 million. As Tesla’s largest shareholder, he became the chairman of the board of directors, while Eberhard continued as CEO.
• It wasn’t long before there was friction between Eberhard and Musk. In 2007, Musk removed Eberhard from his position as CEO, calling him “the worst person he’s ever worked with,” among other negative remarks, citing Eberhard as responsible for other operational issues. Musk stepped in as CEO. Eberhard responded with a lawsuit, accusing Musk of libel and defamation, a suit that later was settled between them.
• The first Tesla was released in 2008, the completely electric Roadster, which could go from 0 to 60 mph (96 km/hr) is under four seconds. Its top speed was 125 mph (200 km/hr). In 2009, the U.S. Government loaded the company $465 million.
• From the 2008 Roadster’s speed record, the 2020 Roadster stepped up to the world record for fastest electric car, that of 0 to 100 mph (161 km/hr) in 4.2 seconds and a top speed of more than 250 mph (402 km/hr).
• Where’s the nearest Tesla dealership? There isn’t one! Tesla is the only automaker selling cars directly to consumers without going through a dealership. The company operates galleries and stores to market their vehicles. There has been much dispute about this practice, since automotive franchise policies were established decades ago to protect franchises that have pumped time, money, and labor into their dealerships. Tesla stores have no inventory, only personnel who inform the customer about the advantages of the cars. Several states follow the franchise laws and do not allow Tesla to sell cars directly, including Oklahoma, North Carolina, New Jersey, Louisiana, West Virginia, and Texas, citing Tesla with “unfair and deceptive trade practices.” How do you get a Tesla? A customer goes online, clicks the desired vehicle and options, and it is delivered to their door.
• A single charge on a Tesla with a standard battery enables a drive to travel about 250 miles. That can be boosted to 310 miles with a long-range battery series. A Tesla battery typically lasts eight years on the road. Unlike a gas engine, the Tesla can’t be jump-started. It requires a charge at the charging station.
• As of September, 2023, there are more than 5,500 charging stations and 50,000 connectors. The average time to add 200 miles to a Model S is about 15 minutes. The Model S Plaid requires 51 minutes to reach 95%.
