Tesla CEO Elon Musk, a pivotal figure in the Trump administration, met with Prime Minister Narendra Modi less than a week ago to discuss a bilateral roadmap for enhancing technology ties. However, Tesla has taken a big step by starting its employment process in India in this short time frame and after Modi’s visit to the US, where India and US President Donald Trump agreed on a trade deal roadmap. It would appear that Tesla is reaffirming its plan to enter India.
Tesla, which has long had a small presence in India, is currently hiring for 13 positions, both back-end and customer-facing ones. Following years of negotiations that experienced numerous setbacks due to tax exemptions and local manufacturing regulations, the news has rekindled rumours regarding Tesla’s long-awaited debut into India. Musk has long criticised India’s high import taxes, claiming that they are a significant obstacle to Tesla’s growth there. At the moment of Tesla’s action, US President Donald Trump is advocating for strict tariffs.
Picture Still Not Clear
Tesla‘s abrupt decision to begin hiring in India has raised the prospect of large investments coming to the nation, but is there more to this than what first appears? Whether Tesla will get the tax breaks it has long desired is still up in the air. Additionally, we are currently unaware of Tesla’s plans to manufacture or assemble in India. However, the timing of Tesla’s ambitions to hire people in India has sparked a lot of debate due to growing tariff concerns and Musk’s tight relationship with Trump.
Now a significant Trump buddy, Elon Musk has a lot of influence within the government. Trump’s election to a second term in office means that US trade policy will probably become more assertive. Although Tesla had previously backed out of its intentions for India, the country may now feel pressured to provide more favourable terms due to the shifting political climate. Tesla has been pursuing reduced import taxes for years prior to making significant investments in India. In the past, New Delhi has lowered electric vehicle import duties for businesses that made at least 41.5 billion rupees ($500 million) and set up local manufacturing within three years. However, Tesla faces growing competition in India’s quickly changing EV industry.
India’s Current EV Sector
The electric vehicle market in India is expanding quickly as local producers boost output. Businesses like Maruti Suzuki, Mahindra & Mahindra, and Tata Motors are actively growing their EV product lines. The e-Vitara was introduced at an auto exhibition in February by Maruti Suzuki, which had been a latecomer to the EV industry. New models were also displayed by other players, including VinFast from Vietnam.
Additionally, local manufacturers are solidifying their positions at the same time as Tesla’s recruiting announcement. A Tesla entry might cause market disruption and put pressure on domestic companies that have invested heavily in the industry. Mahindra & Mahindra and Tata Motors have resisted any decrease in import taxes, claiming that doing so will hurt their ability to compete.
In a significant indication that the Elon Musk-led electric vehicle maker has begun reconsidering its entry into the Indian market after postponing its investment plans in the nation earlier this year, Tesla has resumed its search for showroom space in New Delhi. At first, Tesla was searching New Delhi for a location for its showrooms. But when the carmaker decided to put the investment plan on indefinite hold, the hunt was put on hold. But now that the brand has resumed its hunt, it might be a significant step for the business to relaunch its India strategy. According to a news agency, Tesla is now in preliminary negotiations with real estate development firm DLF to reserve space in the area around the nation’s capital. In addition, the massive electric car manufacturer is negotiating with other parties.
According to reports, Tesla is searching for 3,000 to 5,000 square feet to build a consumer experience centre and a three-fold larger area for its service and delivery operations. The article further stated that the auto manufacturer is assessing a number of sites, such as the Cyber Hub office and retail complex in neighbouring Gurugram city and DLF’s Avenue Mall in southern Delhi. Additionally, it stated that Tesla is seeking to lease an 8,000-square-foot showcase area at the Avenue Mall. However, nothing has been finalised as of yet, and Tesla is still in the exploratory stage of its quest for showroom space.
Tesla’s Strategy for India: Initial Developments
When Elon Musk, the CEO of Tesla, announced in April that he would visit India to meet with Prime Minister Narendra Modi, the news of Tesla’s foray into the Indian auto sector became widely publicised. It was rumoured that he may announce a $2–3 billion investment in India, which would entail establishing a local facility for the production and assembly of Tesla electric vehicles. This facility would serve as a hub for EV manufacturing worldwide in addition to serving the Indian market. But after Tesla chose to fire 10% of its global workers due to declining sales, Musk abruptly cancelled his trip. Although Tesla began hiring in India in 2021 when it registered as Tesla India Motors in Karnataka, the automaker’s admittance into the country has remained an issue of contention for the past two years.
Tesla’s Demand from the Indian Government
In order to begin formal business operations in India, Tesla requested a reduction in import taxes for its electric vehicles. The Indian government, however, has refused to grant Tesla any special treatment, arguing that doing so would be unjust. Rather, the Indian government has consistently insisted that the EV manufacturer establish a domestic production plant there. Subsequently, the Indian government implemented a policy that permitted Tesla to import specific electric vehicles at a reduced tariff of 15% in exchange for the establishment of a domestic manufacturing and assembly facility in the nation. Following Tesla’s failure to meet its previous investment plans, the Indian government loosened some of its regulations in an attempt to draw in automakers. At first, Hyundai and Toyota showed interest in the move. But in the Indian market, Tesla’s “to go or not to go” strategy continued to be a hot topic of conversation.
The next hearing in the continuing trademark dispute between Elon Musk’s Tesla Inc., a major electric vehicle firm, and Tesla Power, a battery company situated in Delhi NCR, has been postponed to April 2025 by the Delhi High Court (HC). According to a media outlet, the court postponed the hearing because the parties are still trying to resolve their differences through mediation at the Delhi Mediation and Conciliation Centre. At a hearing on June 4, the HC had requested that the two parties try to resolve the conflict through mediation.
Tesla Power is Using Impugned Marks
The Musk-led electric vehicle manufacturer claimed in May of this year that Tesla Power was using “impugned marks,” which included the full version of its trademark “TESLA” as well as the descriptive phrase “POWER USA.” On May 2, the Delhi High Court heard the matter for the first time. The court later that month prohibited Tesla Power from running ads that highlighted its electric vehicle line.
Additionally, it ordered Tesla Power to respond to the accusations. Despite pledging to stop using the contested logo, the EV manufacturer claimed in a later hearing that Tesla Power was still selling EV scooters under it. Tesla Power, meanwhile, stated that it had no ambitions to manufacture or sell EVs under its own brand and that the commercials using the name and emblem were a part of its marketing partnership with e-Ashwa.
Trademark is Creating Confusion
Tesla Power India was founded in 2022 and is headquartered in Gurugram, with its worldwide headquarters being in Delaware, USA. It asserts that it is a pioneer in the introduction of long-lasting, reasonably priced batteries. In April 2022, the Musk-led Tesla issued a cease-and-desist letter to the battery manufacturer, requesting that it cease trademark infringement. The EV giant used a screenshot of the article that said, “Tesla announces bringing EV scooters and charging stations to shops by 2025,” from an Indian daily in their appeal. Additionally, the corporation contended that the Tesla Power trademark was confusing customers and possibly hurting its commercial interests in the nation.
Case has Highlighted Many Flaws of the System
But given Tesla’s trademark registrations in India, the issue poses a crucial legal question: does TPI’s use of “Tesla” for its main battery business violate Tesla’s trademark rights? The idea of transborder reputation is crucial to this. Even if a well-known foreign brand is not officially registered in the local jurisdiction, its trademark protection is extended by transborder repute. The court’s ruling in this case may be influenced by Tesla’s portfolio of Indian trademarks, its reputation for producing electric cars worldwide, and its affiliation with cutting-edge battery technologies.
The complex nature of trademark law in a globalised economy is brought to light by the Tesla v. TPI case. Companies that operate internationally, especially those with well-known brands, will be closely monitoring the outcome.
Elon Musk has highlighted the revolutionary power of artificial intelligence (AI) as well as the dangers it could cause to humanity in two separate scenarios. Earlier, Musk, the CEO of Tesla, gave an interview to the podcast titled “All In” in which he discussed his thoughts on the development of artificial intelligence and humanoid robots.
With the assertion that the technology has an 80% chance of being beneficial to society, he proposed that AI technologies would soon be able to outperform humans in practically all tasks. In addition, he offered a stern warning, suggesting that there is a 20% chance of “human elimination” as a result of the unrestricted development of artificial intelligence.
“Elon Musk’s prediction of an 80% chance of AI success and a 20% risk of human extinction captures the dichotomy of our technological progress. These percentages represent not just a prediction, but a critical turning point in our relationship with artificial intelligence. On the one hand, 80% represents AI’s immense potential for revolutionizing industries, solving complex problems, and improving our daily lives. With innovation comes the promise of smarter healthcare, cleaner energy, and unprecedented connectivity, which could usher in a new era of prosperity,” said Manish Mohta, Founder of Learning Spiral.
Sharing his views on the topic, Bhaskar Ganguli, Co-Founder & Director Marketing, Mass Software Solutions stated, “Elon Musk’s recent comment concerning AI emphasises its potential as a double-edged sword. The IT industry is grappling with improving operations management and problem resolution in complicated IT settings. AI, a key breakthrough, provides solutions, having already achieved progress in a variety of disciplines. However, the progress of artificial intelligence raises concerns about repercussions that may lead to the situation such as loss of job opportunities, gradual loss of privacy, and development of autonomous weaponry.”
However, he further mentioned that maintaining a balanced perspective is vital while considering the potential repercussions and opportunities presented by AI. Notably, everyone is accountable for aiding in the advancement of AI in an ethical, responsible, and societally appropriate manner.
Vipin Vindal, CEO, Quarks Technosoft, opined that Elon Musk’s prediction of an 80% success rate for AI and a 20% risk of human extinction serves as a timely reminder of the potential benefits and challenges associated with artificial intelligence. While AI has demonstrated remarkable capabilities in various domains, its development requires careful consideration of ethical implications and potential unintended consequences. A 2023 Oxford study estimates that there’s a 50% chance of AI exceeding human capabilities across all tasks within 45 years. To mitigate risks and ensure AI’s positive impact, it’s imperative to invest in research on AI safety and alignment, establish international standards for AI ethics, and develop robust regulatory frameworks.
A 2023 global survey conducted by Pew Research Center found that 75% of respondents believe AI will have a significant impact on their lives within the next 50 years, highlighting the need for proactive measures to shape AI’s development beneficially. To ensure that this impact is positive, it’s imperative to invest in AI safety research, establish international governance frameworks, and prioritize human values in AI design.
Tesla’s Development of “Optimus
Musk described Tesla’s creation of “Optimus,” a humanoid robot that is still in the process of being developed. He believes that this robot has the potential to revolutionise common tasks such as landscaping, babysitting, and dog walking.
His prediction was that in the not-too-distant future, these multi-functional robots, which would most likely cost somewhere around $20,000, will become an indispensable component of houses. Apparently, after these robots take over many of the duties that people no longer choose to do, “there’s no actual limit to the size of the economy,” as reported by a media house.
AI Might Become Threat to the Society
Although Musk highlighted the potential benefits and economic effects of AI, he also discussed the social issues that could arise as a result of this technology. As a result of the replacement of persons in tasks that have historically been considered fundamental to human labour, he projected that artificial intelligence and autonomous robots could lead to a “crisis of meaning” for individuals. One of the most important concerns that Musk raised in his study was the topic of what humans will do with their time in a society that is dominated by machines. He pointed out that some people may have difficulty finding a purpose in their lives.
Musk forecasted that within the next 30 years, the number of robots would significantly surpass that of humans. Despite the fact that he admitted that his estimates are typically unduly optimistic, he anticipated that it would take Tesla approximately 5 to 6 years to build one million Optimus robots on an annual basis. Musk has maintained that many people, particularly seniors, are already enjoying life outside of the working, which suggests that humans may be able to adapt to this shifting landscape. This is despite the fact that artificial intelligence presents a number of obstacles.
“Musk has long advocated for a cautious approach to AI development, warning that if not properly regulated and controlled, AI could evolve in unpredictable and potentially dangerous ways. His fear stems from the rapid advancement in AI capabilities, which could surpass human intelligence and act in ways that are not aligned with human values or safety,” stated Eric Fonseca, VP Marketing, INDOAI Technologies Pvt. Ltd.
“This dichotomy—where AI is seen as a powerful tool for good but also a potential existential threat—reflects the growing debate within the tech community. Musk’s forecast underscores the importance of ethical AI development, advocating for safety measures, global regulations, and transparent oversight to ensure that AI remains a force for progress rather than destruction,” Fonseca added further.
Musk’s Future Plans
Elon Musk, however, made passing reference to his own ambitions, suggesting that he had no plans to retire from work anytime soon, even though artificial intelligence was on the increase. There are currently 6 firms that he is involved with, one of which is his most recent endeavour, xAI, which is an artificial intelligence startup that is pitching itself as a competitor to OpenAI.
In addition, he made an understated reference to the fact that he would be willing to participate as an advisor in a government efficiency commission in the event that former President Donald Trump were to return to power.
With the rise in Electric Vehicles around the globe the market has grown in the past decade. There is a lot of competition among brands to bring out the best Electric Vehicles. The race is both in the two wheeler and four wheeler sectors. Not to forget the bigger vehicles too in this competition! If you are planning to buy an EV or want some information about the trending EVs globally then here is a listicle. Let us dive into the world of EVs and check out the top 10 EVs in the world.
Tesla, Inc. is an American electric vehicle and clean energy company founded in 2003, known for its mission to speed up the world’s transition to sustainable energy through innovative products and solutions. The company was established by engineers Martin Eberhard and Marc Tarpenning, with Elon Musk joining shortly after as a significant investor and later becoming the CEO.
The company has pioneered several key innovations in the automotive industry. High-performance electric vehicles, advanced battery technology, and autonomous driving capabilities are their innovations. Their contribution to the evolution of electric mobility include:
Tesla Roadster
Model S
Model 3
Model X
Model Y
Tesla’s impact on the market has been profound, as it has spurred a global shift towards electric vehicles. This is after it only disrupted traditional automotive manufacturers. The company has reported increasing sales figures. Also, a significant growth in both production and delivery, reflects a rising consumer demand. Besides electric vehicles, Tesla has expanded its portfolio to include energy storage solutions. This diversification aligns with the company’s overarching goal of promoting renewable energy and reducing reliance on fossil fuels.
BYD Auto
Company
BYD Auto
Founded
1995
Market Cap (September 2024)
$99.06 Billion
Origin
China
Website
byd.com
Top EV Companies – BYD Auto
BYD Auto, established in 1995, originated as a rechargeable battery manufacturer. Then it diversified into the automotive sector. The company has evolved into a leading player in the electric vehicle market. It is driven by its commitment to innovation and sustainability. Its headquarters are located in Shenzhen, China. The headquarters has developed a robust infrastructure for research and development.
The company offers passenger cars, buses, and commercial vehicles. BYD’s electric vehicle range is characterized by:
advanced battery technology,
impressive driving ranges, and
a focus on environmental sustainability.
Models such as the BYD Han and BYD Tang have gained attention for their performance and features.
BYD Auto has made significant strides in global expansion. This has helped in establishing a presence in various international markets. The company has formed strategic partnerships and collaborations to enhance its market reach. It has invested in local manufacturing facilities to meet regional demand.
Established in 1908, GM is evolving through various phases of innovation and adaptation. The company has increasingly focused on electrification, recognizing the need to transition from traditional internal combustion engines to EVs.
The launch of the Chevrolet Bolt marked a significant milestone for GM, as it was one of the first affordable all-electric vehicles to offer a substantial driving range, thereby making electric mobility more accessible to the general public. Additionally, the introduction of the Hummer EV represents a bold step in reimagining a classic brand, showcasing GM’s capability to produce high-performance electric vehicles that appeal to both adventure enthusiasts and environmentally conscious consumers.
GM’s long-term vision is centered around achieving an all-electric future, with ambitious goals to eliminate tailpipe emissions from new light-duty vehicles by 2035.
Volkswagen AG
Company
Volkswagen AG
Founded
1937
Market Cap (September 2024)
$52.74 Billion
Origin
Germany
Website
volkswagen-group.com/en
Top EV Companies – Volkswagen AG
Volkswagen AG is undergoing a transformation. It has shifted from conventional manufacturing to electric vehicles (EVs). The company is reflecting a strategic response to the evolving automotive landscape. This transition involves large investments in R&D, and new production facilities.
The ID series represents an innovative approach to electric mobility. It features a range of models designed to cater to diverse consumer needs. This series includes vehicles such as the ID.3 and ID.4. These are equipped with cutting-edge features and sustainable design elements. Volkswagen AG is dedicated to sustainability, aiming to reduce its carbon footprint. The company has set ambitious future goals, thereby contributing to a more sustainable automotive industry.
Hyundai Motor Company
Company
Hyundai Motor Company
Founded
1967
Market Cap (September 2024)
$43.79 Billion
Origin
South Korea
Website
hyundai.com/worldwide/en
Top EV Companies – Hyundai Motor Company
Hyundai Motor Company has made significant strides in the EV sector, focusing on innovative technologies and sustainable practices. The company aims to expand its EV lineup. It looks at investing in R & D for improve battery efficiency and charging infrastructure. This in turn promotes a greener automotive future.
Among the notable electric models introduced by Hyundai are
Hyundai Ioniq
Kona Electric
The Ioniq series offers a range of options, including
The Ford Motor Company has undergone significant transformations in response to the evolving automotive landscape. This shift has necessitated a comprehensive reevaluation of their product offerings. In line with this transition, Ford has launched innovative electric models such as:
Mustang Mach-E: an all-electric SUV that combines performance with eco-friendliness,
F-150 Lightning: an electric version of their iconic pickup truck.
These vehicles not only reflect Ford’s commitment to electrification but also aim to capture the interest of a diverse consumer base seeking modern, sustainable transportation options. To solidify its position in the market, Ford has developed plans that encompass increased investment.
Rivian Automotive
Company
Rivian Automotive
Founded
2009
Market Cap (September 2024)
$13.60 Billion
Origin
USA
Website
rivian.com
Top EV Companies – Rivian Automotive
Rivian Automotive was established with a mission to revolutionize the automotive industry. It aimed at producing sustainable electric vehicles. Such vehicles were designed to cater to the needs of adventure-seeking consumers. The innovation involved environmental responsibility.
The company has concentrated its efforts on developing electric trucks and SUVs. It aims to capture a significant share of the growing market for electric vehicles. The emphasis is given to offering products that combine rugged performance with advanced technology and eco-friendly features. Rivian has attracted large investment from various sources. Such investments have positively influenced its market reception. This has led to heightened interest and anticipation for its vehicle offerings.
NIO Inc.
Company
NIO Inc.
Founded
2014
Market Cap (September 2024)
$10.96 Billion
Origin
China
Website
ir.nio.com
Top EV Companies – NIO Inc.
NIO Inc. is a prominent electric vehicle manufacturer established in 2014. The company was founded by William Li. He aimed to create high-performance electric vehicles.
NIO vehicles stand out in the crowd by their cutting-edge features, which include
advanced battery swapping technology,
autonomous driving capabilities, and
focus on user-centric design.
These attributes not only enhance the driving experience but also address concerns such as:
range
charging times
positioning
The company has experienced growth since its start. It is marked by increasing sales figures and expanding market presence. With an aim to solidify its market presence, NIO plans to:
innovate product lineup
enhance service offerings
explore international markets
Lucid Motors
Company
Lucid Motors
Founded
2007
Market Cap (September 2024)
$8.91 Billion
Origin
USA
Website
lucidmotors.com
Top EV Companies – Lucid Motors
Lucid Motors was established with the vision of redefining the luxury automotive experience. The company aims to create high-performance electric vehicles. These vehicles not only meet but exceed the expectations of discerning consumers. They emphasize a commitment to environmental responsibility and cutting-edge design.
The flagship model, the Lucid Air, exemplifies the brand’s dedication to excellence. It features impressive specifications such as
a range of over 500 miles on a single charge,
rapid acceleration capabilities, and
spacious, luxurious interior equipped with state-of-the-art technology.
The vehicle’s design integrates aerodynamics and efficiency, showcasing a sleek silhouette. The company differentiates itself from traditional luxury automakers by focusing only on electric powertrains, thereby appealing to environmentally conscious consumers who seek high-end vehicles without compromising on performance or style.
Xpeng Motors
Company
Xpeng Motors
Founded
2014
Market Cap (September 2024)
$8.26 Billion
Origin
China
Website
xpeng.com
Top EV Companies – Xpeng Motors
Xpeng Motors, founded in 2014, has emerged as a significant player in the electric vehicle industry. It is driven by a vision to create intelligent and connected vehicles. These vehicles enhance the driving experience. The company was established in Guangzhou, China.
The company is renowned for its cutting-edge technology and advanced smart features such as:
autonomous driving capabilities,
intuitive user interface,
robust suite of connectivity options.
Xpeng’s vehicles are equipped with proprietary software and hardware that enable over-the-air updates, ensuring that customers benefit from the latest advancements in automotive technology.
In recent years,it has expanded its footprint beyond the Chinese market. This expansion is characterized by:
establishment of local partnerships,
introduction of its flagship models,
commitment to meeting the diverse needs of global consumers.
The top EV companies are Tesla Inc., Ford Motor Company, Hyundai Motor Company, Lucid Motors, General Motors, NIO Inc., Rivian Automotive etc.
Who is the No. 1 EV company?
Tesla is considered the market leader in the EV sector. The American company was founded in 2003 by multi-billionaire Elon Musk.
Which country is leading in EVs?
The country which is leading in terms of the production of EVs is China. China produces more than 60% of EV batteries around the world.
What is the full form of BYD?
Build Your Dreams also known as BYD is a China-based multinational high-tech company. BYD Auto is one of the leading EV manufacturers around the world.
In the dynamic world of today’s global economy, an extraordinary group of companies has achieved a remarkable milestone: achieving trillion-dollar valuations. These exceptional companies stand at the forefront of success and influence, leaving an incredible impact on industries and economies around the globe. From groundbreaking technological innovators to game-changing industry disruptors, these companies serve as living proof of the limitless possibilities that business holds in the modern era.
In this article, we’ll explore the list of trillion-dollar companies in the world, exploring their incredible achievements.
A trillion-dollar company is a remarkable achievement in the business world. It refers to a company that has surpassed a market capitalization or valuation of $1 trillion. This milestone represents immense size, exceptional success, and significant influence within the global economy. Companies like Apple, Microsoft, Amazon, and Alphabet symbolize trillion-dollar entities that have achieved remarkable financial success, transformed industries, and impacted our daily lives. Being a trillion-dollar company signifies an extraordinary level of accomplishment and places these companies in a league of their own.
The Trillion-Dollar Companies Club
Which was the First Trillion-Dollar Company?
PetroChina was the first trillion-dollar company in the world. On its first day of trading on the Shanghai Stock Exchange on November 5, 2007, it reached a market capitalization of $1 trillion. However, the corporation only held the level for a short time.
The first trillion-dollar US company was Apple, which hit that level on August 4, 2018. Since then, other companies have joined the club: Amazon, Microsoft, Saudi Aramco, and Alphabet. Saudi Aramco is a notable exception on an otherwise primarily American-dominated leaderboard.
List of Trillion-Dollar Companies in the World
Below is the list of all the trillion-dollar companies in the world:
Apple surprised a few and became the first trillion-dollar company in the US. By 2018, it had already been listed among Fortune’s World’s Most Powerful 50 companies for several years running; but that didn’t last long as Apple sunk below $800 billion by 2019, thanks in part to the US stock market, which has plagued many American enterprises over that past year. However, the stock rose in 2019, and the company’s market capitalization reached $1.3 trillion in early December.
The company became the first one in the United States to reach a valuation of $2 trillion on August 19, 2020; on Jan. 3, 2022, Apple became the first U.S. company to reach $3 trillion. Apple’s market capitalization is higher than the GDP of entire countries like Italy, Canada, Australia, and Brazil.
Apple’s remarkable journey in the stock market highlights its resilience and ability to bounce back, setting unprecedented market milestones that have solidified its position as a global powerhouse.
How Apple, Microsoft, and Amazon Hit a $1 Trillion Valuation
NVIDIA
Company Name
NVIDIA Corp. (NVDA)
Headquarters
Santa Clara, California, United States
Founder
Jensen Huang, Chris Malachowsky, Curtis Priem
Founded
1993
NVIDIA – Trillion-Dollar Companies in the World
NVIDIA, a popular technology giant renowned for its advanced graphical processor units (GPUs), has accomplished an extraordinary feat by entering the exclusive trillion-dollar club on May 30, 2023.
With a strong dedication to its AI-driven business, NVIDIA has witnessed consistent growth in recent years. The surge of interest and investments in the AI sector within the past six months has further boosted NVIDIA’s success, increasing its sales to unprecedented heights and playing a pivotal role in achieving its trillion-dollar valuation. NVIDIA’s market cap has seen fluctuations since it entered the trillion-dollar club, but it continues to remain a strong player in the market.
Microsoft
Company Name
Microsoft Corp. (MSFT)
Headquarters
Redmond, Washington, United States
Founder
Bill Gates, Paul Allen
Founded
1975
Microsoft – Trillion-Dollar Companies in the World
In April 2019, Microsoft became a trillion-dollar company, reaching the mark of $1 trillion in valuation. This significant milestone solidified Microsoft’s position as one of the most valuable and influential technology companies in the world.
During the last half of 2020, Microsoft became one of only three companies in the trillion-dollar club. Much like its competitors, Amazon and Apple, who also saw great success with their cloud computing services, Azure helped fuel much faster growth rates for them as well.
Alphabet, the parent company of Google, is another prominent name on the list of trillion-dollar companies in the world. It became the fourth US tech company to reach the $1 trillion club in January 2020. Shortly after, Amazon regained its one trillion-dollar market cap — the first time that four US tech stocks had reached that level at the same time.
Alphabet’s journey to trillion-dollar status reflects its unrivaled dominance in the digital landscape, driven by its innovative technologies, diverse portfolio, and extensive global reach. With Google’s search engine at its core, Alphabet continues to redefine industries, leverage emerging technologies, and shape the future of information and connectivity.
Saudi Aramco
Company Name
Saudi Arabian Oil Company (Saudi Aramco or Aramco, 2222.SR)
Headquarters
Dhahran, Saudi Arabia
Founder
NA
Founded
1933
Saudi Aramco – Trillion-Dollar Companies in the World
Aramco’s foundation dates back to 1933 when the government of Saudi Arabia and the Standard Oil Company of California (SOCAL) signed a concession agreement.
Saudi Aramco broke two records on its first day of trading in December 2019; the company hit the trillion-dollar mark on its very first day of trading, making it the biggest IPO in history. Aramco’s second record-breaking performance came the next day when its market value soared over $2 trillion.
Aramco is the only company in this club with a listing outside the US. It’s currently traded on Saudi Arabia’s stock exchange, making shares next to impossible for non-institutional investors who would like to invest in this lucrative market opportunity.
Amazon
Company Name
Amazon.com, Inc.(AMZN)
Headquarters
Seattle, Washington, United States
Founder
Jeff Bezos
Founded
1994
Amazon – Trillion-Dollar Companies in the World
Amazon hit the $1 trillion mark a month after Apple, but it was also severely affected by the 2018 market slump. However, it only took them until January 2020 when they surpassed analyst expectations with their earnings and revealed that Amazon has 150 million members in its Prime subscription service.
Over the past few years, Amazon’s value has experienced exponential growth, and its success has propelled the company founder Jeff Bezos’s net worth towards surpassing $100 billion.
Amazon has solidified its position among the top companies with its trillion-dollar market cap, thanks to its relentless growth, unparalleled customer service, and an ever-growing catalog with products from nearly every genre imaginable.
Meta
Company Name
Meta Platforms, Inc. (META)
Headquarters
Menlo Park, California, United States
Founder
Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, Chris Hughes
Founded
2004
Meta – Trillion-Dollar Companies in the World
Meta, formerly Facebook, briefly entered the trillion-dollar realm in terms of market valuation for approximately three months in 2021. However, similar to Tesla, Meta’s valuation later decreased, leading to its departure from the trillion-dollar club. Despite these fluctuations, Meta remains a significant force in the tech industry, driving innovation and shaping the digital landscape with its social media platforms and technological advancements.
Recently, in January 2024, Meta’s market cap once again surpassed $1 trillion. This achievement marks Meta’s return to the trillion-dollar company club after a period of recovery in 2023.
Berkshire Hathaway
Company Name
Berkshire Hathaway (BRK-B)
Headquarters
Omaha, Nebraska, United States
Founder
Oliver Chace
Founded
1839
Berkshire Hathaway – Trillion-Dollar Companies in the World
Berkshire Hathaway, led by Warren Buffett, reached a $1 trillion market valuation for the first time on August 28, 2024. This makes it the first U.S. company outside the tech sector to join the elite trillion-dollar club, alongside tech giants like Apple, Microsoft, Nvidia, and others. Berkshire’s wide range of insurance, energy, manufacturing, retail, and service businesses earned $22.8 billion in profit during the first half of 2024. These businesses include Geico car insurance, BNSF Railway, Berkshire Hathaway Energy, Brooks running shoes, Dairy Queen ice cream, Ginsu knives, the World Book encyclopedia, and more.
Buffett, who took over in the 1960s, turned the company into a strong and stable empire. Despite being an “old-economy” company, Berkshire’s smart investments, including in Apple, have played a big role in its impressive growth.
Company That Touched the Trillion-Dollar Mark
Tesla briefly joined the exclusive trillion-dollar club and reached unparalleled heights of market valuation:
Tesla
Company Name
Tesla, Inc. (TSLA)
Headquarters
Austin, Texas, United States
Founder
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, Marc Tarpenning
Founded
2003
Market Cap
$657.29 B (August 2024)
Tesla – Trillion-Dollar Companies in the World
Due to a successful trading day on Monday, October 25th, 2021, Tesla’s market cap surpassed $1 trillion for the first time. Following the announcement of some exciting news from Hertz and Morgan Stanley, their stock jumped 10%.
Tesla, the renowned electric vehicle manufacturer, briefly joined the exclusive trillion-dollar club in terms of market valuation. However, its journey into and out of the trillion-dollar club has been marked by fluctuations. Despite experiencing moments of surpassing the milestone, Tesla’s market value has fallen back. This volatility was evident in April 2022, when Tesla dropped out of the trillion-dollar club. Nonetheless, Tesla’s pioneering efforts in the electric vehicle industry continue to shape the future of transportation and solidify its position as a prominent player in the market.
Which Companies Are Next to Join the Trillion Dollar Club?
Eli Lilly, a major player in pharmaceuticals with its focus on innovative treatments for diabetes and cancer, is a strong contender for the trillion-dollar club. Its long history of success in the healthcare sector positions it well for potential entry.
Taiwan Semiconductor Manufacturing Company (TSMC), a leading chipmaker crucial for technology ranging from smartphones to AI, is also a strong prospect. Despite their significant roles and growing market caps, both companies still have further to go before joining the trillion-dollar club.
However, it’s important to note that being contenders doesn’t guarantee them a spot as the next trillion-dollar companies. The race is still wide open, and only time will tell who will ultimately claim that prestigious title.
The planet is quickly becoming a country with trillion-dollar companies. Till now, only eight companies have been able to reach $1 trillion in value on the planet, and it’s estimated that this number will more than double in the coming years.
The company that will become the next trillion-dollar juggernaut is set for greatness. It doesn’t matter which industry it comes from or where it comes from, and whichever business gets its name on this list will have big shoes to fill because, if history tells us anything at all, it’s not easy to reach that level, and not to mention maintain it.
FAQs
How many trillion-dollar companies are there?
As of August 2024, there are eight trillion-dollar companies, Apple, Nvidia, Amazon, Microsoft, Saudi Aramco, Microsoft, Alphabet, and Berkshire Hathaway.
Is Tesla a trillion-dollar company?
No, Tesla is no longer a trillion-dollar company. It briefly joined the exclusive trillion-dollar club in terms of market valuation.
Is Meta a trillion-dollar company?
Yes, Meta is a trillion-dollar company with a $1.313 trillion market capitalization as of August 2024.
Which was the first trillion-dollar company?
PetroChina was the first company to reach a $1 trillion market value.
With India’s expanding population and steadfast commitment to sustainability, Tesla, a prominent global player in the electric vehicle industry, perceives a promising opportunity for growth.
India’s intensified efforts to reduce carbon emissions and promote clean energy have led to a concerted focus on attracting foreign investments, particularly in the electric vehicle sector.
In a significant development, India has recently approved a scheme aimed at positioning the country as a leading manufacturing hub for cutting-edge electric vehicles. This strategic policy shift is designed to entice major players like Tesla to invest in India’s thriving electric vehicle (EV) market.
With these favorable policy reforms in effect, US-based Tesla is preparing to establish its presence in India. The government’s persistent advocacy for electric mobility, combined with the escalating demand for EVs, renders India an exceptionally appealing prospect for Tesla’s entry.
Tesla, Inc. is a prominent American multinational corporation based in Austin, Texas. The company specializes in the design, production, and distribution of electric vehicles, as well as a range of clean energy products.
After years of anticipation, a team from Tesla is finally making its way to India this month.
According to reports, Elon Musk, CEO of Tesla and SpaceX, is set to visit India during the week starting April 22, marking a significant milestone in the company’s growth strategy.
Musk is scheduled to meet with Prime Minister Narendra Modi and potentially unveil the company’s investment strategies in the country, as per reports.
Last June, during Prime Minister Modi’s visit to the US, Musk met the PM and disclosed his intention to visit India in 2024. He expressed confidence that Tesla would soon venture into the Indian market.
The team will be scouting potential sites for a car manufacturing plant, carefully considering the states of Telangana, Gujarat, Maharashtra, and Tamil Nadu as potential locations.
An email query sent to Tesla to confirm Musk’s visit and the company’s India investment plans remained unanswered.
The site selection process is of paramount importance, as it will determine the efficiency and productivity of Tesla’s operations in India.
India is now the most populous country in the world, based on population. India should have electric cars just like every other country has electric cars. It’s a natural progression to provide Tesla electric vehicles in India, Musk had said in a X Spaces session with Nicolai Tangen, the Chief Executive Officer at Norges Bank Investment Management.
Factors such as infrastructure, availability of skilled labor, proximity to suppliers, and logistical advantages will play a significant role in the decision-making process. Tesla’s meticulous approach to site selection ensures that the chosen location will support its commitment to innovation and sustainability.
Potential Economic Impact of Tesla’s Manufacturing Plant
Tesla’s potential investment of USD 2-3 billion in establishing a manufacturing plant in India speaks volumes about the company’s confidence in the Indian market.
Apart from creating job opportunities, this investment will have a profound economic impact on the chosen state. The establishment of a Tesla manufacturing plant will attract further investments, boost local businesses, and contribute to the overall growth of the region.
“I want investment to come in India because in India, it doesn’t matter who has invested money, (but) the sweat put into the work must be of our own people. The product should have the essence of our soil, so that our youth in the country will get employment opportunities,” said PM Modi in an interview to ANI, to a query on Elon Musk’s Tesla and Starlink’s possible entry into India.
Additionally, the presence of Tesla in India will lead to the development of a robust EV ecosystem. This will foster innovation, encourage the growth of related industries, and position India as a global player in the electric vehicle manufacturing sector. The economic benefits of Tesla’s investment extend beyond the company itself, creating a ripple effect that will positively impact the nation’s economy.
Excitement Among Tesla Fans in India
Tesla’s entry into the Indian market has been a long-awaited moment for EV enthusiasts and fans across the country. The news of Tesla’s visit and its exploration of potential manufacturing sites has sparked excitement and anticipation among the Indian population.
The promise of owning a Tesla electric vehicle, known for its cutting-edge technology and sleek design, has fueled the enthusiasm of fans who have eagerly awaited the company’s arrival.
Social media platforms have been abuzz with discussions and speculations about Tesla’s future in India. Fans have been actively sharing their excitement, expressing their desire to be a part of the Tesla community, and eagerly awaiting the official launch of Tesla’s operations in the country.
Tesla’s presence in India will bring forth a multitude of benefits for both the company and the nation.
Firstly, it will provide Indian consumers with access to Tesla’s advanced electric vehicles, renowned for their performance, range, and cutting-edge technology. This will contribute to the acceleration of electric vehicle adoption in the country, reducing dependence on fossil fuels and lowering carbon emissions.
Moreover, Tesla’s manufacturing plant in India will create job opportunities for the local workforce. The employment generated by the plant will not only benefit the individuals directly employed by Tesla but also support ancillary industries, thereby boosting the overall employment scenario in the region.
Additionally, Tesla’s entry will attract global attention and investment in India’s EV sector. It will encourage other international players to explore opportunities in the Indian market, fostering healthy competition and contributing to the growth and development of the electric vehicle industry as a whole.
This (E-vehicle policy) will provide Indian consumers with access to latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition among EV players leading to high volume of production, economies of scale, lower cost of production, reduce imports of crude oil, lower trade deficit, reduce air pollution, particularly in cities, and will have a positive impact on health and environment,”a government press release said.
The EV policy mandates a minimum investment of Rs 4,150 crore (∼USD 500 million), with no maximum limit. Manufacturers must establish manufacturing facilities within 3 years, commence commercial production of e-vehicles, and achieve 50% domestic value addition (DVA) within 5 years. Localization levels of 25% by the 3rd year and 50% by the 5th year are required. A 15% customs duty applies to vehicles with a minimum CIF (Cost, Insurance, and Freight) value of USD 35,000 for 5 years, contingent upon setting up manufacturing in India within 3 years. A bank guarantee is required to support the investment commitment.
Challenges and Potential Hurdles for Tesla’s Expansion
While Tesla’s entry into the Indian market holds immense promise, there are certain challenges and potential hurdles that the company may face during its expansion.
One significant challenge is the establishment of a robust charging infrastructure across the country. To support the widespread adoption of electric vehicles, a dense network of charging stations is essential. Tesla will need to collaborate with the government and other stakeholders to ensure the availability of reliable and accessible charging infrastructure.
Electric Vehicle per Charging Station in India as of January 2023, by Leading State
EV charging stations supply in India will surge as the Indian Oil Corporation (IOC) and two other public sector oil firms have pledged to install 22,000 charging stations by 2026. The National Highways Authority of India (NHAI) has also announced plans to target having EV charging stations every 40 – 60 miles along the country’s highways. India has an active network of 934 active public charging stations.
You can find the nearest EV charging station from your current location at:
Another potential hurdle for Tesla is the competitive landscape in India’s automotive market. Several domestic and international players have already established their presence, offering electric vehicles at various price points.
Tesla will need to differentiate itself and position its products strategically to capture a significant market share.
Furthermore, regulatory frameworks, import duties, and taxation policies may impact Tesla’s pricing and affordability in the Indian market. The company will need to navigate these complexities effectively to make its electric vehicles accessible to a wider range of Indian consumers.
Government Aid and Incentives for EV Manufacturers
The Indian government has been actively promoting electric mobility through various initiatives and incentives.
In line with the country’s commitment to sustainable development, the government has introduced favorable policies and frameworks to encourage the adoption of electric vehicles.
Under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, the government provides financial incentives to both manufacturers and buyers of electric vehicles. These incentives aim to reduce the upfront cost of EVs, making them more affordable and attractive to consumers. Tesla can leverage these incentives to make its electric vehicles more accessible to Indian buyers.
Additionally, the government has set ambitious targets for electric vehicle adoption, with a goal to have only electric vehicles on Indian roads by 2030.
This commitment sends a clear signal of support to EV manufacturers, including Tesla, and creates an environment conducive to their growth and success in the Indian market.
Competitors and the Electric Vehicle Market in India
Tesla will be entering a competitive landscape in the Indian electric vehicle market. Several domestic and international players have already established their presence and are actively catering to the growing demand for electric vehicles.
Mahindra Electric, the electric vehicle division of Mahindra & Mahindra, is one of the leading domestic players in the Indian market. The company offers a range of electric vehicles, including cars and commercial vehicles, and has established a strong network of dealerships and service centers across the country.
Players such as Hyundai, Tata Motors, and MG Motor have also made significant strides in the Indian electric vehicle market. These companies have introduced electric vehicles with competitive pricing, attractive features, and extensive service networks, catering to the diverse needs of Indian consumers.
Tata Punch EV, MG Comet EV, and Tata Nexon EV are among the top three popular electric cars in India.
Tesla’s entry into the Indian market will bring a fresh perspective and introduce its iconic brand to the Indian population. The competition will encourage innovation, drive technological advancements, and ultimately benefit consumers by offering a wider range of electric vehicle options.
Conclusion – The Future of Tesla and Its Impact
Tesla’s long-awaited entry into the Indian market holds immense promise for the future of sustainable transportation in the country. With its advanced technology, sleek design, and commitment to reducing carbon emissions, Tesla’s electric vehicles are expected to find a receptive market in India.
The establishment of a manufacturing plant in India will not only create job opportunities and boost the economy but also contribute to the growth and development of the Indian electric vehicle industry. Tesla’s presence will catalyze the adoption of electric vehicles, encourage competition, and drive innovation in the sector.
As Tesla’s team visits India to explore potential manufacturing sites, the expectations and excitement among fans and enthusiasts are at an all-time high. The Indian government’s support, incentives, and commitment to electric mobility further solidify India’s position as a key market for Tesla.
With its unparalleled brand value, cutting-edge technology, and commitment to sustainability, Tesla is poised to make a significant impact on the Indian electric vehicle industry. The future looks bright as Tesla’s entry into India paves the way for a greener and more sustainable transportation landscape.
FAQs
What is Tesla?
Tesla is an American electric vehicle (EV) and clean energy company known for its electric cars, renewable energy products, and energy storage solutions.
How does Tesla approach innovation?
Tesla is known for its innovative approach to technology and design, constantly pushing the boundaries of electric vehicles and renewable energy technology to make sustainable solutions more accessible and appealing.
Why is Tesla interested in India?
India presents a significant opportunity for Tesla due to its growing population, increasing focus on sustainability, and government initiatives to promote electric mobility and renewable energy.
What recent developments indicate Tesla’s focus on India?
Tesla’s CEO Elon Musk has expressed interest in entering the Indian market, and the company is reportedly exploring opportunities for manufacturing and investment in the country.
Automobile manufacturers have been stepping up their technological game to become industry leaders in electric vehicles ever since the notion was first presented globally. As a result of Tesla’s success, worldwide corporations are racing to be the first to cash in on this industry’s promising future. The electric vehicle market is very competitive in India as well. India revealed its lofty goal of decarbonization for 2030 at COP26. In addition to joining the worldwide EV30@30 campaign, this means cutting energy sector carbon emissions in half and increasing renewable energy generation capacity to 500 gigawatts by 2030. India plans to do this by tripling its present renewable capacity and setting a specific target of having 30 percent of new car sales be electric vehicles (EVs) by 2030 through its EV30@30 program.
At least in the realm of passenger cars, that is an enormous undertaking. With 49,800 EVs sold out of 3.8 million passenger vehicles in 2022, electric cars made up just 1.3% of all vehicle sales. With both established and up-and-coming firms investigating various avenues for research and development and commercial manufacturing of automobiles and auto parts, the automotive industry and related sectors are optimistic about the future of electric vehicles.
According to media projections, the electric vehicle industry in India might reach $7.09 billion by 2025, up from $2 billion in 2023. Sales of electric vehicles in the United States are expected to reach 10 million units per year by 2030.
Sanjay Gopalakrishnan, BYD’s senior vice president of electric passenger vehicle business, told a prominent media house that the company’s goal in India is to maintain its dominance in the electric vehicle (EV) sector priced over Rs 30 lakh. “We have multiple SUVs globally, but we thought that Seal is the right product for the Indian market,” Gopalakrishnan explained when asked why the company would introduce a sedan in a nation where SUVs are in high demand. The world over, people are raving about it. It goes up against Tesla’s Model 3. Customers in India are familiar with the Model 3, so we figured they would be interested in trying out a Model 3 rival that showcases our technology and performance.
Across the country, BYD now operates 24 dealerships. Gopalakrishnan reiterated the company’s goal of penetrating 90% of the market for electric vehicles.
The Chinese electric vehicle maker had planned to build an electric vehicle (EV) assembly plant in Hyderabad in conjunction with Megha Engineering and Infrastructures Ltd (MEIL) last year, but the Indian government turned down their $1 billion investment offer.
India Electric Vehicle Market Size, 2022 to 2032
Developments in the International Market
Companies in the international EV industry are releasing a plethora of new, feature-packed models that are characterized by cutting-edge technology. As the formal premiere of its highly anticipated electric car, the SU7, approaches on March 28, the famed Chinese smartphone giant Xiaomi is preparing for a momentous occasion. The company’s strong statements regarding the car’s availability right after launch indicate a major shift towards the electric vehicle (EV) industry.
In 2018, Volvo began investing in small firms with the hope of developing technology that may be utilized in its vehicles. Some of these companies have developed software that can reduce the time it takes to charge batteries by 15-30% (from 10-80%), as stated in the report. The algorithmic charging process is managed by the UK-based startup Breathe Battery Technologies. In contrast to conventional electric vehicles, which use a phased charging program with predetermined limitations to save their batteries, Breathe’s technology allows for real-time dynamic regulation of energy flow.
Even though the US federal government would not subsidize the purchase of a 2024 Kia EV9—an electric three-row SUV—Kia itself will. All EV9 purchases made by April 30 will receive a $5,000 cash discount from the manufacturer. This means that customers may obtain a base Light trim for as low as $51,395 or a top-tier GT-Line for as low as $70,395 (with a destination cost of $1,495).
Indian Government Going Vocal for Local
During the early stages, the Central Government is considering granting companies like Tesla a decrease in import charges on fully constructed units to boost domestic manufacturing. And because the government plans to set up a regulatory framework for high-tech car makers, local sourcing will be a need. The initiative aims to reduce the import duty on environmentally friendly vehicles. If Indian carmakers agree to start manufacturing their vehicles in India and sourcing their components locally, the duty could be reduced significantly, possibly from 100% to as low as 15-30%.
Furthermore, these businesses will be asked by the government to guarantee that they will create a supplier ecosystem, with a primary goal of obtaining 20% of the components from local sources in the first two years. It is anticipated that this percentage will rise to 40% by the end of the fourth year of the agreement.
Tesla Inc., the renowned electric vehicle manufacturer, is nearing an agreement with the Indian government that would allow the company to import its vehicles into the country starting next year and establish a manufacturing plant within the next two years, according to sources familiar with the discussions.
Potential Timeline and Location for Tesla’s Indian Operations
An official announcement of this collaboration is expected to be made at the Vibrant Gujarat Global Summit in January 2024. The Indian government has identified three potential locations for Tesla’s manufacturing plant: Gujarat, Maharashtra, and Tamil Nadu. These states have well-established ecosystems for electric vehicle production and export capabilities.
Investment and Procurement Plans
Tesla is anticipated to make an initial investment of approximately $2 billion in the proposed plant. The company also intends to significantly increase its procurement of auto parts from India, aiming to reach a value of $15 billion. To reduce costs, Tesla plans to manufacture some batteries in India as well.
Discussions and Opportunities
While these plans are not yet finalized, the possibility of changes remains. Elon Musk, Tesla’s CEO, previously announced in June 2023 that the company plans to make a “significant investment” in India and expressed his intention to visit the country in 2024.
Entering India’s vast market, with its growing demand for electric vehicles among the aspiring middle class, would be a significant opportunity for Tesla. The Indian government, under Prime Minister Modi, has been actively promoting domestic manufacturing of electric vehicles and encouraging the rapid adoption of cleaner transportation.
Challenges in the Indian EV Market
Despite these efforts, the electric vehicle market in India has not witnessed substantial growth. Battery-powered cars constituted only 1.3% of the total passenger vehicles sold in India last year. Consumers remain hesitant to switch to electric cars due to the high upfront costs and a lack of charging infrastructure.
Tesla’s Pricing Strategy and Import Duties
Tesla currently does not directly import cars into India due to the high import tariffs imposed. When locally manufactured Tesla cars become available for sale, they could be priced as low as $20,000, according to some sources.
Trade Minister’s Visit and Tesla’s Procurement Plans
Trade Minister Piyush Goyal, who visited Tesla’s plant in Fremont, California, stated in September 2023 that Tesla plans to nearly double its purchases of auto parts from India to $1.9 billion this year. Last year, the electric carmaker sourced parts worth $1 billion from India.
Resumption of Discussions and Potential Tax Relief
Tesla’s interactions with India resumed in May 2023 after a year-long impasse. There are now discussions about potentially lowering import taxes for international electric vehicle manufacturers for five years if they commit to establishing local factories.
Tesla’s Ambitions to Become India’s Third-Largest Car Manufacturer
Tesla is gearing up to introduce a comprehensive range of electric vehicles and establish a robust charging infrastructure in India on a large scale. The company aims to offer electric vehicles at a competitive price range, with specific pricing details yet to be finalized.
Gigafactory Location and Government Support
Should Tesla’s proposed plans materialize, the company is poised to become India’s third-largest car manufacturer, following Maruti and Hyundai. Ongoing discussions between Tesla and Indian government officials will delve into localization strategies, including the identification of a suitable location for the gigafactory.
Production Linked Incentive Scheme and FAME 3 Scheme
There are indications that India may consider implementing a second phase of the Production Linked Incentive scheme to provide support to Tesla. Government officials are also engaged in talks with the industry to explore the expansion of the FAME 3 scheme, considering that the FAME 2 scheme is scheduled to conclude in March 2024.
Market Share of Electric Vehicles in India in 2022 With Estimates Up to 2030
India’s Electric Vehicle Revolution Propelled by Affordable $10,000 Cars
India’s electric vehicle (EV) market is witnessing a remarkable surge, fueled by the introduction of cost-effective new models. Sales of passenger EVs in the country have soared to an impressive 75,000 units in the nine months leading up to September, representing a more than twofold increase from the same period last year.
While EVs still account for a modest 2.4% of the total market share, a closer examination of the underlying trends reveals a crucial insight for EV manufacturers seeking to penetrate the Indian market: An astounding 86% of all-electric cars sold this year were priced under $20,000.
This surge in demand is attributed to the introduction of several new models this year, including the most affordable option, MG’s Comet mini car, priced at less than $10,000. Tata Motors’ popular Tiago compact EV, which accounts for 39% of EV shipments, retails for around $10,500, with deliveries commencing earlier this year.
India’s EV Market Sales With Estimates Up to 2030
Dominance of Affordable Small Cars and Compact SUVs
An analysis of statistics across all drivetrains further underscores the dominance of affordable small cars and compact SUVs. Approximately 69% of cars sold in India last year were priced below $15,000, with 27% costing less than $10,000. Even top-selling combustion-engine models like Suzuki’s Swift and Wagon R retail for under $8,000.
By offering EVs at comparable prices, automakers have successfully tapped into demand from private customers, particularly those commuting in India’s urban centers. The growing popularity of battery-powered cars among ride-hailing and taxi companies is also driven by their low operating costs.
This surge in demand has prompted significant commitments from automakers to increase local EV production, with nearly $5.4 billion in investments pledged to establish or expand EV manufacturing facilities in India, as reported by BloombergNEF. These commitments come from both domestic players such as Tata Motors and Mahindra & Mahindra, as well as international players like Hyundai, Kia, and Vietnamese EV startup VinFast.
While promises to establish local battery plants are also on the rise, supported by government subsidies, one aspect of India’s EV ecosystem that lacks concerted efforts, particularly from private companies, is the charging network. Most public charging stations are currently concentrated in major cities like Delhi, Mumbai, and Bengaluru, with many designed to support electric two- and three-wheelers. To fully accelerate the next phase of EV adoption, more comprehensive efforts are needed to expand the charging infrastructure across the country.
Company Profile is an initiative by StartupTalky to publish verifiedinformation ondifferent startups and organizations.
Tesla, recognized as the world’s most valuable automaker and maker of clean energy, is one of the most admired companies in the world for many reasons. Be it the unique features of Tesla vehicles, Tesla’s Supercharger network that has simplified charging for electric vehicles, or because of its charming CEO, Elon Musk, Tesla has gained immense popularity.
In 2003, Tesla Motors was established by a group of visionaries, including Elon Musk, Martin Eberhard, JB Straubel, Marc Tarpenning, and Ian Wright. This groundbreaking company has since achieved remarkable milestones, including reaching a historic moment in 2021 when its market capitalization exceeded $1 trillion, making it an exclusive trillion-dollar company.
In this article, let’s explore the story of Tesla, its founders, its business and revenue model, growth, and more.
Tesla – Company Highlights
Company Name
Tesla, Inc.
Headquarters
Austin, Texas, United States
Industry
Automotive, Renewable energy, Motor Vehicle Manufacturing
Founders
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, Marc Tarpenning
Tesla, develops, produces, rents, and distributes electric automobiles, as well as energy generating and storage solutions, in the United States, China, and across the world. Automotive and Energy Generation and Storage are the company’s two prominent segments. Tesla was founded in 2003.
The Automobile section sells automotive regulatory credits as well as electric cars. Tesla sells sedans and sport utility vehicles directly and through used car sales. With 45,000+ Superchargers, Tesla owns and operates the largest global, fast-charging network in the world. Tesla’s automotive segment also offers buy-financing and leasing options. By downloading the Tesla app, Tesla vehicle owners can connect their smartphones to their cars and access a wide array of features. Through the Tesla app, one can access his Tesla vehicle and energy products from anywhere.
This segment also provides non-warranty after-sales automotive assistance, as well as the sale of used vehicles, retail merchandise, and vehicle insurance, as well as the sale of products to third-party customers through its subsidiaries, services for electric vehicles through company-owned service locations, and Tesla mobile service technicians, and vehicle limited warranties and extended service contracts.
Through its online platform, stores, and galleries, as well as a network of channel partners, the Energy Generation and Storage segment designs, manufactures, installs, sells, and leases solar energy generation and energy storage products and related services to residential, commercial, and industrial customers and utilities. This sector also provides servicing and maintenance for its energy product clients, including under warranty, as well as a variety of solar financing alternatives.
Tesla Motors, Inc. was the company’s previous name until February 2017, when it changed to Tesla, Inc.
Tesla is unlike any of its peers. Tesla can address challenges differently than traditional automakers because it has done all of its software development in-house and has essentially grown up as a software and tech firm first, and an automotive second.
The international electric vehicle market is expected to increase at a CAGR of 26.8% from 4,093 thousand units in 2021 to 34,756 thousand units by 2030. Many companies are now manufacturing electric vehicles all over the world due to factors such as rising demand for low-emission transportation and governments encouraging long-range, zero-emission vehicles through subsidies and tax refunds. Countries throughout the globe have established emission reduction objectives based on their respective capabilities, which have resulted in increasing demand for electric vehicles all over the world.
Established firms such as Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany), and Nissan Motors(Japan) lead the electric vehicle market. These businesses also provide a wide range of products and services to the automobile sector. These corporations have extensive global distribution networks and invest extensively in R&D to generate new goods.
Tesla – Name and Logo
Tesla Logo
It has long been assumed that Tesla’s logo symbolizes the cross-section of an electric motor initially conceived by the company’s namesake, scientist, and inventor Nikola Tesla, rather than merely a fancy ‘T.’
Elon Musk revealed to a curious Twitter user that the Tesla logo is meant to reflect the cross-section of an electric motor. The primary body of the “T” appeared to depict one of the poles that protrude from a motor’s rotor, with the second line on top symbolizing a part of the stator, according to Elon Musk.
Tesla – Founders and Team
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, and Marc Tarpenning founded Tesla in July 2003.
Elon Musk
Elon Musk – CEO and Co-Founder, Tesla
Elon Musk co-founded Tesla and currently oversees its product strategy, which includes the design, engineering, and production of more and more economical electric automobiles for ordinary folks. Musk holds a B.A. in physics from the University of Pennsylvania and a B.S. in business from the Wharton School of the University of Pennsylvania. He has served as Tesla’s Chief Executive Officer since October 2008 and has been a member of the Board since April 2004.
In addition to his role at Tesla, Musk has also been Chief Executive Officer, Chief Technology Officer, and Chairman of SpaceX, a rocket and spacecraft manufacturing company, since May 2002. He was Chairman of the Board of SolarCity Corporation, a solar installation company, from July 2006 until its acquisition by Tesla in November 2016. Furthermore, Elon Musk completed his acquisition of Twitter in October 2022 and served as its CEO until he stepped down from his role in June 2023, succeeded by Linda Yaccarino. During this period, Elon implemented several reforms and management transitions, notably renaming the platform from “Twitter” to “X” in July 2023.
He is also a founder of The Boring Company and Neuralink Corp. Prior to his endeavors at SpaceX, Musk co-founded PayPal and Zip2 Corporation.
JB Straubel
JB Straubel is the founder and CEO of Redwood Materials, a Nevada-based firm that is creating a sustainable future by developing circular supply chains, converting trash into profit, and preventing new product environmental consequences before they occur. JB spent 15 years with Tesla as a co-founder and CTO before launching Redwood in 2017.
JB established one of the greatest engineering teams in the world at Tesla, where he oversaw cell design, supply chain, and the original Gigafactory idea all the way through the Model 3 production ramp. From prototype automobiles to mass production and GWh-scale, JB was directly involved in R&D, team creation, and operational expansion. JB graduated from Stanford University with a Bachelor of Science in Energy Systems Engineering and a Master of Science in Energy Engineering.
Marc Tarpenning
Clearpath Robotics, a developer of autonomous vehicles for industrial research and development, has Marc Tarpenning on its advisory board. He also serves as an advisor to a number of other businesses. He was previously a mentor at Greenstart.
Marc is a Venture Partner at Spero Ventures. Before joining Greenstart, he was an entrepreneur in residence at Mayfield Fund. Prior to that, he co-founded Tesla Motors and served as its vice president of engineering. He also worked with Packet Design, NuvoMedia, and Gemstar-TV Guide as an executive. Tarpenning graduated from the University of California, Berkeley, with a bachelor’s degree in computer science.
Martin Eberhard
Martin Eberhard is an engineer, a seasoned Silicon Valley entrepreneur, and a 17-patent inventor. Eberhard completed a BS in Computer Engineering and an MS in Electrical Engineering from the University of Illinois at Urbana-Champaign in 1982 and 1984, respectively. He was recently honored by The University of Illinois with the Distinguished Alumni Award and an Alumni Award for Distinguished Service. Tesla Motors was formed in 2003 by Eberhard and his colleagues, and Eberhard served as its CEO until November 2007.
Eberhard worked for Volkswagen for two years after leaving Tesla Motors as Director of EV Development. He has given talks all around the world about the reasons and ways for decreasing carbon emissions, the advantages of the electric drive over alternative automobile technologies, entrepreneurship, and the need for more young people to pursue science and engineering degrees and careers. He presently sits on the boards of directors and advisory boards of many early-stage Silicon Valley startups.
Ian Wright
Ian Wright is a New Zealander by birth. In 1993, he moved to California, where he lived next door to Tesla creator Martin Eberhard. Wright became one of the founders of Tesla. He worked with optical switching systems at Altamar Networks until the company went out of business, after which he chose to create his own.
Vaibhav Taneja
Vaibhav Taneja – CFO, Tesla
In August 2023, Indian-origin Vaibhav Taneja assumed the role of Chief Financial Officer at Tesla, succeeding Zachary Kirkhorn and further strengthening the company’s exceptional leadership team. Before his appointment as Tesla’s CFO, Vaibhav demonstrated his financial acumen as Tesla’s Chief Accounting Officer. He has also significantly contributed as Corporate Controller and Assistant Corporate Controller at Tesla since February 2017. Prior to his tenure at Tesla, Vaibhav played a pivotal role in various finance and accounting capacities at SolarCity Corporation.
Vaibhav has a Bachelor of Commerce degree from Delhi University, and he also holds the esteemed designation of being a Certified Public Accountant.
Tesla – Startup Story and History of Tesla Cars
Martin Eberhard and Marc Tarpenning launched Tesla (as Tesla Motors) on January 1, 2003, in San Carlos, California. After General Motors recalled all of its EV1 electric cars in 2003, the founders were encouraged to create the firm. The AC Propulsion tzero, an electric sports car manufactured by the US-based company AC Propulsion, was the inspiration for the Roadster, the company’s first automobile.
Ian Wright came on board as the third employee a few months later. In January 2004, the three started seeking funding and met Elon Musk, who provided US$6.5 million of the original (Series A) US$7.5 million round of investment and became chairman of the board of directors in February 2004. Eberhard was then named CEO by Musk. J.B. Straubel was hired as the fifth employee in May 2004. Eberhard and Tesla reached a court settlement in September 2009 that permits all five co-founders (Eberhard, Tarpenning, Wright, Musk, and Straubel) to use the term “co-founder.”
Musk took an active part in the firm, overseeing the Roadster’s product design in great detail. Musk was the one who insisted on a carbon-fiber-reinforced polymer body from the start, and he directed the design of components ranging from the power electronics module to the headlights and other aesthetics, according to Eberhard. Musk earned the Global Green 2006 product design prize, awarded by Mikhail Gorbachev, for his design of the Tesla Roadster. He also received the 2007 Index Design award for his design of the Tesla Roadster.
Tesla’s vision is to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles, while its mission is “to accelerate the advent of sustainable transport by bringing compelling mass-market electric cars to market as soon as possible.”
Tesla – Business Model and Revenue Model
Tesla’s business model was reinforced once the company established its brand and developed and delivered its prototype car to the market. Tesla’s business model is built around a three-pronged strategy for selling, repairing, and charging its electric automobiles.
Tesla’s business strategy prioritizes the installation of charging stations. That might be the most significant impediment to the widespread adoption of electric automobiles. Tesla’s business model has been expanded to include energy storage devices for households and businesses. Tesla’s sales and servicing are handled directly by the company, rather than via licensed dealerships.
Tesla sells directly to consumers, unlike other automobile manufacturers that sell through franchised dealerships. It has established an international network of company-owned showrooms and galleries, the majority of which are located in major cities. Tesla thinks that by owning the sales channel, it would be able to accelerate the development of its products. More significantly, it improves the purchase experience for customers. Tesla showrooms, unlike automotive dealerships, are free of possible conflicts of interest. Customers solely deal with Tesla sales and service representatives. The direct selling of its products to the customers, its international network of showrooms and galleries, and the development of innovative products that are fuel-efficient and future-proof are some of the reasons that can answer if you are wondering why Tesla is successful.
Panasonic is a prominent Tesla partner and the company’s primary battery cell developer.
The following is a list of alleged main suppliers for Tesla’s manufacturing production, as well as the components they provide:
AGC Automotive: windshields
Brembo: brakes
Fisher Dynamics: power seats
Inteva Products: instrument panel
Modine Manufacturing Co.: battery chiller
Sika: acoustic dampers
Stabilus: liftgate gas spring
ZF Lenksysteme: power steering mechanism
Tesla – Subsidiaries
Following are five major subsidiaries of Tesla
Solar City Corp.
SolarCity was created in 2006 by two cousins of Elon Musk, namely Peter and Lyndon Rive. Musk was the one who came up with the idea for the firm, as well as provided the initial operating money and served as its chairman. SolarCity produces, installs, and sells solar energy systems, as well as solar-generated power. Tesla announced in August 2016 that it has finalized an agreement to buy SolarCity, with the deal set to close later that year.
Maxwell Technologies Inc.
The business was established in 1965. It specializes in ultracapacitors, which are energy storage devices that can hold several times more energy than normal capacitors. Its products are utilized in transportation, industrial, and grid energy storage, among other applications. Tesla purchased Maxwell in May 2019. Musk has previously stated that ultracapacitors will be a game-changer in the manufacturing of electric automobiles.
Grohmann Engineering GmbH (renamed Tesla Automation)
Klaus Grohmann created Grohmann Engineering in 1963 in Germany. The firm specializes in automated manufacturing system design and development. When Tesla announced its acquisition of Grohmann in November 2016, the company had 700 workers and had grown at a 6% annual pace over the previous 20 years. In January 2017, Tesla paid $135.3 million for the company.
Perbix Machine Co. Inc.
Perbix is a company that specializes in developing and producing specialized, highly automated production equipment. It was formed in 1976. Tesla bought the company in 2017. Tesla had bought Grohmann Engineering, a German-based company in a similar field, earlier in 2017. With the purchase of Perbix, Tesla will be able to manufacture more of its car parts in-house, giving them greater control over auto manufacturing. The acquisition was another move in Tesla’s drive to streamline and speed the production process of its electric vehicles, after the Grohmann acquisition.
Hibar Systems Ltd.
Hibar Systems was formed in 1974 in Canada. The firm specializes in high-precision dispensing pumps and filling systems, such as automated vacuum filling systems for lithium-ion batteries used in electric vehicles. Because Tesla made no statement about the transaction, it’s unclear when it happened. According to multiple U.S. and Canadian outlets, In October 2019, Tesla showed Hibar as one of its companies in an October 2 file with the Canadian government. Tesla’s interest in the company is very obvious. Hibar will enable the electric car manufacturer to develop its own battery cells. This decision will help Tesla reduce critical operational expenditures and reduce its reliance on Panasonic Corp., with which it owns and manages a Nevada-based battery manufacturing in partnership.
Tesla – Acquisitions
Below are the details of Tesla’s acquisitions:
Acquiree Name
About Acquiree
Date
Amount
Wiferion
A leading solution provider for mobile wireless power supply for electric industrial vehicles.
Jun 26, 2023
Springpower
Springpower is a manufacturing company providing clean cathode material to battery manufacturers.
May 4, 2021
–
ATW Automation
ATW Automation is a supplier assembling battery modules and packs for the auto industry.
Oct 2, 2020
–
Hibar Systems
Hibar Systems is an Ontario-based company that specializes in battery manufacturing.
Oct 4, 2019
–
DeepScale
DeepScale is a technology company that develops perceptual systems for semi-autonomous and autonomous vehicles
Oct 1, 2019
–
Maxwell Technologies
Maxwell Technologies manufacturing and marketing energy storage and power delivery solutions for automotive.
Feb 4, 2019
$218 million
Perbix
Perbix is a maker of highly automated manufacturing equipment.
Nov 6, 2017
–
Grohmann Engineering
Grohmann Engineering is a German engineering organization that specializes in electronics, automotive, biotech, life science.
Nov 8, 2016
–
SolarCity
SolarCity provides solar energy services to homeowners, businesses, government, and non-profit organizations
Jun 22, 2016
$2.6 billion
Riviera Tool LLC
Manufacturer of stamping die systems used to form sheet metal parts.
May 8, 2015
–
Tesla sold Wiferion to PULS on September 12, 2023, a supplier of DIN rail power supplies. Wiferion is a wireless charging firm that Tesla purchased in June 2023 for an undisclosed sum.
Tesla – Funding and Investors
Tesla has raised a total funding of $19.2B in funding over 36 rounds. Below are some recent rounds of funding raised by the company.
Date
Round
Amount
Lead Investors
Jun 30, 2022
Post-IPO Equity
$20 million
–
May 9, 2020
Post-IPO Debt
$565 million
Industrial and Commercial Bank of China
Dec 23, 2019
Post-IPO Debt
$1.4 billion
–
Oct 6, 2019
Post-IPO Debt
$700 million
China Merchants Bank
May 14, 2019
Post-IPO Equity
$860 million
–
May 14, 2019
Post-IPO Debt
$1.8 billion
–
Mar 8, 2019
Post-IPO Debt
CN¥3.5 billion
–
Aug 7, 2018
Post-IPO Secondary
$2 billion
–
Feb 2, 2018
Post-IPO Debt
$546 million
–
Dec 7, 2017
Grant
$2.3 million
Massachusetts Clean Energy Center
Mar 28, 2017
Post-IPO Secondary
$1.7 billion
Tencent
Tesla – Investments
Here are the details of Tesla’s investments:
Date
Organization Name
Round
Amount
Nov 16, 2022
Aescape
Series A
$30 million
Jul 24, 2022
Coredax
Venture Round
₩22 billion
Jan 20, 2018
Zola Electric
Series D
$55 million
Tesla – Growth
Tesla has made quite a revolution in the automobile and vehicle industry. The Austin, Texas-based company designs and produces electric vehicles, batteries, solar panels, solar roof tiles, and numerous other related products and services. In a significant growth moment, Tesla briefly joined the trillion-dollar club in October 2021, propelled by a 10% stock surge following exciting announcements. It is, therefore, hailed as one of the world’s most valuable companies, along with being the most valuable automaker across the globe.
Tesla captured 23% of the battery-electric (purely electric) market and 16% of the plug-in market in 2020 by emerging as the company with the most worldwide sales of battery-electric and plug-in vehicles.
Along with the cars that Tesla has developed, the company also developed the Tesla “Cybertruck”, which is designed as the truck of the future.
Cybertruck is an upcoming all-electric battery-powered light commercial vehicle. Also known as Cybertruck, Cybertrk, or Tesla Truck, it is designed by Franz Von Holzhausen, the man behind the famous models of Tesla like the Tesla Model S, and Model X. Sahm Jafary was also involved in its design. Originally announced in 2019, Tesla Cybertruck aimed to roll off the production lines by late 2021, however, due to some delays, it has been pushed to late 2022. This super truck is expected to be launched in India by December 2023.
Cybertruck by Tesla
Features and Dimensions
Dimensions:
Length – 231.7 in (5,885 mm)
Width-79.8 in (2,027 mm)
Height – 75 in (1,905 mm)
Features:
Cybertruck is a commercial vehicle. It is an M-segment {European Segments for passengers described as “multi-purpose vehicle”) and large – pickup truck for North America.
It has a rear-motor wheel drive, dual and tri-motor. Cybertruck has a full-width Led headlight bar, an auxiliary strip for off-road driving hidden at the top of the windshield.
The body is constructed of a thick sheet of stainless steel, which has been cold-rolled 30 times. It is scratch and dent resistant and can withstand a 9 mm-firearm round.
Cybertruck doesn’t have a traditional hoop. It has a steering wheel model after the type of aircraft Yoke with grips at 9 and 3 ‘0 clocks.
It offers a camping package that includes a polygonal tent to match its styling, a raised sleeping floor for the bed, and a slide-out electric stove, which runs off the battery pack.
It has a three-across front seating and a center jump set that turns into an arrest when not in use. Cybertruck also has a covered bed with a trunk on the floor and a “frunk” under the hood, each of the rear roof butterness hides storage compartments beneath the doors.
The powdered bed is very strong and one can walk over it. It fully retracts into the space between the bed and the cabin when it is opened.
Specifications:
250kW + supercharging capability
Autopilot, Adaptive, and Air Suspension
On-board 120 /240 VC
100 cubic feet of storage space
6.5 ft long cargo area
With 45,000+ Superchargers, Tesla owns and operates the largest global, fast-charging network in the world. Tesla was expected to launch in India somewhere between 2022-2024, where the company might have made around 5 of the Tesla cars – Model 3, Model Y, Model X, Model S, and Cybertruck, available in India. However, this plan of foraying into the Indian market has been put on hold, as per the reports dated May 17, 2022. This is because Tesla wanted the Indian government to lower the import taxes, which the government rejected. Tesla has also acknowledged some hurdles that are there in the way of Tesla’s India launch. The Elon Musk-headed company is now looking to foray into Indonesia for manufacturing, reports reveal.
In 2022, Tesla generated approximately $81.5 billion in total revenue, securing the 50th spot on the Fortune 500 list, a ranking based on US company revenues. This marked a notable increase of over 50% from the previous year.
The predominant share of Tesla’s revenue originates from vehicle sales and associated features, including full self-driving upgrades. Notably, around 17.5% of their 2022 revenue, equivalent to $14.3 billion, stemmed from other sources. Automotive sales constituted a significant portion, amounting to $67.2 billion, encompassing various models like the Model S, Model X, Semi, Model 3, and Model Y, alongside access to FSD features, internet connectivity, and software updates.
Tesla’s Plans to Launch in India
Tesla had planned to launch in India for quite some time now but the Elon Musk-headed company has had numerous disagreements with the Narendra Modi-led government. High import taxes was the first among the issues pointed out by Tesla. The company, thus, wanted to get the import taxes on its electric vehicles reduced. However, that was not the norm of the government and had also led to objections given by the Indian manufacturers of EVs, who mentioned that it would deter the Indian government’s investment in domestic manufacturing. The Indian policy head Manuj Khurana also conducted closed-door meetings, where he argued on behalf of the company that the import taxes were very high. However, this went to no avail with Manuj Khurana finally resigning.
Another issue around which numerous rumors and arguments surfaced is whether Tesla would set up manufacturing plants in India. However, Musk previously cleared all the confusion associated with that by mentioning that Tesla would not step in to manufacture in India before it is allowed to sell and service imported cars in the country.
Tesla has seen a range of lawsuits filed against the company. Besides, numerous statements against the brand, and controversies surrounding the Tesla CEO and his talks, circulate throughout the year. Creative accounting allegations, whistleblower retaliation, worker rights violations, and numerous unresolved, dangerous technical defects involving the Tesla vehicles are there still.
Tesla has been developing self-driving software that may be used not only in its own cars but also by other automakers that wish to include autonomous driving capabilities in their vehicles. One issue is that other businesses are developing extremely powerful self-driving technology, maybe even ahead of Tesla’s software. Alphabet’s autonomous driving software is one example. Also, that translation isn’t yet apparent in terms of selling this technology to other automobile makers.
Tesla auto-pilot mode has already met with numerous accidents, most of which still remain under the cover. This is the reason why NHTSA ordered Tesla in September 2021, to submit all the data associated with the sold US vehicles that are fitted with the auto-pilot function. The National Highway Traffic Safety Administration has already been investigating traffic deaths involving the use of autopilot vehicles, which is what fueled this move.
Besides, competition is also growing for Tesla as more electric vehicle manufacturers are entering the market.
Tesla Layoffs
Tesla fired 229 employees from its autopilot team, as per reports dated July 14, 2022. The Autopilot team of Tesla consisted of 276 employees in total. Here, the remaining 47 employees, who will stay at the company, will be moved to the Buffalo Autopilot office of Tesla. These employees actually operated from the San Mateo, California office of Tesla. Andrej Karpathy, the Tesla director of AI, also quit his position without disclosing any specific reasons. Earlier in June 2022, around 500 employees of Tesla were fired from its Nevada office against which, the Tesla employees filed a lawsuit that alleged that Tesla’s “mass layoff” violated federal laws because the company didn’t give the employees advance notice. Tesla had to cut staff by around 10% then, as reported by Tesla chief Elon Musk in June 2022.
Tesla – Future Plans
Tesla is unquestionably more than a vehicle manufacturer. While Tesla’s major focus remains on electric vehicles, Elon Musk and his excellent staff have been discreetly moving into other businesses.
Tesla also intends to produce a big number of automobiles. As expressed by Musk on Twitter, Tesla expects to produce 20 million cars per year by 2030, a quantity that would need “consistently superb execution.” In a series of tweets, he predicted that the market for new electric vehicles will reach 30 million per year in five to seven years.
Musk has a big plan to get the globe to switch to sustainable energy. During his Battery Day talk, he explained how increased battery production might cover energy consumption and help the global shift to renewable energy sources. The idea is ambitious: switching all automobiles to electric would necessitate a 100-fold increase in output.
Moreover, Tesla is on course to double the output of its Berlin plant, envisioning a capacity of one million electric vehicles annually. This strategic move positions it as a major player in Europe’s electric vehicle landscape, addressing challenges faced by German automakers in adapting to the electric revolution.
By January 2024, the Indian government hopes to expedite the approval process for Tesla’s possible admission into the India.
FAQs
What does Tesla do?
Tesla, develops, produces, rents, and distributes electric automobiles, as well as energy generating and storage solutions, in the United States, China, and across the world.
Who is Tesla named after?
Tesla is named after the inventor and electrical engineer Nikola Tesla.
Who founded Tesla?
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, and Marc Tarpenning are the Tesla founders, who founded Tesla in 2003.
Tesla’s business model is built around a three-pronged strategy for selling, repairing, and charging its electric automobiles.
Which companies do Tesla compete with?
Tesla’s top competitors include Ford Motors Co., General Motors Co., Li Auto, Nikola Corp., Canoo Inc., Volkswagen, and BYD Company.
Who is the new Tesla CFO?
Indian-origin Vaibhav Taneja is the new CFO of Tesla. His appointment comes as the previous finance chief, Zachary Kirkhorn, announced his decision to step down.
Why is Tesla successful?
Tesla’s success can be attributed to its innovative leadership, groundbreaking technology, and transformative impact on the electric vehicle market.
Nitin Konde
