111-635: Gigafactory New York (also known as Giga New York or Gigafactory 2 ) is factory leased by Tesla, Inc. in the Riverbend section of Buffalo, New York . The factory, owned by the State of New York , was built on brownfield land remediated from a former steel mill. Construction of the factory started in 2014 and was completed in 2017. It produces the Tesla Solar Roof and Tesla Superchargers . Additionally, Tesla employs data analysts for its Autopilot software at
222-610: A Gigafactory Mexico to open in 2025, but its groundbreaking has been delayed. At the beginning of the COVID-19 pandemic , Tesla closed the Fremont Factory in March 2020 due to California state and Alameda county COVID restrictions. When California lifted restrictions, but the county did not, Tesla sued the county, and restarted production on May 11, 2020. The county lifted restrictions on May 13, 2020, and Tesla dropped its lawsuit. After
333-730: A mid-size car with a fastback body style and either a dual-motor, all-wheel drive layout or a rear-motor, rear-wheel drive layout. The vehicle was designed to be more affordable than the luxury Model S sedan. A prototype Model 3 was first shown in 2016 and within a week, the company received over 325,000 paid reservations. Deliveries started in July 2017. The Model 3 ranked as the world's best-selling electric car from 2018 to 2021, and cumulative sales passed 1 million in June 2021. The vehicle has seen one major design refresh in September 2023 which revised
444-513: A steel mill along the Buffalo River on the 88-acre Riverbend, South Buffalo site from early in the 20th century to its closing in 1984. As a response to the regional manufacturing downturn related to deindustrialization in the Rust Belt , the State of New York created an economic stimulus package, later dubbed the " Buffalo Billion ", providing $ 1 billion in unearmarked economic investments for
555-420: A "long shot" for AI success. At the same time, the company was investing greater amounts in computer hardware made by others to support its AI training programs for its Full Self Driving and Optimus robot products. Later in the year, Tesla signed a contract with Buffalo committing to operate the factory for an additional five years beyond its current lease, until 2034 (at a rent of $ 5 million per year, compared with
666-412: A Delaware trial court dismissed the lawsuit by Tesla shareholders, holding that Musk did not impermissibly interfere in the acquisition even though he "was more involved in the process than a conflicted fiduciary should be", and that since the acquisition "Tesla’s value has massively increased". A New York State Comptroller ’s audit found just 54 cents of economic benefit for every subsidy dollar spent on
777-502: A Powerwall 2, the Tesla Solar Inverter and a Backup Gateway (a system controller and transfer switch ). The combination simplifies installation and allows for even greater power delivery during periods of full sun. The Tesla Megapack is large-scale rechargeable lithium-ion battery energy storage devices intended for use by a business or an electric utility company. The Megapack is capable of storing up to 3 megawatt-hours and
888-509: A Solar Roof costs less than installing a new roof with solar panels and that the tempered glass that the tiles are made of are more durable than standard roofing tiles. The product was first unveiled in August 2016, but Tesla was only able to start producing the Solar Roof in volume in March 2020. A report released in March 2023 estimates that Tesla has installed approximately 3,000 solar roofs in
999-467: A decrease of 36% over 2022, and deployed 14.7 gigawatt-hours (GWh) of battery energy storage products, an increase of 125% over 2022. The division generated $ 6.04 billion in revenue for the company in 2023, a 55% increase over 2022. As Tesla, Inc. developed batteries for its electric car business, the company also started experimenting with using batteries for energy storage . Starting in 2012, Tesla installed prototype battery packs (later called
1110-499: A dual- or trimotor, all-wheel drive layout. The rear passenger doors open vertically with an articulating " falcon-wing " design. A prototype Model X was first shown in February 2012 and deliveries started in September 2015. The Model X shares around 30 percent of its content with the Model S. The vehicle has seen one major design refresh in June 2021 which revised the interior. The Model 3 is
1221-472: A large global engineering headquarters in Palo Alto, moving into a corporate campus once owned by Hewlett Packard . In early 2021, Tesla became a major investor in bitcoin , acquiring $ 1.5 billion of the cryptocurrency , and on March 24, 2021, the company started accepting bitcoin as a form of payment for US vehicle purchases. However, after 49 days, the company ended bitcoin payments over concerns that
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#17328768813981332-483: A long-term agreement and may ask Tesla to deactivate the system at anytime with no penalty; Tesla charges a flat fee to remove the system. Tesla uses proprietary mounting hardware on rooftops that eliminates the need for mounting rails and uses skirts that hide the hardware and make the panels appear to be flush with the roof. SolarCity acquired the mounting technology when it purchased Zep Solar in 2013. The "railless" system allows installers to install solar panels on
1443-498: A loss, citing that the cryptocurrency was hurting the company's profitability. Between May 2023 and February 2024, almost all major North America EV manufacturers announced plans to switch to Tesla's North American Charging Standard adapters on their EVs by 2025, which is expected to be a stable source of recurring revenue for Tesla. In November, Tesla started shipping the Cybertruck, produced from Gigafactory Texas. In April 2024,
1554-403: A new front-end design and again in June 2021, which revised the interior. The Model S was the top-selling plug-in electric car worldwide in 2015 and 2016. More than 250,000 vehicles have been sold as of December 2018 (when Tesla merged production numbers for the Model S and Model X). The Model X is a mid-size luxury crossover SUV offered in 5-, 6- and 7-passenger configurations with either
1665-584: A notably polarizing reception from media. On November 16, 2017, Tesla unveiled the second generation Roadster with a purported range of 620 miles (1,000 km) with a 200-kilowatt-hour (720 MJ) battery pack that would achieve 0–60 miles per hour (0–97 km/h) in 1.9 seconds; and 0–100 mph (0–161 km/h) in 4.2 seconds, and a top speed over 250 mph (400 km/h). A " SpaceX Package" would include cold-gas thrusters . The vehicle would have three electric motors, allowing all-wheel drive and torque vectoring during cornering. The base price
1776-399: A product that is easy to install, more attractive, less expensive and can also be easily maintained. Brothers Peter and Lyndon Rive , the cousins of Tesla CEO Elon Musk, founded SolarCity in 2006 to sell and install solar energy generation systems as well as other related products and services to residential, commercial and industrial customers. Musk suggested the solar company idea to
1887-471: A profit on vehicle servicing, which has traditionally been a large profit center for most auto dealerships. In 2016, Tesla recommended having any Tesla car inspected every 12,500 miles or once a year, whichever comes first. In early 2019, the manual was changed to say: "your Tesla does not require annual maintenance and regular fluid changes," and instead it recommends periodic servicing of the brake fluid, air conditioning, tires and air filters. Supercharger
1998-464: A result of the shift in business model, total solar installations declined after the Tesla acquisition. In the second quarter of 2019, Tesla quarterly installations fell to a low of 29 megawatts, compared to SolarCity's installation of 253 megawatts in the fourth quarter of 2015 (before Tesla acquired it), and compared to 2,013 megawatts the residential leader Sunrun installed. Analysts believe that SolarCity
2109-492: A solar electric economy. The announcement cited (as benefits of the acquisition) operational and cost synergies, as well as allowing for integrated sales of products from Tesla's existing battery energy storage products division. The announcement of the deal resulted in a more than 10% drop in Tesla's stock price. The proposal for acquisition was approved by antitrust regulators in August 2016. More than 85% of unaffiliated shareholders of Tesla and SolarCity voted to approve
2220-511: A year prior) informing them of a cost increase of about 30% for all projects, including some that already had an agreed-upon start date. Tesla said that it would "be prioritizing customers based on the order in which they accept their updated agreements," potentially adding time for customers who had been waiting for months or a year for a new roof. On April 26, 2021, Elon Musk admitted that the company made "significant mistakes" in their solar roof tile project, including that they did not anticipate
2331-511: Is a full-sized pickup truck . First announced in November 2019, pilot production began in July 2023, after being pushed back multiple times, and deliveries began on November 30, 2023. Three models are offered: rear-wheel drive, dual-motor all-wheel drive, and trimotor all-wheel drive, with EPA range estimates of 320–340 miles (510–550 km), depending on the model. The truck's exterior design made from flat sheets of unpainted stainless steel earned
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#17328768813982442-469: Is built as a containerized product intended for use by utility companies, typically as part of a battery storage power station , and can be used for renewable energy supply smoothing, voltage support, capacity support, microgrids, frequency regulation , and voltage control . The Tesla Powerpack was a large-scale rechargeable lithium-ion battery energy storage devices intended for use by a business or on smaller projects from power utilities. The Powerpack
2553-411: Is capable of storing 13.5 kilowatt-hours for solar self-consumption , time of use load shifting , and backup power . A Powerwall system can be composed of up to 10 Powerwalls, including a combination of Powerwall+ and traditional Powerwalls. In areas where building codes allow, up to three of these devices may be "stacked" front to back to take up less space. The Powerwall+ combines the functions of
2664-413: Is capable of storing 232 kilowatt-hours and is intended for use by businesses or for smaller utility company projects and can be used for peak shaving , load shifting , backup power, demand response , microgrids , renewable power integration, frequency regulation, and voltage control. The first prototype Powerpacks were installed in 2012 at the locations of a few industrial customers. After July 22, 2022,
2775-402: Is one of the world's most valuable companies in terms of market capitalization . Starting in July 2020, it has been the world's most valuable automaker. In October 2021, Tesla temporarily became a trillion-dollar company , the seventh U.S. company to do so, and did so again in November 2024. In 2023, the company led the battery electric vehicle market, with 19.9% share. Also in 2023, the company
2886-469: Is the branding used by Tesla for its high-voltage direct current fast chargers . Tesla also has a network of "Destination Chargers," slower than Superchargers and intended for locations where customers are expected to park and stay for several hours, such as hotels, restaurants, or shopping centers. Unlike the Supercharger network, Tesla does not own the destination chargers, instead, property owners set up
2997-400: Is to service its vehicles first through remote diagnosis and repair. If it is not possible to resolve a problem remotely, a mobile technician is dispatched or customers are referred to a local Tesla-owned service center. As of October 2024 , the company operates 1,306 retail stores, galleries, service, delivery and body shop locations globally. Tesla has said that it does not want to make
3108-562: The Model X SUV in 2015, the Model 3 sedan in 2017, the Model Y crossover in 2020, the Tesla Semi truck in 2022 and the Cybertruck pickup truck in 2023. In June 2021, the Model 3 became the first electric car to sell 1 million units globally. In 2023, the Model Y was the best-selling vehicle, of any kind, globally. In January 2024, the Model Y became the best-selling BEV in history. Tesla
3219-621: The NUMMI plant in Fremont, California from Toyota for $ 42 million. On June 29, 2010, the company went public via an initial public offering (IPO) on the NASDAQ , the first American car company to do so since the Ford Motor Company had its IPO in 1956. The company issued 13.3 million shares of common stock at a price of $ 17 per share, raising $ 226 million. In October 2010, Tesla opened
3330-560: The Tesla Factory to start production of the Model S. In January 2012, Tesla ceased production of the Roadster, and in June 2012, the company launched its second car, the Model S luxury sedan. The Model S won several automotive awards during 2012 and 2013, including the 2013 Motor Trend Car of the Year , and became the first electric car to top the monthly sales ranking of a country, when it topped
3441-566: The Tesla Fremont Factory in California and installed during 2015. The Giga Nevada factory started limited production of Powerwalls and Powerpacks in the first quarter of 2016 using battery cells produced elsewhere, and began mass production of cells in January 2017. This battery technology is not an innovation of what is available in the market but, according to Musk, the company offered
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3552-607: The first-generation Tesla Roadster , is no longer sold. Tesla has plans for a second-generation Roadster , the Cybercab, and the Robovan. Here is a list of Tesla models: The Model S is a full-size luxury car with a liftback body style and a dual motor, all-wheel drive layout. Development of the Model S began before 2007 and deliveries started in June 2012. The Model S has seen two major design refreshes, first in April 2016, which introduced
3663-713: The Buffalo area. In 2013, Governor Andrew Cuomo announced the Buffalo High-Tech Manufacturing Hub at Riverbend, targeting the Republic Steel site, then a brownfield , for the development of a clean energy business incubation center that was to be funded with $ 225 million from the Buffalo Billion fund. At the time, the two companies announced as tenants were lighting manufacturer Sorra and solar panel manufacturer Silevo , which promised 475 jobs. Development of
3774-730: The Model 3. In the first quarter of 2023, the Model Y outsold the Toyota Corolla to become the world's best-selling car, the first electric vehicle to claim the title. The Tesla Semi is a Class 8 semi-truck by Tesla, Inc. with a tri-motor, rear-wheel drive layout. Tesla claims that the Semi has approximately three times the power of a typical diesel semi truck, and a range of 500 miles (800 km). Two prototype trucks were first shown in November 2017 and initial deliveries were made to PepsiCo on December 1, 2022. Tesla stated in April 2024 that it plans full production in late 2025. The Cybertruck
3885-573: The Norwegian new car sales list in September 2013. The Model S was also the best-selling plug-in electric car worldwide for the years 2015 and 2016. On July 15, 2013, Tesla became a NASDAQ-100 company. Tesla announced the Tesla Autopilot , a driver-assistance system, in 2014. In September that year, all Tesla cars started shipping with sensors and software to support the feature, with what would later be called "hardware version 1". Tesla entered
3996-519: The Powerpack) at the locations of a few industrial customers. In November 2013, Tesla announced that it would build Giga Nevada , a factory to produce lithium-ion batteries. The Tesla Energy brand was introduced on April 30, 2015, as CEO Elon Musk announced that the company would apply its battery technology to a home energy storage system called the Powerwall. Five hundred pilot units were built at
4107-568: The Rive brothers and he later served as the chairman of SolarCity. In June 2014, SolarCity committed to building a second factory, later called Giga New York , in Buffalo, New York , that would build photovoltaic cells and would be triple the size of the next largest photovoltaic manufacturing plant in the United States. By 2016, SolarCity had installed solar energy systems for over 325,000 customers and
4218-419: The Riverbend plant, but more likely in the immediate area. In April 2017, Cuomo secured another $ 500 million for the Buffalo Billion project, about half of which went into the Tesla facility, bringing New York’s total investment in the factory to $ 959 million. Construction began in September 2014. In October 2015, SolarCity persuaded the state to remove the term “high-tech” from the jobs agreement and to reduce
4329-406: The Solar Roof began at the company's Giga New York factory in Buffalo, New York. After testing on employees' roofs, Tesla announced in January 2018 that it would begin installing the product "within the next few months", but by July 2019, the company had only completed about a dozen roofs. In October 2019 it was reported that Tesla was "still tinkering with the product three years after announcing
4440-533: The Solar Roof entered production, Tesla struggled to produce the modules in great volume. Three years later, in 2023, industry analyst Wood Mackenzie reported that only 3,000 Solar Roofs are in use. In a tweet, Tesla disputed the Wood Mackenzie report, calling it “incorrect by a large margin,” but did not clarify what was incorrect. In Buffalo in 2020, the company started building Superchargers for its electric vehicles. Tesla also moved more than 600 employees to
4551-460: The Solar Roof product proved challenging to produce, and Panasonic decided to exit the solar business in 2020. That same year, Tesla began Supercharger construction and Autopilot labeling work at the plant and increased number of employees at the plant, eventually fulfilling its job creation commitments to New York State. Beginning in 2024, Tesla is also building Dojo supercomputer hardware at the factory. Republic Steel and Donner Hanna Coke operated
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4662-422: The U.S. since the launch of the product in 2016, far below initial sales projections. Other reports indicate that homeowners who sign up for the Solar Roof often get put on long waitlists. In January 2021, the company introduced its own solar inverter . The company says the Tesla Solar Inverter builds on the technology it developed for the Powerwall and electric car inverters. Like the Powerwall and Tesla's cars,
4773-556: The acquisition on November 17, allowing the deal to close on November 21, 2016. Shortly after the acquisition announcement, Tesla announced that it would be building a new version of the Powerwall and also introduced the Tesla Solar Roof, a solar shingle product. Elon Musk presented the products using the homes on Colonial Street set on the Universal Studios backlot. The presentation was intended to gain investor support for
4884-455: The acquisition. These roof tiles were later revealed to be not "fully working". Members of the anti-Tesla group TSLAQ have cited Musk's fake solar roof tile reveal as a major point of contention and an impetus for organizing. The Solar Roof was to be made at the Giga New York factory, which opened in late August 2017 and would be operated as a joint venture with Panasonic . The factory
4995-519: The announcement event. Production is planned to commence sometime before 2027. The Tesla Robovan is an electric autonomous van planned for future development by Tesla. Announced in October 2024, the vehicle is being designed to carry up to 20 passengers. The original Tesla Roadster was a two-seater sports car, evolved from the Lotus Elise chassis. It was produced from 2008 to 2012. The Roadster
5106-491: The building to be entry-level data analysts for its Autopilot software. A spokesperson for the Empire State Development Corporation , the agency that has oversight of the factory, said that in 2022 the company complied with its investment and employment goals. In January 2024, Tesla announced a $ 500 million project to build a Dojo supercomputer cluster at the factory despite Musk's characterizing Dojo as
5217-512: The chairman of the board of directors and the largest shareholder of Tesla. J. B. Straubel joined Tesla in May 2004 as chief technical officer . A lawsuit settlement agreed to by Eberhard and Tesla in September 2009 allows all five – Eberhard, Tarpenning, Wright, Musk, and Straubel – to call themselves co-founders. Elon Musk took an active role within the company, but was not deeply involved in day-to-day business operations. The company's strategy
5328-656: The company announced it was laying off 10% of its employees. In June, the company moved its incorporation from Delaware to Texas. In October, the company unveiled a concept version of two autonomous vehicles—the Cybercab and Robovan —and detailed that both would be an integral part of a Tesla ridehailing service called the Tesla Network , a future service they had previously teased in 2019. As of November 2024 , Tesla offers six vehicle models: Model S, Model X, Model 3, Model Y, Semi, and Cybertruck. Tesla's first vehicle,
5439-438: The company in 2022, a 40% increase over 2021. Tesla Energy develops, builds, installs and sells solar energy generation systems, battery energy storage products, as well as other related products and services to residential, commercial and industrial customers. Tesla Energy sells and installs traditional solar panels on existing roofs, which the company calls "retrofit solar systems" (as opposed to its Solar Roof Tiles). Unlike
5550-707: The company over $ 1.5 billion in debt by 2016. SolarCity's leases were also criticized by consumer advocates and government regulators. Tesla Energy's business model is based around making their systems "the lowest-cost solar in the United States". As of 2021 , the company sells systems at $ 2 per watt for solar panels before federal tax credits. Tesla says the business model was enabled by eliminating door-to-door sales, advertising, and some complex financing instruments (like leases). The shift in business model has been blamed for diminished customer support. Customers said they waited weeks for replies to emails and experienced long delays for administrative steps to be completed. As
5661-512: The company uses individual vehicle data to offer personalized pricing that can increase or decrease in cost based on the prior month's driving safety score. Tesla Solar Roof Tesla Energy Operations, Inc. is the clean energy division of Tesla, Incorporated that develops, manufactures, sells and installs photovoltaic solar energy generation systems , battery energy storage products and other related products and services to residential, commercial and industrial customers. The division
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#17328768813985772-464: The company's driving assist technology and product release timelines. The company was incorporated as Tesla Motors, Inc. on July 1, 2003, by Martin Eberhard and Marc Tarpenning . They served as chief executive officer and chief financial officer , respectively. Eberhard said that he wanted to build "a car manufacturer that is also a technology company", with its core technologies as "the battery,
5883-451: The company's online platforms to manage customers Powerwall devices, discharging them into the grid to sell power when prices are high, earning money for customers. Some investors criticized the 2016 purchase of SolarCity, calling it "a misguided effort to rescue two companies that depend on investors and the government for operating cash." In 2019, multiple shareholder groups filed a lawsuit against Musk and Tesla's directors, claiming that
5994-428: The company's other products, Tesla Energy does not build its own solar panels. As of April 2022 , the company uses private label Tesla-branded solar panels built under contract by Qcells . Previously Tesla used panels from Panasonic as part of a larger partnership between the companies until Panasonic exited the solar business in January 2021. The company focuses primarily on residential customers who purchase
6105-547: The company. In June 2009, Tesla was approved to receive $ 465 million in interest-bearing loans from the United States Department of Energy . The funding, part of the $ 8 billion Advanced Technology Vehicles Manufacturing Loan Program , supported the engineering and production of the Model S sedan, as well as the development of commercial powertrain technology. Tesla repaid the loan in May 2013, with $ 12 million in interest. In May 2010, Tesla purchased
6216-482: The computer software, and the proprietary motor". Ian Wright was Tesla's third employee, joined a few months later. In February 2004, the company raised US$ 7.5 million (equivalent to $ 12 million in 2023) in series A funding , including $ 6.5 million (equivalent to $ 10 million in 2023) from Elon Musk, who had received $ 100 million from the sale of his interest in PayPal two years earlier. Musk became
6327-400: The concept, having done trial installations with two different iterations so far." The second version turned out to be too expensive for Tesla to manufacture in volume. Tesla was only able to start producing the Solar Roof in volume in March 2020. On April 11, 2021, Tesla sent a message to many customers who had pre-ordered their roofs (including customers who had signed contracts well over
6438-548: The deal later said that they were blindsided by the announcement, saying that the product was still in the early design stage. The demo worked, and Tesla's shareholders approved the purchase. The president of SUNY Poly, Alain Kaloyeros , resigned in 2016 and was subsequently convicted of rigging the bids to build the factory. The facility was completed in late 2016 and was furnished with equipment through 2017. The factory began production of solar cells in late August 2017. To build
6549-496: The device but noting that its efficiency ratings and 12.5-year warranty lag behind industry leaders. The most recent version of the inverter was introduced in May 2023 and comes in four sizes: 3.8 kW, 5 kW, 5.7 kW, and 7.6 kW of AC power output. Each has four maximum power point trackers and an efficiency of 98%. The prior version of the inverter came in two sizes: one with 3.8 kW of output, two maximum power point trackers and an efficiency of 97.5%, and
6660-637: The devices and set pricing. When the network first launched in 2014, Tesla provided free charging equipment and covered installation costs. One of the largest providers is hotel chain Hilton Worldwide which in 2023 announced an agreement with Tesla to install 20,000 chargers across 2,000 of its properties in North America by 2025. Tesla has offered its own vehicle insurance in the United States since 2017 and has been acting as an independent insurance producer since 2021 as Tesla Insurance Services, Inc. It
6771-474: The dispute with county officials, on December 1, 2021, Tesla moved its legal headquarters to Gigafactory Texas. However, Tesla continued to use its former headquarters building in Palo Alto, and over the next two years significantly expanded its footprint in California. The company opened its Megafactory to build Megapack batteries in Lathrop, California in 2022, and announced in February 2023 that it would establish
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#17328768813986882-449: The employees were fired, which they argue contravenes California's whistleblower protection laws. Tesla denied the allegations of contravening whistleblower protections and, in June 2020, the case was dismissed with prejudice . SolarCity installed and managed solar panels on the roofs of more than 240 Walmart stores. After fires on the roofs of seven of those stores, Walmart filed a lawsuit against Tesla on August 21, 2019, claiming that
6993-423: The energy storage market, unveiling its Tesla Powerwall (home) and Tesla Powerpack (business) battery packs in April 2015. The company received orders valued at $ 800 million within a week of the unveiling. Tesla began shipping its third vehicle, the luxury SUV Tesla Model X , in September 2015, which had 25,000 pre-orders at the time. Tesla entered the solar installation business in November 2016 with
7104-418: The exterior and interior. The Model Y is a mid-size crossover SUV offered in 5- and 7-passenger configurations with a single‐motor, rear-wheel drive or a dual-motor, all-wheel drive layout. The vehicle was designed to be more affordable than the luxury Model X SUV. A prototype Model Y was first shown in March 2019, and deliveries started in March 2020. The Model Y shared around 75 percent of its content with
7215-465: The factory when Panasonic ceased manufacturing solar panels there later in 2020. Due to the COVID-19 pandemic, however, employment at the factory decreased to 474 as of April 30, 2020, and the company requested and received another year to meet its hiring commitment. The company received another extension until the end of 2021 to reach the employment target at the plant. If it had failed to meet that deadline,
7326-468: The factory, and external auditors have written down nearly all of New York’s investment. Most of the solar-panel manufacturing equipment bought by the state has been sold at a discount or scrapped. The Empire Center for Public Policy , a fiscally conservative think tank, called the project, "the single biggest economic development boondoggle in American history." A spokesperson for former Governor Cuomo defended
7437-552: The fire was a coolant leak, and "the Megapack that started the fire had been manually disconnected from a number of monitoring, control, and data collection systems because it was undergoing testing at the time of the incident". Musk introduced the Tesla Solar Roof, a solar shingle product in an August 2016 presentation. It was later revealed that the shingles were fake, which would become a major point of contention with skeptics of Tesla. In August 2017, limited production of tiles for
7548-417: The fires were caused by negligent installation and maintenance that relied on "untrained and unsupervised personnel". At around the start of the lawsuit, it was revealed that Tesla had initiated a secretive program, "Project Titan", to replace solar panel parts that could cause fires. Former employees said that Project Titan involved replacing two parts believed to be causing the fires: the connectors between
7659-564: The first automobile factory in China fully owned by a foreign company (not a joint venture). The factory's first production vehicle, a Model 3, rolled out in December, less than one year after groundbreaking. Gigafactory Berlin broke ground in February 2020, and its production of the Model Y began in March 2022. Gigafactory Texas broke ground in June 2020, and its production of the Model Y began in April 2022. In March 2023, Tesla announced plans for
7770-493: The installations, and looked forward to "a safe re-energization of our sustainable energy systems." The terms of the settlement were not disclosed. In July 2021, a fire ignited within a Tesla Megapack in Victoria during testing at Australia's Big Battery site, one of the largest fixed batteries in the world. The Australian County Fire Authority issued a statement to nearby suburban areas regarding possible toxic smoke. The cause of
7881-406: The latter offering semiconductor and nanotechnology programs specifically for employment at the gigafactory. In January 2018, Tesla announced, after testing on employees' roofs, that it would begin installing its new product on commercial customers' homes "within the next few months". The Tesla Solar Roof proved to be challenging to build. Panasonic had to solve several engineering problems to make
7992-452: The manufacturing operations and employment at the site, bumping Soraa out of the plant, and New York’s total investment in the factory increased to $ 959 million. The plant has been criticized as offering little economic benefit in exchange for the significant state funding it received. Between 2017 and 2020, Tesla's partner Panasonic built solar panels in the building and helped Tesla begin production of its Solar Roof solar shingles. However,
8103-472: The modules work, and when completed, Tesla insisted on additional development to make the modules appear black instead of the blue-green color of the initial units. Tesla blamed the delays in Solar Roof production on its focus on the ramp up of the Tesla Model 3 . The factory was not able to start commercial production of the shingles until March 2020, and Panasonic left the joint venture in early 2020. Even after
8214-452: The most shorted companies in the stock market. On August 8, 2018, amid the financial issues, Musk posted on social media that he was considering taking Tesla private. The plan did not materialize and gave rise to much controversy and many lawsuits including a securities fraud charge from the SEC , which would force Musk to pay a $ 20 million fine and step down as the company's chairman, although he
8325-511: The number of jobs in “manufacturing operations” from 900 to 500. By the summer of 2016, SolarCity was about $ 3 billion in debt and nearly out of cash. Tesla announced it would acquire the company. To convince Tesla shareholders to approve the deal, Musk rushed to launch a prototype of the Tesla Solar Roof , a solar shingle , unveiling it in October 2016. At the time, Musk predicted that 1,000 Solar Roofs would be produced weekly in Buffalo. Tesla and SolarCity employees, along with bankers advising on
8436-505: The other with 7.6 kW of output, four maximum power point trackers and an efficiency of 98%. The inverter can connect to WiFi and link with the Tesla app, allowing users to monitor energy production and update the inverter's firmware. Tesla's Powerwall+, introduced in April 2021, includes an integrated Tesla Solar Inverter. The Tesla Powerwall is a rechargeable lithium-ion battery energy storage device intended to be used for home energy storage . The current generation Powerwall 2
8547-431: The panels made by Amphenol and the power optimizers built by SolarEdge . Tesla said that it believed Project Titan was successful in addressing issues with the connectors and their higher rate of failure. On November 9, 2019, it was announced that Walmart and Tesla had settled their lawsuit. A joint statement provided by Tesla stated the companies were "pleased to have resolved the issues raised by Walmart" concerning
8658-654: The panels, Tesla turned to its longtime partner, Panasonic . The two companies worked together to build batteries at Tesla's Gigafactory Nevada . Panasonic had 30 years of experience producing solar panels. The partnership allowed Tesla to outsource production and reduce its reliance on debt. At the beginning of production, Panasonic built traditional solar panels in Buffalo instead of solar shingles. The Japanese company employed about 400 people in Buffalo. The technology used incorporates nanotechnology , for which New York colleges and universities such as SUNY Poly and Erie Community College have developed programs and research, with
8769-504: The preponderance of the evidence reveals that Tesla paid a fair price—SolarCity was, at a minimum, worth what Tesla paid for it," read the opinion by Vice Chancellor Joseph Slights. In July 2018, three former employees filed a lawsuit against SolarCity, alleging that the corporation had approved the creation of "fake sales accounts", which resulted in an "unreasonably high valuation of SolarCity" for investors. After allegedly informing management, including CEO Elon Musk, of these incidents,
8880-637: The previous years at $ 2 million per year), with the option to extend a further ten years, and increasing its job commitment there by 340 positions. In 2018, Tesla committed to providing 1,460 jobs at the factory by April 2020. To prepare for Tesla’s arrival and a wave of solar-manufacturing jobs, Buffalo built a $ 44 million training center in 2019. The center, which graduated about 500 people in its four years of operation, sent only about 20 people to work at Tesla, most of them as equipment-maintenance technicians. By early 2020, employment at Giga New York had increased to 1,834, including 376 Panasonic employees who left
8991-461: The product was no longer listed for sale. For large-scale customers, Tesla Energy operates an online platform which allows for automated, real-time power trading, demand forecasting and product control. In March 2021, the company said its online products were managing over 1.2 GWh of storage. For home customers, the company operates a virtual power company in Texas called Tesla Electric, which uses
9102-530: The production of bitcoin was contributing to the consumption of fossil fuels, against the company's mission of encouraging the transition to sustainable energy. After the announcement, the price of bitcoin dropped around 12%. Tesla CEO Elon Musk later noted that Tesla would resume bitcoin payments if there was confirmation of at least 50% clean energy usage by bitcoin miners. Despite later reaching this milestone, Tesla did not return to accepting bitcoin. By July 2022 Tesla had sold about 75% of its bitcoin holdings at
9213-412: The production of the vehicles. This led to significant delays and production problems, a period which the company described as "production hell." By the end of 2018, the production problems had been overcome, and the Model 3 became the world's best-selling electric car from 2018 to 2021. This period of "production hell" put significant financial pressure on Tesla, and during this time it became one of
9324-622: The project, saying the factory site has more jobs on it now than when it was an empty lot where a steel mill once stood. Tesla, Inc. Tesla, Inc. ( / ˈ t ɛ s l ə / TESS -lə or / ˈ t ɛ z l ə / TEZ -lə ) is an American multinational automotive and clean energy company. Headquartered in Austin, Texas , it designs, manufactures and sells battery electric vehicles (BEVs), stationary battery energy storage devices from home to grid-scale , solar panels and solar shingles , and related products and services. Tesla
9435-486: The purchase of SolarCity , in an all-stock $ 2.6 billion deal. The business was merged with Tesla's existing battery energy storage products division to form the Tesla Energy subsidiary. The deal was controversial because at the time of the acquisition, SolarCity was facing liquidity issues of which Tesla's shareholders were not informed. In February 2017, Tesla Motors changed its name to Tesla, Inc. to better reflect
9546-555: The purchase of SolarCity was done solely to benefit his cousin Lyndon Rive ( Co-founder of SolarCity) and Elon Musk and came at the expense of Tesla and its shareholders. Tesla directors settled the lawsuit in January 2020, leaving Musk the sole remaining defendant. In 2022, a Delaware court ruled in favor of Musk. "[The] Tesla Board meaningfully vetted the Acquisition, and Elon did not stand in its way. Equally if not more important,
9657-487: The research center design in favor of the construction of a 1.2 million square foot factory. As a result, the state increased the incentives offered to $ 750 million. Because the SolarCity project was to be so big, New York bumped Soraa out of the plant. In 2015, SolarCity's CEO, Lyndon Rive , stated that the new facility would be key to creating a clean energy-manufacturing market, adding that expansion would not be possible at
9768-414: The roof more quickly than other installation approaches. Traditionally, solar panel installation requires workers to first outfit roofs with mounting rails and then attach solar panels to those rails. Tesla Energy manufactures, installs and sells a solar shingle product it calls the Tesla Solar Roof. Solar shingles are small solar panel tiles that can make up an entire roof surface. The company claims that
9879-409: The scope of its expanded business. Tesla unveiled its first mass market vehicle in April 2016, the Model 3 sedan. The Model 3 was less expensive than Tesla's previous three vehicles, and within a week, the company received over 325,000 paid reservations. To speed up production and control costs, Tesla invested heavily in robotics and automation to assemble the Model 3, but the robotics actually slowed
9990-651: The site would be managed by the Fort Schuyler Management Corp., a nonprofit entity led by officials from the State University of New York Polytechnic Institute (SUNY Poly) and other state agencies. In 2014, SolarCity detailed plans to acquire Silevo for $ 200 million, subsequently scaling up plans for the Buffalo gigafactory. The company outlined a construction timetable and hiring goals promising an eventual 3,000 jobs in Buffalo with 5,000 statewide, and $ 5 billion in economic activity. The new plans abandoned
10101-415: The site. The plant was a component of New York Governor Andrew Cuomo 's " Buffalo Billion " stimulus package to provide US$ 1 billion in investments in the Buffalo area. In 2013, Cuomo announced that lighting manufacturer Sorra and solar panel manufacturer Silevo would share the site. SolarCity purchased Silevo in 2014, and SolarCity was acquired by Tesla in 2016. The companies announced plans to increase
10212-421: The solar inverter is capable of receiving over-the-air updates through built-in cellular connectivity. The product has been noted for using older string inverter technology (many systems now use micro-inverters ), but that it has the potential to drive the cost of Tesla's solar systems even lower. EnergySage , a solar buyers guide website, gave the Tesla Solar Inverter a rating of "very good", generally praising
10323-461: The state could have imposed a $ 41 million fine. By the end of 2021, the number of employees at the factory had increased to more than 1,460, meeting the commitment. The project has faced criticism and legal actions regarding allegations of inflated job promises, cost overruns, construction delays, bid rigging , a perceived lack of effort from Musk, and claims that the deal was, in effect, a bailout of Musk's cousins Peter and Lyndon Rive. In April 2022,
10434-486: The system with cash or financing. Tesla Energy also offers systems to commercial customers in California. Tesla Energy does not have a lease program like SolarCity, but between August 2019 and May 2021, it offered "subscription" systems to customers in Arizona, California, Connecticut, Massachusetts, New Jersey and New Mexico, in a plan to boost residential solar deployments. As opposed to a lease, customers did not need to sign
10545-500: The total private financing investment to over $ 105 million. In August 2007, Eberhard was asked by the board, led by Elon Musk, to step down as CEO. Eberhard then took the title of "President of Technology" before ultimately leaving the company in January 2008. Co-founder Marc Tarpenning, who served as the Vice President of Electrical Engineering of the company, also left the company in January 2008. In August 2007, Michael Marks
10656-483: The vehicle should be available for delivery in the first half of 2025. The Tesla Cybercab, also known as the Robotaxi, is an upcoming two-passenger battery-electric self-driving car under development by Tesla. The vehicle will be fully autonomously controlled, and has no steering wheel or pedals. A concept version of the Cybercab was unveiled in October 2024, with 20 prototypes providing short rides to attendees of
10767-477: Was "a big source of the cash-flow deficit" for Tesla in 2019. In 2022, the company deployed solar energy systems capable of generating 348 megawatts (MW), an increase of 1% over 2021, and deployed 6.54 gigawatt-hours (GWh) of battery energy storage products, an increase of 62% over 2021. The battery figure was helped by the output of the company's Megapack factory in Lathrop, California, announced in October 2021. The division generated $ 3.91 billion in revenue for
10878-591: Was added to the S&;P index on December 21, 2020; it was the most valuable company ever added, and was the sixth-largest member of the index immediately after it was added. Tesla introduced its second mass-market vehicle in March 2019, the Model Y mid-size crossover SUV , based on the Model 3. Deliveries started in March 2020. During this period, Tesla invested heavily in expanding its production capacity, opening three new Gigafactories in quick succession. Construction of Gigafactory Shanghai started in January 2019, as
10989-551: Was allowed to remain the CEO. From July 2019 to June 2020, Tesla reported four consecutive profitable quarters for the first time, which made it eligible for inclusion in the S&;P 500 . During 2020, its share price increased 740%, and by December 14, 2020, its market capitalization was more than the next nine largest automakers combined, and it became the sixth most valuable company in the US. Tesla
11100-571: Was brought in as interim CEO, and in December 2007, Ze'ev Drori became CEO and president. Musk succeeded Drori as CEO in October 2008. In June 2009, Eberhard filed a lawsuit against Musk for allegedly forcing him out. The case was dismissed in August 2009. Tesla began production of the Roadster in 2008 inside the service bays of a former Chevrolet dealership in Menlo Park. By January 2009, Tesla had raised $ 187 million and delivered 147 cars. Musk had contributed $ 70 million of his money to
11211-529: Was facing liquidity issues. The company's current power generation products include solar panels (manufactured by other companies for Tesla), the Tesla Solar Roof (a solar shingle system), and the Tesla Solar Inverter. The company also makes a large-scale energy storage system called the Megapack . Additionally, Tesla develops software to support its energy products. In 2023, the company deployed solar energy systems capable of generating 223 megawatts (MW),
11322-414: Was focusing on projects with higher margins, such as those that include a Powerwall. SolarCity heavily focused on door-to-door sales of leased systems, where customers would pay no upfront costs, but agree to purchase the power generated by those panels from the company for 20 years. Leases became the most popular solar business model in the US and made SolarCity the largest residential installer, but left
11433-458: Was founded in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors . Its name is a tribute to inventor and electrical engineer Nikola Tesla . In February 2004, Elon Musk joined as Tesla's largest shareholder; in 2008, he was named chief executive officer . In 2008, the company began production of its first car model, the Roadster sports car, followed by the Model S sedan in 2012,
11544-466: Was founded on April 30, 2015, when Tesla CEO Elon Musk announced that the company would apply the battery technology it developed for electric cars to a home energy storage system called the Powerwall . In November 2016, Tesla acquired SolarCity , in a US$ 2.6 billion deal, and added solar energy generation to Tesla Energy's business. This deal was controversial; at the time of the acquisition, SolarCity
11655-688: Was introduced after the American Automobile Association (AAA), a major insurance carrier, raised rates for Tesla owners in June 2017 after a report concluded that the automakers vehicles crashed more often and were pricier to repair than comparable vehicles. A study in 2018 based on data from the Insurance Institute for Highway Safety confirmed the findings. The company says that it uniquely understands its vehicles, technology and repair costs, and can eliminate traditional insurance carriers' additional charges. In states where allowed,
11766-509: Was not able to start producing the shingles in volume until March 2020 and Panasonic left the joint venture in early 2020, before it exited the solar business entirely in January 2021. In mid-2017, several of the former SolarCity executives left the company. Chief policy officer John Wellinghoff departed in April 2017, co-founder Lyndon Rive left in June 2017, and his brother Peter left shortly thereafter. Tesla Energy shifted its business model compared to SolarCity, with Tesla saying that it
11877-429: Was one of the largest solar installation companies in the United States. On August 1, 2016, Tesla announced that it would be acquiring SolarCity in an all-stock $ 2.6 billion acquisition. Tesla's mission since its inception has been "to accelerate the world's transition to sustainable energy ". Musk said the purchase would advance Tesla's mission by helping the world move from a mine-and-burn hydrocarbon economy towards
11988-506: Was ranked 69th in the Forbes Global 2000 . Tesla has been the subject of lawsuits, government scrutiny, and journalistic criticism , stemming from allegations of multiple cases of whistleblower retaliation, worker rights violations such as sexual harassment and anti-union activities, safety defects leading to dozens of recalls, the lack of a public relations department, and controversial statements from Musk including overpromising on
12099-402: Was set at $ 200,000. Initially scheduled to ship in 2020, the vehicle has been repeatedly delayed. In July 2024, Musk said that the Roadster should enter production in 2025. The Tesla next-generation vehicle is an announced battery electric platform. It would become the third platform for the company. Vehicles based on this platform are not expected before 2025. In July 2024, Musk said that
12210-482: Was the first highway-legal serial production electric car to use lithium-ion battery cells, and the first production all-electric car to travel more than 200 miles (320 km) per charge. Tesla cars come with "Standard Connectivity", which provides navigation using a cellular connection. For a fee, Tesla offers a subscription to "Premium Connectivity" which adds live traffic and satellite maps to navigation, internet browsing, and media streaming. Tesla's strategy
12321-580: Was to start with a premium sports car aimed at early adopters and then move into more mainstream vehicles, including sedans and affordable compacts. In February 2006, Musk led Tesla's Series B venture capital funding round of $ 13 million, which added Valor Equity Partners to the funding team. Musk co-led the third, $ 40 million round in May 2006 which saw investment from prominent entrepreneurs including Google co-founders Sergey Brin and Larry Page , and former eBay President Jeff Skoll . A fourth round worth $ 45 million in May 2007 brought
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