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Tesla Motors: a Silicon Valley Version of the Automotive Business Model Tesla Motors – Revolutionizing the Driving Experience

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Tesla Motors: a Silicon Valley Version of the Automotive Business Model Tesla Motors – Revolutionizing the Driving Experience Tesla Motors: A Silicon Valley Version of the Automotive Business Model Tesla Motors – Revolutionizing the Driving Experience What does it take to drive a revolution and Tesla is an American auto maker that revolutionize how we drive? It requires a makes luxury electric vehicles that Tesla has adopted digital company that is willing to radically re- retail anywhere between $70,000 and think a century-old automobile industry. A $100,000. The company has, to date, technologies like a true company that does not hold any aspects launched two models and announced digital native. of the traditional industry value chain multiple more. It has seen significant as sacred. This is about transforming appetite for its second model, Model S. everything: customer relations, the In overseas markets, such as Norway, mechanics of the car, and the accepted there were months where the model was business model. And consider that among the top-sellers1. The company all this is being done by a decade-old has also seen strong demand in its home company in a segment that is notoriously market (see Figure 1). difficult to penetrate – the luxury sedan market. That company is Tesla Motors, founded by Elon Musk, 43, a co-founder of payments company PayPal. Figure 1: Luxury Sedan Car Sales in the U.S. in 2013 18,000 13,303 10,932 10,727 6,300 5,421 Tesla Mercedes S-Class BMW 7-Series Lexus LS Audi A8 Porsche Panamera Model S Sedan Source: Forbes, “Tesla Sales Blow Past Competitors, But With Success Comes Scrutiny”, January 2014; Tesla Motors, “Tesla Motors Investor Presentation”, 2013 2 Tesla is determined to do things Tesla’s competitors have reportedly set differently. In 2014, it announced the up dedicated task forces to understand Tesla has opened up its set-up – by 2020 – of a Gigafactory this innovative new competitor. What is it battery-manufacturing plant that should about Tesla that excites such attention? entire patent portfolio reduce the company’s battery costs The answer is the way Tesla has used to speed development by 30%2. In June 2014, Tesla also digital technologies to transform the of electric vehicle announced the opening up of all of its traditional road taken by an automobile patents related to electric vehicles, so as manufacturer. Tesla has adopted digital technologies. to speed up their development across technologies like a true digital native. the industry3. Investors have consistently placed their faith in Tesla, as its share performance shows. Between January 2012 and October 2014, Tesla’s share Tesla’s Gigafactory is price increased from ~$27 to ~$250 (see Figure 2). expected to reduce the company’s battery costs by 30%. Figure 2: Tesla’s Share Price in USD: January 2012 – October 2014 350 300 250 200 150 100 50 0 May-12 July-12 May-13 July-13 May-14 July-14 March-12 March-13 March-14 January-12 January-13 January-14 September-12November-12 September-13November-13 September-14 Source: Yahoo Finance 3 A Disruptive Business Model to Break into a Traditional Industry Tesla’s accelerated performance can be No More Middleman: Tesla has made user forums a key part boiled down to three broad technology- Creating a Direct Digital of the online experience. It encourages driven choices that the company made. its user community to interact with the These include cutting out the middleman Connection with Customers company – and each other – in total dealership, extensive use of technology Tesla has turned the traditional car dealer transparency on the Tesla website. This both in the car and in its production, and network on its head with a direct-to- approach creates a rich content base changing the rules of production and consumer model. The company refrains and demonstrates to prospective buyers innovation in the automotive industry. from using middlemen and all its sales the passion of Tesla owners for their 4 orders are taken online. vehicles . Taking constant feedback from customers is something that CEO Elon For customers wanting to view the car Musk takes seriously, stating: “I think it’s Tesla has turned the prior to purchase, Tesla has exclusive very important to have a feedback loop, company-owned stores that are where you’re constantly thinking about traditional car dealer focused on engagement and interaction what you’ve done and how you could be network on its head (see Figure 3). While actual selling at doing it better5.” with its direct-to- these stores is restricted, interactive touchscreens showcase the vehicles’ consumer model. innovative technology. Information kiosks address the most pressing questions Tesla stores serve that customers tend to have about the sole purpose of owning and using an electric vehicle. increasing visibility of its cars. Figure 3: Tesla’s High-Tech Showroom Source: TeslaCentral.com 4 Tesla also ensures that each vehicle in its Tesla also tackled head-on the twin Tesla uses solar panels to offset energy Model S series is bespoke and tailored challenges that hold back adoption use. These ‘Superchargers’ are capable to individual customer tastes. You can of electric vehicles – lack of adequate of replenishing half charge of a Tesla use a Tesla configurator to choose your charging infrastructure and anxiety about Model S in as little as 20 minutes8. preferred paint scheme, interior, wheels the driving range that can be achieved6. and roof type. Customers can save their A recent survey in the UK cited lack of car designs at the kiosks and access charging points and range anxiety as them seamlessly across multiple devices the top two reasons for not buying an such as PCs and tablets. electric vehicle7. One way that Tesla is allaying customer anxiety is by building Tesla is aiming to a network of charging stations across its cover 98% of the US key markets. In the US, for instance, the population with its Tesla ensures that each company is aiming to cover 98% of the charging network by car of its Model S series population with its charging network by end of 2015 (see Figure 4). The company end of 2015. is bespoke and tailored is also currently offering free charging to to individual customer its customers. In many charging stations, tastes. Figure 4: Tesla’s Proposed ‘Supercharger’ Network by end 2015 Source: Company website 5 Tesla also offered all of its Model S The Four-Wheeled App: customers free data connectivity as well Making Battery 9 Digitizing the Heart of a Car as Internet radio for four years . All of Replacement Easier these aspects have helped reinforce its While the digital customer experience customer centricity. The results are telling. than Refueling is a top priority for Tesla, the superlative In 2013, the Tesla Model S received an Tesla announced in 2013 an upgrade driving experience is also the result owner-satisfaction score of 99 out of 100 to its supercharger station – the Tesla of a sustained investment in digital in an annual owner-satisfaction survey Station. These stations would be technologies. Tesla is using digital by Consumer Reports10. capable of both supercharging the technology to redefine how its cars are battery in under an hour or swapping designed, built, and driven. the battery and replacing it using a robotic arm. Such a battery swap Using Technology to Drive In 2013, the Tesla Model takes less than 90 seconds, which Advances in Car Design S received an owner- is less than the time required to fuel “Think of the Model S as an app on four a regular car. While the pricing is still wheels,” says the Tesla website. Given satisfaction score of 99 to be established, Tesla has said that the amount of computing power that out of 100 in Consumer it will cost roughly equivalent to 15 is inside the car, it could be described gallons of gas ($60-~$80). Customers as a Formula 1 app. The impressive Reports’ annual owner- will be given the option of either going technology within the car, which is satisfaction survey. in for a free (but slow) charging facility built on Tesla’s own operating system, that takes one hour, or they can opt is controlled by a touch-screen user to swap their batteries for a cost. interface (see Figure 5). Tesla has said that the first swapping station will be up and running by December 2014. Source: Extreme Tech, “Tesla demos Think of the Model S as 90-second battery swap tech, coming to Supercharger stations in 2013”, an app on four wheels. June 2013; SlashGear, “Tesla’s first battery-swap station opening by year- end”, October 2014 Figure 5: Tesla Model S’s Digital Interior Source: Cleantechnica, “Tesla Adds First Driver Assist Features To Model S”, October 2014 6 The interface not only controls all the Using Advanced Robotics to Drive innovate quickly in creating and executing basic functionalities of the car, but Manufacturing Process Efficiencies new designs and their associated also allows you, at your convenience, components, such as batteries, electric Tesla has installed 160 robots at its to add future functionalities through motors, and control systems. assembly line12. While typical robots in software updates. In the past, Tesla has the automotive industry perform a single made features such as hill start assist, function, Tesla robots perform 4 tasks on traffic-based navigation and remote the Model S car13. For instance, a robot start available through remote software at the Tesla factory can be involved in updates. Effectively, this changes the The company makes welding, riveting, bonding and installing time-cycle for feature enhancement a component, while other robots typically most of the components from days (involving trips to the service do only one job.
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