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Tesla Motors Company History Case 29 Tesla Motors: Charging Into The CASE 29 Tesla Motors: Charging into the Future? Christina Ehrler, James Gillis, Michael Huesemann, Marco Sandoval, Leslie Turckes Arizona State University Tesla Motors Toyota is developing an all-electric version of its RAV4 as part of a contract with Tesla.4 Currently, Tesla’s vehi- Since its inception in 2003, Tesla Motors has made sig- cles have greater range and offer better performance, but nificant breakthroughs in the electric vehicle (EV) mar- these major automakers represent a significant threat to ket with its proprietary power-train technology. Its first the viability of Tesla. Roadster model provided a driving experience that was Tesla is thus confronted with two issues: How to on par with a traditional gas engine and was the precur- move forward and in which direction? Tesla could main- sor for considerable success in the automobile market tain its status as a niche manufacturer of high-quality, over the last few years. However, as the production of high-performance EVs, or it could seek to leverage its the most recent Roadster model winds down, Tesla is first mover advantage and therefore gain market share faced with a challenging situation that might determine with expanded, affordable access to EVs in the greater the future direction of the company and ultimately its automobile market. Tesla is limited in its ability to manu- 1 survival. facture vehicles due to its size and access to resources, In July 2012, Tesla released its EV family sedan, the which puts it at a disadvantage in comparison to other Model S, priced at the upper range of the luxury vehicle automakers. However, if Tesla fails to act in a decisive 2 market. This sedan represents Tesla’s first foray into way, it risks losing its technological advantage and opens the family segment of the automobile market, provid- the door for other manufacturers to develop their own ing a significant opportunity for company growth. Tesla EV models and crowd Tesla out of the lucrative auto- currently takes only limited orders for the vehicles and mobile market. How will Tesla maintain its technologi- expects the production capacity to be built up over the cal lead over its competitors? How will Tesla shift from next few years. This model is intended to serve as a good targeting early adopters to reaching the larger consumer introduction of Tesla’s EV capabilities to the public and market—and should it? How will it deal with the lack allay concerns about performance and reliability of EVs of infrastructure to support these new vehicles? Finally, before its Model X crossover is introduced into the mar- how will Tesla deal with the environmental effects of 3 ket. The Model X will not be ready for delivery until more EVs on the road and will these effects ultimately 2014, but it will be the first mid-sized vehicle produced conflict with its founding principles? by Tesla. Between these two vehicles, Tesla has an impres- sive product pipeline lineup that has the potential to appeal to middle-class consumers and to expand Tesla’s Company History current consumer base comprising high-net worth early Tesla Motors Inc., a Silicon Valley-based company adopters. However, Tesla is not the only manufacturer founded in 2003, designs, manufactures, and sells zero- looking to develop EVs. Most automobile manufacturers emission electric cars and power train parts, such as have developed or are in the process of developing their lithium-ion battery packs. These power train compo- © Vividfour / Shutterstock.com Vividfour © own EVs—the Chevy Volt being the most well known. nents are then bought and used by other carmakers, 381 CHE-HITT11E-13-0403-CaseStudy29.indd 381 10/22/13 3:18 PM 382 Part 4: Cases such as Toyota.5 Tesla’s vision is to “create the most the Year in Technology by the Wall Street Journal.13 Musk compelling car company of the 21st century by driving is also the CEO of SpaceX and chair of SolarCity.14 the world’s transition to electric vehicles.”6 Tesla’s mis- sion has three elements: to build and sell its own EVs, JB Straubel – Chief Technology Officer to sell patented electric power train parts to other car Straubel has been the CTO of Tesla since its inception. manufacturers, and to serve as a role model to speed As a co-founder of the company, Straubel has played the transition to EVs. Thus far, Tesla is uniquely posi- a guiding role in the company’s technical and produc- tioned to be the only company that sells “pure electric” tion divisions beginning with the Tesla Roadster and vehicles.7 Its first model, the Tesla Roadster sports continuing down to the latest sedans, the Model S and car, has been on the market since 2008, followed by Model X. Together with a team of engineers, he devel- Tesla S and X sedans in 2012 and 2014, respectively.8 oped the Roadster to prove EVs can provide just as much Tesla investors include Daimler ($76 million), Toyota power as a traditional high-performance sports car.15 He ($50 million), Panasonic ($30 million), and the U.S. is involved with every stage of production—from the Department of Energy ($464 million).9 Through its ini- preliminary design stages through vehicle systems test- tial public offering (IPO) on June 29, 2010, Tesla raised ing, which he manages directly. Straubel also evaluates $226 million in capital.10 Tesla currently has more than new technologies for the company and interfaces with 1,200 employees, a new 5 million square-foot factory in key vendors to ensure that the best products and tech- Fremont, CA, and 18 showrooms in the United States nologies are integrated into Tesla’s vehicles. and Europe.11,12 Deepak Ahuja – Chief Financial Officer Leadership Team Ahuja became the CFO of Tesla in 2008. Then-CEO Ze’ev Drori said, “Deepak’s experience as CFO of multi- Tesla Motors’ executive and management team has guided billion dollar business units with global sourcing and the company through the design and production of its manufacturing operations makes him the ideal person first vehicle and its expansion into the larger automobile to lead our finance organization through the company’s market and has played an important role in ­shaping the next period of rapid growth.”16 Ahuja’s experience in the strategic vision of the company. Some team members automotive industry ranges from composites engineer- have been with the company since its inception. ing to finance. Ahuja was the controller of Small Cars Product Development for Ford, which had the goal of Elon Musk – Chairman, Product Architect, bringing fuel-efficient cars to North America. Prior to and CEO this, he was the CFO for Ford in South Africa. He worked As co-founder of Tesla Motors, Musk has been a force as a composites engineer for Kennametal, in Pittsburgh, to reckon with. During the company’s initial founding, before he joined Ford.17 Musk was appointed chairman and product architect Since Ahuja joined Tesla, he has helped the com- (responsible for design vision and execution), while pany accumulate $660 million in liquid assets, acquire a Martin Erberhard was named CEO, and JB Straubel was new manufacturing facility in California, and guide the the CTO (chief technology officer). company’s financial team with a target of manufactur- During his time as chairman and product archi- ing 20,000 cars per year, the level at which the company tect, Musk had a significant role in designing the Tesla expects to report a net profit from its operations.18 Roadster, for which he won an Index and Global Green In addition, many of Tesla’s senior executives have had Award in 2008. In addition to leading the development prior experience with other automakers (see Exhibit 1). of the Tesla Roadster, Musk was also the initial control- Aside from Ahuja, who came from Ford, company exec- ling investor in the company. He worked to secure addi- utives include Franz von Holzhausen, Chief Designer, tional investments from a wide variety of firms ranging who previously designed cars for Mazda, Volkswagen, from Google to Daimler. With Daimler, Musk was able to Audi, and GM; Gilbert Passin, VP Manufacturing, who establish a strategic partnership in 2009, which included had previously worked at Toyota; Peter Rawlinson, VP $50 million in investments. In 2008, Musk took on the and Chief Engineer, who came from Jaguar; and John additional role of CEO. Musk has continued spearhead- Walker, VP North American Sales, who was previously ing changes within the company’s products, including employed by BMW, Audi, and GM. Apart from provid- the development of the company’s newest vehicle, the ing expertise and unique “know-how” related to EV tech- Model S sedan. In 2011, Musk was named Innovator of nologies, the experience of the top management team in CHE-HITT11E-13-0403-CaseStudy29.indd 382 10/22/13 3:18 PM Case 29: Tesla Motors: Charging into the Future? 383 Exhibit 1 Tesla’s Management Team Elon Musk JB Straubel Deepak Ahuja Franz von Holzhausen CEO, Product Architect CTO CFO Chief Designer Spacex MIT Innovator of the Year Ford Mazda Solar City Kennametal Audi PayPal General Motors Arnnon Geshuri Greg Reichow Gilbert Passin Peter Rawlinson VP, Human Resources VP, Powertrain Operations VP, Manufacturing VP & Chief Engineeer Google SunPower Toyota Corus Mack Trucks Jaguar Lotus Jim Dunlay George Blankenship John Walker Jérôme Guillen VP, Hardware SVP, Sales VP, N. American Sales Director, Model S Hewlett Packard Apple BMW Daimler Sun Microsystems Gap Audi Mercedes-Benz General Motors Source: Tesla Motors Company Overview, Summer 2011, “World Class Applied Tech & Auto Experience,” http://files.shareholder.com/downloads/ABEA- 4CW8X0/1459391711x0x494001/dd297293-ec2d-4dc5-8db4-63d491fb6bd0/Company_Overview_Q3_2011.pdf the automobile industry provided Tesla with significant Continuous and rapid improvements in lithium-ion institutional knowledge and credibility in the market.
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