Tesla Motors is a American electric automakers which also designs and sells electric vehicles and automotive powertrain components. It was founded in 2003 by American entrepreneurs Martin Eberhard and Marc tarpenning and was named after Serbia American inventor Nicola Tesla. Nicola Tesla made many breakthroughs in the production, transmission and application of electric power. He invented the first alternating current (AC) motor and developed AC power generation and transmission technology. Although he is a famous and respected, he never takes his rich invention for long-term financial success.
Tesla Motors was set up to research and develop electric sports car. Eberhard is the Chief Executive Officer (CEO) of Tesla and Tarpenning is the chief financial officer (CFO). The company funds were obtained from various sources, especially PayPal co-founder Elon Musk, who contributed more than $30 million to new venture company and served as chairman of the company, starting in 2004.
In a 2008 Tesla Motors announced its first car, the completely electric Roadster. In the company's tests, it achieved 245 miles (394 km) on a single charge, a range unprecedented for a production electric car. Additional tests indicate that its performance is comparable to many gasoline powered roadster sports cars. The Roadster can accelerate from 0 to 60 miles (96 km) per hour in less than 4 seconds and can reach a top speed of 125 miles per hour (200 km) per hour. The lightweight body is made of carbon fiber. The Roadster produced no exhaust emissions because it does not use an internal combustion engine. Tesla Motors found that the car achieved the efficiency ratings that were equivalent to a gasoline mileage of 135 miles per gallon (57 km per liter). The vehicle’s electric motor used lithium-ion battery for power supply which is often used in laptop computer batteries that could be recharged from a standard electric outlet. Despite a federal tax credit of $7,500 for purchasing an electric vehicle, the Roadster’s cost of $109,000 made it a luxury item.
At the end of 2007 Eberhard resigned as CEO and president of technology and joined the company's Advisory committee. It was announced in 2008 that he had already left the company, but he is still a shareholder. Tarpenning, who was also vice president of electrical engineering, supervising the development of electronic and software systems for the Roadster, but also left the company in 2008. Musk took over as the CEO.
In a 2012 Tesla…