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Origins and the Roadster
- Tesla under Musk: Model S, Model 3, and Model Y
Tesla, Inc.
Tesla, Inc. , American manufacturer of electric automobiles , solar panels, and batteries for cars and home power storage. It was founded in 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning and was named after Serbian American inventor Nikola Tesla . It quickly became one of the most recognizable car brands in the world.
Tesla Motors was formed to develop an electric sports car. Eberhard was Tesla’s chief executive officer (CEO) and Tarpenning its chief financial officer (CFO). Funding for the company was obtained from a variety of sources, most notably PayPal cofounder Elon Musk , who contributed more than $30 million to the new venture and served as chairman of the company, beginning in 2004.
In 2008 Tesla Motors released its first car, the completely electric Roadster . In company tests, it achieved 245 miles (394 km) on a single charge, a range unprecedented for a production electric car . Additional tests showed that its performance was comparable to that of many gasoline-powered sports cars: the Roadster could accelerate from 0 to 60 miles (96 km) per hour in less than four seconds and could reach a top speed of 125 miles (200 km) per hour. The lightweight car body was made of carbon fibre. The Roadster produced no tailpipe emissions, as it did not use an internal-combustion engine . Tesla Motors found that the car attained efficiency ratings that were equivalent to a gasoline mileage of 135 miles per gallon (57 km per litre). The vehicle’s electric motor was powered by lithium - ion cells—often used in laptop-computer batteries—that could be recharged from a standard electrical 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.
In late 2007 Eberhard resigned as CEO and president of technology and joined the advisory board of the company. It was announced in 2008 that he had left the company, though he remained a shareholder. Tarpenning, who was vice president of electrical engineering, supervising the development of electronic and software systems for the Roadster, also left the company in 2008. Musk took over as CEO. In 2010 Tesla’s initial public offering raised some $226 million.
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Tesla’s Mission Statement & Vision Statement (An Analysis)
Tesla’s mission statement and vision statement reflect the nature of the prominent electric automobile manufacturing business and related operations. Continuing business growth shows that the market is favorably responding to the company’s automotive and energy products. This condition highlights the appropriateness of Tesla’s corporate mission and corporate vision to the business organization and its market opportunities. The corporate mission statement guides the automaker’s strategic decisions to fulfill the primary business purpose. On the other hand, the corporate vision statement shapes Tesla’s direction of organizational growth. For example, the company aims for leadership as a multinational automotive business that focuses on electric vehicles. With a strong brand image and increasing popularity, the company is positioned to succeed in the global electric automobile market. This success comes with Tesla’s generic competitive strategy and intensive growth strategies , which are directed toward satisfying the business purpose, corporate mission, and corporate vision.
Electric cars and energy products are the focus of business goals based on Tesla’s corporate vision statement and corporate mission statement. However, changes and trends in the global market can prompt the company to modify these statements to ensure business relevance, possibly leading to new products in addition to electric vehicles, battery packs, and solar energy solutions. Tesla’s marketing mix (4Ps) may need to change as a result of modifying the corporate mission statement and corporate vision statement.
Tesla’s Mission Statement
Tesla’s mission statement is “ Accelerating the world’s transition to sustainable energy. ” It is worth noting that the company’s previous corporate mission was “to accelerate the world’s transition to sustainable transport.” Under Elon Musk’s leadership, the company changed its mission statement to reflect a strategic shift in addressing market opportunities linked to sustainable energy trends. The following are the key points of Tesla’s mission statement:
- Acceleration
- Global transition
- Sustainable energy
The “acceleration” component of the corporate mission statement establishes Tesla’s role in pushing the industry toward advanced technologies and products for sustainable lifestyles and businesses. This acceleration implies that one of the company’s goals is to increase market demand for sustainable energy solutions, instead of just satisfying existing demand. Tesla’s mission statement also mentions “the world’s transition” to indicate the global market, which is also referred to in the corporate vision statement. The third element of the corporate mission describes the nature of the business, encompassing a variety of products, such as electric vehicles, batteries or energy storage solutions, solar panels, and related systems. This detail of the corporate mission statement shows the potential diversification of the business and how it addresses the ecological and related trends examined in the PESTEL/PESTLE analysis of Tesla, Inc . Furthermore, the change from the previous corporate mission statement’s “sustainable transport” to the current mission statement’s “sustainable energy” offers a glimpse of possible future expansion and diversification of the business and helps address stakeholders’ concerns in Tesla’s corporate social responsibility and governance strategy .
Tesla’s Vision Statement
Tesla’s vision statement is “ to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles. ” This corporate vision statement emphasizes the company’s focus on sustainable applications in transportation. The following points are in Tesla’s vision statement:
- The most compelling
- Car company
- 21st Century
- Driving the world’s transition to electric vehicles
In its corporate vision statement, Tesla aims to be the most compelling in the industry. This point indicates business leadership and excellence in the automotive industry. The vision statement’s focus on the automotive industry is specified in the term, “car company,” which refers to Tesla’s operations in the design and manufacture of electric cars and their batteries. On the other hand, the “21st century” component describes the company as a relevant, up-to-date, and advanced business that capitalizes on various technologies to provide sustainable transport solutions. The corporate vision statement’s fourth component, “driving the world’s transition to electric vehicles,” positions Tesla as a leader in the global market for sustainable solutions, especially sustainable transportation. Also, “world” indicates multinational operations, which make the corporate vision agree with the corporate mission statement’s specification of international market reach.
The global scope of Tesla’s business, as stated in its corporate vision statement, puts the corporation in competition with a variety of competitors. For instance, the company’s products compete with the electric or hybrid vehicles of Toyota , General Motors , Ford , Volkswagen, Nissan, Honda, and BMW. In this regard, strategies based on the vision statement address the strong force of competition stated in the Five Forces analysis of Tesla, Inc . Thus, the company envisions itself as a strong player in the industry, competing with other large multinational automotive firms. The strengths and weaknesses enumerated in the SWOT analysis of Tesla influence the competitiveness of the business against such firms.
Recommendations for Tesla’s Mission & Vision
Tesla’s corporate mission statement is satisfactory in terms of presenting the company’s goals. It adequately covers the kinds of products that the company sells, the market scope, and the market position of the automobile and energy solutions business. However, the corporate mission does not provide adequate information about the general direction of Tesla’s organizational development. Thus, a recommendation for improving the corporate mission statement is to describe the electric car company’s operations in moving toward the fulfillment of its corporate vision. For example, the mission statement can specify that Tesla aims to provide advanced automation and autonomous technologies to accelerate the world’s transition to sustainable energy.
Tesla’s corporate vision statement effectively describes general strategic objectives. However, it does not cover current business endeavors, instead focusing on transportation. For example, the corporate vision does not accurately reflect operations in providing sustainable energy solutions for cars and homes. The corporate mission statement already encompasses sustainable energy solutions, but the vision statement remains focused on electric vehicles. A recommendation is to make Tesla’s corporate vision statement reflect the business organization’s increasing interests in products other than electric vehicles, such as solar energy products and batteries.
- About Tesla, Inc.
- Lüthy, A. (2023). From the Mission Statement to Value-Oriented Corporate Management. In Value-Oriented Leadership in Theory and Practice: Concepts-Study Results-Practical Insights (pp. 79-93). Berlin, Heidelberg: Springer Berlin Heidelberg.
- Reid, S. E., & Crawford, C. B. (2022). Crafting the Vision Statement. In Entrepreneurial Vision (pp. 263-276). Springer, Cham.
- Tesla, Inc. – Form 10-K .
- Tesla, Inc. – Impact .
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Tesla Company: Profiling and Contribution to the Auto Industry
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Home / Essay Samples / Business / Tesla Motors / Tesla Motors: Revolutionizing the Automotive Industry
Tesla Motors: Revolutionizing the Automotive Industry
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- Technology push – Tesla has slight changes from the linear model where their marketing and sales is added before production, which attracts the customers before any new car has been launched in the market.
- Market pull – This suggests the research and development according to the response of the market, resulting in the enhancement of technology push idea. Process innovation is one of the crucial aspects of innovation that makes their value chain more effective and efficient, by value chain we mean the activities that a firm operates to deliver a valuable product. Tesla operates on three innovative ideas to make a product more innovative and customer attractive.
- Inventing the future- This point itself explains the motive and long term objectives of Tesla that is to bring the gasoline, petrol and diesel to an extinct, and to introduce EV’s electric vehicles that reduces the smoke emission which is produced from cars which run on fuel. This will make a huge difference in the environment we are living in we shall see a decline in sound and air pollution that will give automobile industry a new image and set an initiative of environmental friendly approach towards the environment.
- Tests – Products, after going through all the innovative processes and changes the product is brought into the phase it has to face its tests and has to succeed all the hurdles which it was meant and designed for. For example the new Tesla cyber truck which took the class of trucks to a whole new level.
- Implement – Once the process attributes are set the organization can make changes in their recipe here and there by launching different products by keeping the same innovative process idea and by adding a fresh touch to the product.
- Improved productivity and reduced cost – Process innovation is about reducing the cost of each unit and to improve the capacity of production by implementing the idea of economies of scale. • Better quality – Here, by the word better quality we mean that Tesla must produce products that make the customer feel that superior quality and the difference between them and other competitors by effectively marketing that must reflect on higher sales and profits.
- To handle environmental issues- Tesla has always considered environment as an integral part of their plan before planning any product. They have based their vehicles on electric automation that leaves no chances for pollution of any sort unlike other vehicles which runs on gasoline like petrol and diesel.
- More added value - Tesla design their product in such a way that they always provide added value to the customers for example – the semi windshield which protects it from having any cracks while off-roading.
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