Updated: Jul 15
Tesla, Inc. -
You Need to Know About the Electric Vehicle Manufacturer
Founded in 2003 in Fremont, CA, Tesla manufactures a range of products related to electricity. In addition to vehicles, the company manufactures solar roof tiles and grid-scale energy storage.
Tesla is the first company to manufacture a mass-market electric vehicle. The Model 3 has become one of the most popular sedans on the market. Although it has yet to reach its goal of selling two million vehicles a year, it has enjoyed a significant share of the EV market.
Tesla has made substantial investments in battery technology. It has pushed software updates to improve the battery life of its cars. It is also working to make lower-cost lithium-ion batteries.
The company also has launched a driver assistance system called Autopilot. It has also been under scrutiny from the Securities and Exchange Commission and the California Department of Motor Vehicles.
Although Tesla has taken the lead in the electric vehicle market, it faces increasing competition from other automakers. The company's share of the domestic EV market has decreased from 71 percent a year ago to 61% in the third quarter.
The company has also been under investigation for alleged spontaneous battery fires. A law firm alleged that Tesla has been involved in at least 12 such fires. One of the fires involved a parked Model S that exploded in the garage of a Los Angeles home. The fire was captured on social media.
Tesla is also being investigated by the Department of Justice. A federal investigation is underway into the performance of the company's Autopilot technology.