Transport
Nearly Two Decades Of Tesla
As July marks Tesla’s 19th anniversary, here’s a look at some of the most important milestones for the world’s leading electric vehicle (EV) manufacturer. 2019
LEADERBOARD
2018 In 2018, Musk tweeted that he was considering taking the company private for $420 per share, which the board didn’t agree to. The U.S. SEC sued Musk for his misleading tweet and fined him and the company $20 million to repay harmed investors. The settlement saw Musk step down as Tesla’s chairman. In July 2018, Musk signed an agreement with Shanghai to build its third gigafactory, and the first in China.
2017
Tesla Motors changed its name to Tesla Inc. in 2017. Production began on the Model 3, a low-priced, highvolume electric vehicle.
2016
In 2016, Tesla acquired Germany’s Grohmann Engineering and SolarCity.
2015
In 2015, Tesla expanded its product line with the Model X, a sport utility vehicle.
2014
Tesla raised $2 billion from bonds to build its first gigafactory.
2010
2009
In 2019, Tesla introduced its Cybertruck, the Model Y, a mid-size SUV with seating for up to seven.
In July 2020, Tesla became the world’s most valuable car company with a market cap of $208 billion, overtaking Toyota.
2020
Tesla moved its headquarters from California to Texas and invested $1.5 billion in bitcoin in 2021. In October, its market cap hit over $1 trillion for the first time. Musk’s net worth rose to over $300 billion, making him the richest person in the world at the time.
Tesla went public in 2010, raising $226 million in its IPO. In June 2010, Tesla and Toyota announced that they would work together on EV development and that Toyota would purchase $50 million of Tesla’s common stock. Tesla received $465 million in low-interest loans from the US Department of Energy.
2021
In April, Musk sold nearly 10 million shares in Tesla, worth more than $8 billion. Tesla’s market cap dropped to $674 billion as of June 17.
2022
Tesla relocated its headquarters to Palo Alto, California, in 2009. In May that year, Daimler AG, maker of Mercedes-Benz, acquired a 10% stake in Tesla for a reported $50 million.
2008 Tesla unveiled the Roadster in 2008. In October, Musk became the fourth CEO of the company.
2007 Eberhard was replaced as CEO in summer 2007 and left the company a few months later, which led to several lawsuits and eventually a settlement. He was followed by interim CEO Michael Marks and then CEO Ze’ev Drori in the same year.
F O R B E S M I D D L E E A S T.C O M
2006
2004
2003
In July 2006, Tesla unveiled the prototype of its first electric sports car, the Roadster.
In April 2004, entrepreneur Elon Musk, who had previously met the founders at an event called Mars Society, invested $6.35 million into the company in a Series A funding round and became chairman of the board.
Tesla was founded in San Carlos, California, by sports car enthusiasts Martin Eberhard and Marc Tarpenning in July 2003—the same year that General Motors began recalling and destroying their EVs.
JULY 2022
BY MOHAMED RASHED ALKHALIFA , WIN MCNAMEE/GETTY IMAGES/AFP, IMGAES FROM TESLA
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