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                </script><div class="js-qf-module qf-module border p-20 pt-0 ml-md-20 mx-auto mb-20 font-14 float-lg-right bg-white"><div class="bg-gray-100 qa-fast-facts p-10 font-14 mx-n20 mb-20 border-bottom text-center"><div class="d-flex align-items-center justify-content-center"><em class="material-icons bolt-fast-facts font-18"data-icon=bolt> </em><span class="font-weight-bold text-uppercase font-14"> Fast Facts </span></div><div><a class=summary-link href=/facts/Tesla-Motors> Facts & Related Content </a></div></div><div class=facts-list><dl class="js-fact py-5 mb-10 position-relative"><dt class=d-inline>Date:<dd class=d-inline>2003 - present</dd><button aria-label="Toggle more/less fact data"class="js-more-btn d-none btn btn-unstyled font-12 position-absolute bottom-5 right-0 bg-white">... <em class="js-content link-blue"> (Show more) </em></button></dl><dl class="js-fact py-5 mb-10 position-relative line-clamp clamp-3"><dt class=d-inline>Areas Of Involvement:<dd class=d-inline><span class=fact-item> <a href=/technology/automobile> automobile </a> </span> <span class=fact-item> <a href=/technology/automotive-industry> automotive industry </a> </span> <span class=fact-item> <a href=/technology/electric-automobile> electric automobile </a> </span> <span class=fact-item> <a href=/technology/manufacturing> manufacturing </a> </span> <span class=fact-item> <a href=/technology/Model-X> Model X </a> </span></dd><button aria-label="Toggle more/less fact data"class="js-more-btn d-none btn btn-unstyled font-12 position-absolute bottom-5 right-0 bg-white">... <em class="js-content link-blue"> (Show more) </em></button></dl><dl class="js-fact py-5 mb-0 position-relative line-clamp clamp-3"><dt class=d-inline>Related People:<dd class=d-inline><span class=fact-item> <a href=/biography/Elon-Musk> Elon Musk </a> </span> <span class=fact-item> <a href=/biography/Marc-Tarpenning> Marc Tarpenning </a> </span> <span class=fact-item> <a href=/biography/Martin-Eberhard> Martin Eberhard </a> </span></dd><button aria-label="Toggle more/less fact data"class="js-more-btn d-none btn btn-unstyled font-12 position-absolute bottom-5 right-0 bg-white">... <em class="js-content link-blue"> (Show more) </em></button></dl></div><div class="text-center mt-20"><a class="btn btn-sm btn-outline-blue border"href=/facts/Tesla-Motors> See all facts and data → </a></div></div><span class="marker before-article"> </span><section data-level=1 id=ref1><p class=topic-paragraph><strong> <span id=ref1185898> </span> Tesla, Inc. </strong> , formerly (2003–17) <strong> Tesla Motors </strong> , American manufacturer of electric automobiles, solar panels, and batteries for cars and home power storage. It was founded in 2003 by American <a class="md-dictionary-link md-dictionary-tt-off"data-term=entrepreneurs href=https://www.merriam-webster.com/dictionary/entrepreneurs> entrepreneurs </a> <span id=ref1203634> </span> <a class=md-crosslink href=https://www.britannica.com/biography/Martin-Eberhard-and-Marc-Tarpenning> Martin Eberhard and Marc Tarpenning </a> and was named after Serbian American inventor <a class=md-crosslink href=https://www.britannica.com/biography/Nikola-Tesla> Nikola Tesla </a> .</p><span class="marker p1"> </span><span class="marker AM1 am-inline"> </span><span class="marker MOD1 mod-inline"> </span></section><span class="marker h2"> </span><section data-level=1 id=ref348349><h2 class=h1>Origins and the Roadster</h2><p class=topic-paragraph>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 <a class=md-crosslink href=https://www.britannica.com/topic/PayPal> PayPal </a> cofounder <span id=ref1203636> </span> <a class=md-crosslink href=https://www.britannica.com/biography/Elon-Musk> Elon Musk </a> , who contributed more than $30 million to the new venture and served as chairman of the company, beginning in 2004.</p><span class="marker p2"> </span><span class="marker AM2 am-inline"> </span><span class="marker MOD2 mod-inline"> </span><p class=topic-paragraph>In 2008 Tesla Motors released its first car, the completely electric <span id=ref1203635> </span> <a class=md-crosslink href=https://www.britannica.com/technology/Roadster> Roadster </a> . In company tests, it achieved 245 miles (394 km) on a single charge, a range unprecedented for a production <span id=ref1203639> </span> <a class=md-crosslink href=https://www.britannica.com/technology/electric-automobile> electric car </a> . 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 <a class=md-crosslink href=https://www.britannica.com/technology/internal-combustion-engine> internal-combustion engine </a> . Tesla Motors found that the car attained <a class="md-dictionary-link md-dictionary-tt-off"data-term=efficiency href=https://www.merriam-webster.com/dictionary/efficiency> efficiency </a> ratings that were equivalent to a gasoline mileage of 135 miles per gallon (57 km per litre). The vehicle’s <a class="md-crosslink autoxref"href=https://www.britannica.com/technology/electric-motor> electric motor </a> was powered by <a class=md-crosslink href=https://www.britannica.com/science/lithium-chemical-element> lithium </a> - <a class=md-crosslink href=https://www.britannica.com/science/ion-physics> ion </a> 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.</p><span class="marker p3"> </span><span class="marker AM3 am-inline"> </span><span class="marker MOD3 mod-inline"> </span><p class=topic-paragraph>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 <span id=ref1260933> </span> <a class=md-crosslink href=https://www.britannica.com/topic/initial-public-offering> initial public offering </a> raised some $226 million.</p><span class="marker p4"> </span><span class="marker AM4 am-inline"> </span><div class="marketing-INLINE_SUBSCRIPTION marketing-content"data-marketing-id=INLINE_SUBSCRIPTION><div class="inline-subscription mb-30 mx-sm-20 font-16 text-center">Get a Britannica Premium subscription and gain access to exclusive content. <a class=cta href=https://premium.britannica.com/premium-membership/?utm_source=inline&utm_medium=mendel&utm_campaign=evergreen> Subscribe Now </a></div></div><span class="marker MOD4 mod-inline"> </span></section><span class="marker end-of-content"> </span><span class="marker after-article"> </span></div></div></div><div class="infinite-pagination-button d-flex justify-content-center border border-top-0"><button class="js-load-next btn btn-sm btn-blue mt-30 pr-10 mb-100">Load Next Page <em class=material-icons data-icon=keyboard_arrow_down> </em></button></div></div><aside class=col-md-da-300></aside></div></div></div></div></article></div></div></div></div></main><div id=chatbot-container></div><div id=md-footer></div><iframe name=__uspapiLocator style=display:none;height:0;opacity:0;visibility:hidden;border:0;width:0;></iframe><script>__ADCMD.push( () => {
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