![]() Having survived to that point via loans from the American government alongside other investors, Tesla’s 2010 IPO came when they were desperately short of cash. In 2021 however, for the first time, Tesla became profitable after removing the effect of credits and tax breaks. Tesla has been intermittently profitable since 2012, though has faced the criticism that much of its apparent profitability comes from ‘emissions credits’ and other government schemes. A new focus on building a cheaper model, the Model S, met with significant success. Using lithium-ion batteries, this was the first fully electric car with a range credible to consumers, 250 miles, but uptake was limited by its prohibitive cost. This eventually resulted in the Tesla Roadster, the first prototype being launched in 2006 with full production following in 2008. Named after the Serbian electrical engineer Nikola Tesla, the early focus of Tesla was on designing and producing a fully electric high-performance sportscar. Today, it is one of the most highly valued companies in history. Best known for its market-leading electric cars, Tesla works on a very wide range of projects across multiple industries, with a taste for technically challenging and sometimes outlandish targets. Musk did not join the company until a year later. Famous around the world, and closely tied to its best known personality and current CEO Elon Musk, Tesla was founded by engineers Martin Eberhard and Marc Tarpenning in California in 2003.
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