Tesla Motors, The Reinvention Of The Luxury Sports Car Industry

Daniela Milosheska

Chapter 15 in Global Luxury Trends, 2013, pp 209-223 from Palgrave Macmillan

Abstract: Abstract Since its creation in 2003, Tesla has faced financial, management and technical challenges to become what it is today: an emerging luxury brand in the automotive industry. Much of the company’s success is down to its co-founder Elon Musk. Elon Musk is a visionary whose only goal is to make the world a better place to live in. This eminent risk-taker has founded many companies, each and every one of them special and each and every one of them contributing to his primary goal. From founding PayPal to launching the nation’s biggest solar-energy supplier Solar City and creating the SpaceX, Elon Musk’s life has been one adventure after another. In 2003, Musk was faced with one of his biggest challenges. Together with two other engineers, Martin Eberhard and J. B. Straubel, he created Tesla, a company that produces the world’s best electric vehicles. The only question was whether the company would succeed and turn from an unprofitable to a lucrative business. Seven years later, not only has Tesla reached its goals, but it has also surpassed car enthusiasts’ expectations and altered the wayelectric vehicles are viewed today. What started as an Americanbasedcar manufacturer with the ambition to create something valuable for the world has become a serious challenger in theautomotive industry.

Keywords: Electric Vehicle; Brand Extension; Luxury Brand; Brand Credibility; Premium Brand (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-28739-7_16

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DOI: 10.1057/9781137287397_16

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