who is Founder of Tesla || Elon Musk || History Of Tesla

     Elon Musk || Elon Musk Tesla History ||  Founder of Tesla    

                           

 Founder of Tesla:

                                   Tesla was founded by Martin Eberhard and Marc Tarpenningin in July 2003. Elon mask became the lead investor and joined Tesla's board of directors as its chairman in February 2004. The company's business plan had three-step.
  

                                         FRIST, develop a high end, high-performance sports car to prove that the electric vehicles were both cool and feasible.second, roll out a luxury sedan that would compete with high-end brands like BMW and Mercedes. Third, produce hundreds of thousands of low-cost electric vehicles for the masses but soon tesla was big trouble the company's first product Tesla Roadster was due to begin production in September 2007. Musk was initially been led to believe that manufacturing the car would cost $65,000.But an internal audit revealed that the cost to actually build the car had climbed to $140,000.
               

                       It was a money loser before even a single car had been delivered. Mask was taken aback by this situation. Mask was the lead investor but wasn't running the company then.
He decided to investigate the matter himself. He visited the body panel fabricator in England and discover that the facility didn't have the right tool to do the job. At this point, Musk and investors had invested nearly $100 million into the company. 

                        And Tesla didn't even have a single car to show for it. All these were happening while SpaceX Rockets ware failing to reach the Earth orbit. In 2007 Mask converted 8 million preferred shares into common in order to control enough votes to remove Martin Eberhard from the CEO position.
                  

                Martin Eberhard was asked to step down as CEO by the board of directors. Later both the founders left the company in 2008. Michael Marks, an investor and former head of Flextronics, stepped in as interim CEO. Narks immediately drow up a list of roadblocks standing in the way of the car being built. The transmission didn't work the air conditioning didn't work the quality of the seats was unreliable the list kept going on.

        Marks wrote in an email "aa lot scarier  and more pressing than I thought." Meanwhile, few media and experts were attacking tesla. Saying it would fail, Worthless, etc.. But Mask wasn't ready to concede defeat. He thought the Combustion engine had made the world dependent on oil, resulting in pollution and climate change Tesla, however, could jump-start the electric car era and help solve the problem. In December 2007, Ze'ev Drori became CEO and president replacing the interim CEO Michael Marks. Over the course of 2008, Tesla solved the production problems on the Roadster. Musk accumulated hundreds of orders for the $109,000 Roadster sports car.
   

      Musk accomplished the First step of Tesla's business plan. Mask was up for the second step with the Models. Musk was confident that he would be able to raise another $100 million that summer to send the ModelS into production. But in September 2008 the US Stock Market crashed. The last thing investors wanted to do was put money into a startup car company. Week after week through the fall of 2008, Musk watched Tesla's bank balance drop by the end of the year, Tesla had less than $500,000 in the bank.
 

                       Musk had Nervous Breakdown. Musk was down to the last $20 million of his personal fortune. If he held on to the $20 million, he could walk away and still be rich. The attack on Tesla from the media and industry experts still continued. But Musk knew what needed to happen. He needs to make the Roadster profitable and build battery packs for Daller's smart cars. Then use that revenue to make Tesla live long enough to get a loan from the government and launch the Models. He was ready one of those things didn't come through, it'd be over Musk became the CEO of Tesla. He required capital to keep Tesla afloat.

                  Musk persuaded most of his other investors to give emergency funds, raising a total of $40 million. The company was going to have one last shot. Musk put so much of his own wealth into Tesla that in 2009. He borrowed money from a friend to pay his living expenses."At that point, every day was like eating glass and staring into the abyss of death," Musk said. The emergency funds kept Tesla afloat and almost immediately things started to unfold just as Musk had calculated Daimler finally felt confider enough to buy 1,000 battery packs for its smart cars in a deal with more than $40 million for tesla.
                Daimler agreed to buy a nearly 10 percent stake in the company for $50 million, giving Tesla a valuation of more than $500 million. On March 26, 2009, Tesla unveiled the prototype of Models. Models impressed many in June 2009 United States Department of Energy under the Obama administration approved $465 million in loan to Tesla as part of the advanced technology vehicles manufacturing loan program On June 29 in 2010, Tesla went public on NASDAQ. The IPO raised $226 million for the company.
            Which helped Tesla to survive and start the production of the model which came into the market in 2012. In 2012 presidential candidate Mitt Romney heavily criticized Obama for giving loans and called Tesla a loser on May 22, 2013. Elon Musk announced that the had repaid the full loan amount of $464 million with interest. Becoming the only American car company to have paid back the loan to the Government.