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Gigafactories: The name “gigafactory” comes from the word “giga,” the unit of measurement representing “billions.” The term “Tesla gigafactory” refers to multiple gigawatt-hours of battery production per year. The first decade of Tesla necessarily focused on its automotive persona.
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In June 2009, Tesla also received a $465 million loan from the Department of Energy, which it repaid in full by May 2013. In 2008, Musk stepped in as CEO of Tesla. Tesla’s Business Model Reflects Its Decade of Innovation Let’s review and preview some of these spokes in the flywheel that is Tesla. Tesla’s end products are state-of-the-technological-art - all of which interconnect in a flywheel that incites consumer allegiance across multiple sectors and keeps those consumers coming back to Tesla for more. It expanded to new enterprises, grabbed a stake in key infrastructure sectors, worked to decentralize power distribution, and now offers a new alternative to today’s utility industry. But Tesla didn’t stop there, as our own Zachary Shahan espoused last year. Tesla, best known for being an all-electric car company, has disrupted a legacy industry with a new business model and consumer approach. Larger scale businesses generally adhere to the philosophy that growth management requires a view to past and current trends before anticipating future progression. replaced the company previously known as Tesla Motors, Inc. Yet, in 2017, Tesla’s business model evolved again, with its name change to reflect a broader practical umbrella beyond automobile manufacturing. The company proved that selling electric vehicles can be profitable. The newer mission statement signifies the relevance of the firm’s batteries and related energy storage products. In mid-2016, under CEO Elon Musk’s leadership, Tesla adapted its corporate mission so as “to accelerate the world’s transition to sustainable energy.” This revision indicates a slight but important transition in Tesla’s business model - yes, it would continue to focus on all-electric vehicle manufacturing, but now it would also fully embrace market opportunities for renewable energy.