Old Dominion University

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2021

Business Analysis and Future Development of an Electric Vehicle

Company -- Tesla
Xuan Shao

Qin Wang
Old Dominion University, [email protected]

Haoyi Yang

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Original Publication Citation

Shao, X., Wang, Q., Yang, H. (2021) Business analysis and future development of an electric vehicle
company -- Tesla. Proceedings of the 2021 International Conference on Public Relations and Social
Sciences (ICPRSS 2021) (pp. 395-402). Atlantis Press. https://doi.org/10.2991/assehr.k.211020.188

This Conference Paper is brought to you for free and open access by the Psychology at ODU Digital Commons. It
has been accepted for inclusion in Psychology Faculty Publications by an authorized administrator of ODU Digital
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, ATLANTIS Advances in Social Science, Education and Humanities Research, volume 586
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Proceedings of the 2021 International Conference on Public Relations and
Social Sciences (ICPRSS 2021)

Business Analysis and Future Development of an

Electric Vehicle Company--Tesla
Xuan Shao1,*,a,†, Qin Wang2,*,b,†, Haoyi Yang3,*,c,†
1
School of Environment and Architecture, University of Shanghai for Science and Technology, 200093, Shanghai,
China
2
College of Science, Old Dominion University, 23529, Norfolk, Virginia, USA
3
Academy of Television Arts, Zhejiang Communication University, 310018, Hangzhou, China
*
Corresponding author. Email:[email protected]; [email protected]; [email protected]
†
These authors contributed equally.

ABSTRACT
The boom in electric vehicles in recent years has caught the attention of many companies that are investing or will be
investing in the industry due to the increasing demand for electric cars. Tesla as a leader of the electric vehicles (EVs)
industry, its development is of vital significance for referential value. Previous research on electric vehicle acceptance
and behavioral intention of purchase is comprehensive, which could enable the EVs industry to understand consumer
psychology. However, there is little analysis of the business strategy and future development of specific companies.
When it comes to sustainability, almost every company has a path that is best suited to. This paper presents a
comprehensive review of the historical background of Tesla, followed by in-depth states on its current strategy and
future analysis. Given recommendations on its future development, Tesla could engage more in other different industries
to increase the source of revenue and invest more into the development of autonomous public transportation, such as
electric car-sharing services (ECS). These will help Tesla move steadily into the next stage.

Keywords: Tesla, ECS, Industry development, Electric vehicle.

1. INTRODUCTION of this aura, Tesla, after stabilizing its domestic market,

has changed to expand its foreign market. In this article,
Tesla is now a world-famous manufacturer and we will talk about Tesla's company background, the
distributor of electric vehicles. The technology content, company's future development, and the obstacles it may
appearance design, product quality, and popularity of its encounter.
products have exceeded those of most countries in the
world. Today, Tesla has been constantly refreshing The global car demand is huge in the future. In 2030,
people's understanding of electric vehicles, promoting the global car number will be increased from 1.3 billion
and leading the development of the electric vehicle to 2 billion, which also includes growth in demand for
industry in the whole society. From these points of view, electric vehicles as lithium-ion batteries become more
Tesla can be called a company that changes the world on common [1]. Battery electric vehicles (BEVs) ownership
its own. is increasing in wealth, income, and education [2]. The
analysis results of the behavioral intention of Malaysian
Tesla's current innovation and development direction consumers to purchase electric vehicles show that there
mostly focus on the research of business models and the is a significant positive correlation between functional
promotion of the development of electric vehicles. From value, emotional value, and consumers' attitudes towards
the day of its birth, Tesla has been an anticipated and electric vehicles. In contrast, infrastructure readiness
admirable company. Tesla's brand has always been pasted does not regulate the relationship between consumers'
together with labels such as environmental protection and attitudes towards electric vehicles and purchase intention
high technology, walking in the forefront of the world. [3]. Several European governments have launched plans
This really attracted a large number of consumers in the to roll out electric vehicles to reverse rising carbon
early stage of brand development and achieved the dioxide emissions from the European Union's transport
marketing effect of less than intention. With the blessing sector [4].

Copyright © 2021 The Authors. Published by Atlantis Press SARL.

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An investigation of people's choice of electric cars in electric cars and the world has become more
Canada found that people most frequently associate environmentally conscious. From our survey, we also
BEVs (battery electric vehicles) with Tesla, Toyota, and discovered that Tesla's future is threatened by the fact that
Chevrolet. More than two-thirds of respondents are more competitors are considering the manufacturing of
familiar with Tesla and 40 percent believe that Tesla electric cars, and this includes general motors. Such
represents the future of BEVs [5]. Tesla has proven to be competition will threaten the company’s future growth.
competitive in markets such as the United States where Despite the threat facing Tesla, the fact is that the
other electric car makers exist. Tesla's three series of company has the potential to grow in the future since it
Model X, Model S, and Model 3 all made the top four in has significantly invested in electric car manufacturing
2018's ranking of the best-selling electric cars [6]. Tesla and research.
ranks among the best in the world in a better innovation
The paper starts by looking at Tesla's revenue and
environment, stands at the forefront of the technological
profit from the 2017 to 2020 financial year. The paper
innovation environment, rapidly subversive innovation,
also looks at the company’s share price examining how
first leading the high-end demand, and then extending to
this has grown significantly especially from 2018. The
the low-end terminal is Tesla's business model [7]. A
paper also provides the research method and research
performance track describing Tesla's entry into the
outcome utilized in gathering the necessary data. The
automotive market was constructed and it proved that
paper ends by looking at the competitors who are the
Tesla did not follow the disruptive innovation strategy.
major threat to Tesla's future growth.
Instead, Tesla's commercialization strategy is explained
by architectural innovation and the advantages of 2. FIRM DESCRIPTION
attackers [8]. In addition to focusing on providing a
unique architecture for battery issues and customers' Tesla is a new electric vehicle company in the United
range anxiety, Tesla is also adapting its organization and States, dedicated to the research, development, and sales
strategy to the needs of other key stakeholders in the of electric vehicles and batteries. Tesla was founded on
larger EV ecosystem by gradually mastering effective July 1, 2003, by a group of engineers who wanted to
systems integration [9]. However, despite Tesla's strong prove that electric vehicles are better, faster, and more fun
business strategy, issues such as insufficient charging to drive than fuel vehicles. The original founders were
infrastructure, difficulty in mass production, and Martin Eberhard and Mark Tapenning who opened their
competition with the existing auto industry remain [10]. headquarters in Palo Alto California. Elon Musk soon
Thus, it is crucial to study the future development of joined the company in 2004 with an initial investment of
Tesla. 30 million dollars. By 2008 Elon Musk had taken over
Tesla as the CEO.
To understand whether Tesla is providing the
transportation of the future through its electric cars, we Tesla has a unique operation model of integrating the
used the survey methodology. This method involved industrial chain: The company has a history of using
looking at Tesla's past 4 years’ financial performance and superior products developed by other enterprises for use
projecting the company’s future performance. The survey Tesla vehicles (For example, Panasonic batteries). Tesla
methodology also involved looking at the company’s key has continuously reduced manufacturing costs and
competitors such as legacy manufacturers including improve the performance of their products. Tesla has
General Motors, Volkswagen, and Ford among other new developed core technologies with independent property
entrants such as XPeng and NIO companies which are rights. This includes the research and development of
China-based companies. The purpose of using the survey autopilot chips which Tesla has mastered core technology
methodology is to understand how Tesla through its for. Finally, Tesla has filed many open technology patents
increased focus on electric cars manufacturing will which aim to promote more auto parts or vehicle
become the solution to future transportation bringing manufacturers to join Tesla's scientific research team and
growth to this company. share the cost of scientific research.
After conducting a survey analysis which entailed Tesla has built a set of intelligent service systems with
looking at the company’s previous performance and customer-centered sales and after-sales integration
making a projection of Tesla’s future growth, we through the Internet, providing customers with
discovered that Tesla has in the last four years been specialized online or offline services: Online services
registering a loss when it comes to income. Despite include a virtual service center that can carry out remote
Tesla's increased focus on electric cars, the fact is that diagnosis and even maintenance when the vehicle fails.
they are continuing to register significant income losses. Offline services include offering a spare vehicle to help
However, there is a positive trend. This is because since Tesla owners complete their journey should any issues
the 2017 financial year, the company net income loss has arise with their Tesla.
been reducing and the amount of revenue is increasing. According to Tesla's financing tables over the years
From our survey, this is being attributed to the fact that (Table 1). We can see that Tesla's financing target has
many consumers have started to gain more confidence in

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changed from individuals and small companies to large and launched a new batch of models to further open the
multinational enterprises, and the amount of financing is market. The company decided to make further financing.
gradually expanding. The financing time from 2004 to This time, the financing object has become a large
2009 is stable, once a year. The objects of financing are multinational enterprise due to the change of capital
mostly individuals or small companies. But in 2010, due needs and financing purposes. The amount of financing
to financial and technical problems, they raised funds also increased sharply. Such a large amount of capital
twice a year. They are strategic financing from Panasonic investment has greatly promoted Tesla's product
and equity investment from the development bank. After development and marketing.
seven years of development, Tesla developed, produced,
Table 1. Financing overview of Tesla.
Rounds Time Amount Investor

debt financing 2019/5/2 US $2.7 billion unknown

debt financing 2018/12/15 US $0.837 billion unknown

Strategic financing 2018/5/17 US $35 million Soros Fund Management

equity financing 2018/2/2 US $0.546 billion unknown

debt financing 2017/8/8 US $1.8 billion unknown

debt financing 2017/3/28 US $1.8 billion Tencent investment

Strategic financing 2010/11/4 US $30 million Panasonic

NASDAQ 2010/6/29 unknown Open development bank

ROUND F 2009/9/16 US $82.5 million Al Wahada Capital Investment; Aabar Investments;

Fjord Ventures; Dailyme Group

ROUND E 2008/2/8 US $40 million Elon Musk; VantagePoint Capital Partners;

Technology Venture Partners; Kimbal Musk; Valor
Equity Partners; FDJ Growth; The Westly Group;
Dailyme Group

ROUND D 2007/5/11 US $45 million Elon Musk; VantagePoint Capital Partners;

Technology Venture Partners; Capricorn; J.P. Morgan
Secruities Inc.; Valor Equity Partners; Martin
Eberhard; DFJ Growth; Compass Technology Partners;
Marc Tarpenning

ROUND C 2006/5/1 US $40 million Elon Musk; Google; Larry Pritzker; J.P. MoRGAn
Secruities Inc.; VantagePoint Capital Partners;
Capricorn; Valor Equity Partners; DFJ Growth;
Compass Technology Partners; Sergey Brin

ROUND B 2005/2/1 unknown Elon Musk; Valor Equity Partners; Compass

Technology Partners

ROUND A 2004/4/23 US $7.5 million Elon Musk; Compass Technology partners

3. CURRENT STRATEGY zero advertising budget, vertically integrated services,

and market segmentation.
Tesla's business strategy has a positive reference role
for new industry entrants and industry investors. 3.1. Zero advertising budget
Understanding the current strategy of a target company is
one of the important sources for analyzing its success Tesla’s zero-budget advertising spending is no secret
factors or lessons from its failure. Tesla's current strategy to the automobile industry.
will be discussed from three perspectives: the company’s

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According to a report from BrandTotal in 2019, Table company's iconic CEO, Elon Musk with nearly 60
2 shows that eight main competitors of tesla in the million followers on Twitter is now keeping frequent
automobile industry such as Toyota and Honda interaction with users on those social platforms.
maintained the basal expenditure on advertising upon Capitalizing well on a huge fan base, in March 2017,
four major social media platforms: Facebook, YouTube, Musk held a competition for fan-made ads online and
Instagram, and Twitter. For instance, in contrast to Audi, then picked out the best ones for free online commercial
which put 32% of its social budget on Facebook and 54% use, which has allowed Tesla the reduction of high costs
on YouTube, Tesla still didn’t spend a dime. like the traditional advertising as well as the
establishment of brand awareness and uniqueness.
However, despite the lack of advertising investment,
Tesla has been highly engaged with the media. The
Table 2. Auto brands paid media mix.
Brands Facebook YouTube Instagram Twitter

Toyota 62% 18% 2% 2%

Audi 32% 54% 13% 1%

BMW 46% 2% 32% 20%

Ford 55% 39% 6% <1%

Honda 38% 33% 27% 2%

Infiniti 52% 7% 40% <1%

Cadillac 34% 40% 18% 8%

Porsche 14% 47% 39% <1%

Tesla 0% 0% 0% 0%

down the threat of substitute products. At the same time,

3.2. Vertically integrated service the barriers to entry for new entrants are intensively
Tesla is moving toward a vertically integrated service, connected to the development of electric power. With
committed to creating an end-to-end service model from high technical requirements of electric energy, Chances
the company itself to its customers. Without are that the newly developing domain will not be
intermediaries, the Tesla electric cars as the products of confronted with the onslaught of new car brands.
the company will become a dominant bond to establish However, the transformation to the electric energy of
the connection. existing traditional automobile production companies
will become a greater threat to Tesla.
Aiming at the reach to customers, the company
started from the energy. In 2016, Elon Musk facilitated
the merging of Tesla and SolarCity, which significantly Threat of New
Entrants
expanded the client channel from a solar perspective.
Meanwhile, the company is looking at ways to make its
accessories such as batteries for electric drives. In
February 2020, the "Roadrunner" power battery
production plan has been launched. Tesla now has signed Bargaining Power Bargaining Power
an order for battery-making equipment from South of Suppliers of Buyers

Korea's Hanwha Group to produce its power batteries.

The integrated service would allow the company to
build competitive differentiation. In the five forces
analysis (Figure 1), the bargaining power of suppliers Threat of Substitute
will be mitigated as Tesla increases investment in self- products

developed accessories. Moreover, to a certain extent, the

uniqueness of products and services is more likely to lead
to customers’ inclination about the brand. Tesla's Figure.1. Five forces analysis.
distinctive brand packaging helps to achieve it, thus
reducing the bargaining power of buyers and lowering

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3.3. Market segmentation variety of models with different prices to divide the
market into high-end and low-end segments. Model S and
Four series of Tesla cars, namely the Model 3, the Model X are now faced with the high-end coupe and SUV
Model Y, the Model S, and the Model X have shown the market and the other two models are dedicated to the
company’s systematic division. Table 3 shows that the lower end. Hence, the overall consumer grade is
effective price of Model 3 fluctuates between $41,190 segmented into two markets with different target
and $58,190 while the highest effective price of Model S products of the company, which to a certain degree are
can go up to $131,190, which indicates the variance of conducive to the formation of economies of scope and
transactions of different models. Tesla capitalizes on a reductions inelastic demands for cars as well.
Table 3. Tesla prices in 2021.
Model Basic Price Dest.Charge Tax Credit Effective Price

2021 Tesla Model 3 Standard Range Plus $39,990 $1,200 N/A $41,190

2021 Tesla Model 3 Long Range AWD $48,990 $1,200 N/A $50,190

2021 Tesla Model 3 Perf.LR AWD 20" $56,990 $1,200 N/A $58,190

2021 Tesla Model S Long Range (AWD) 19'' $79,990 $1,200 N/A $81,190

2021 Tesla Model S Plaid 19" $129,990 $1,200 N/A $131,190

2021 Tesla Model X Long Range (AWD) 20" $89,990 $1,200 N/A $91,190

2021 Tesla Model X Plaid 20'' $119,990 $1,200 N/A $121,190

2021 Tesla Model Y Long range AWD 19'' $52,990 $1,200 N/A $54,190

2021 Tesla Model Y Perf.LR AWD 21'' $60,990 $1,200 N/A $62,190

4. FUTURE ANALYSIS the fact that the carbon dioxide level has become a
serious concern to many and this has made consumers
Tesla electric is being considered the transportation of look for an alternative to prevent climate change. As a
the future. Considering the company's performance in the result, consumers in near future will purchase more
last four years, it has been registering a significant electric cars
income loss. In 2017, Tesla registered a loss of $1.92
billion. However, in 2020, the company registered a Tesla's future analysis can be determined by looking
positive net income of $0.86 billion. The company at the company’s past performance. In the 2017 financial
revenue has also been growing from 2017 to 2020. For year, the company revenue was $11.75 billion. This
example, Tesla's revenue was $11.75 billion in 2017 and increased to $21.46 billion in 2018 and further to $31.53
this increased to $31.53 billion in the 2020 financial year. billion in the 2020 financial year. This is a positive trend
This is a positive trend for the company. Its share price that indicates how Tesla has been able to increase its
has also been growing indicating that more investors are revenue levels for the past four years. This also indicates
confident with Tesla. For example, in December 2018, that the company will be able to increase its revenue in
the company shares were costing $61.71 per share. the future as demand for electric cars increases.
However, this improved, and by February 2020, the The company's profitability is a true reflection of the
company's share price was $161.68. future progress of Tesla Company. For example, the
company's gross profit has improved from the 2017
4.1. Financial analysis financial year to the year ending 2020. In 2017, the gross
profit generated by the company was $2.22 billion. This
Electric cars have become the alternative mode of improved to $6.63 billion by the year ending 2020. The
transportation in the future. This has placed Tesla company's net income has also been growing since 2017.
Company in a better position to increase its market share In 2017, Tesla registered a loss of $1.92 billion. In 2018,
as well as improve its profitability level. In an article by the company also registered a loss of $1.06 billion. The
Lizzy Gurdus (2021), the market has already decided the loss in income also decreased in 2019 to $0.78 billion.
winner of electric vehicles to be the Tesla Company [11]. However, in 2020, the company registered a positive net
As a result, the company is projected to generate more income of $0.86 billion. This trend shows that Tesla is
revenue in the future as the demand for electric cars having a brighter future especially as the demand for
increases. The future success of Tesla, therefore, lies in electric cars increases (Figure 2).

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company has also developed the need to join the electric

Revenue, and Income analysis car market as a way of moving in line with the changing
$40.00 consumer preferences. Within the electric-powered
$30.00 motor space, Ford Motor Company has continued to pose
major threats to the future success of Tesla [13]. This is
In Billions

$20.00 mainly attributed to the fact that Ford is attracting high

$10.00

$-
I._I._I._I.-
2020 2019 2018 2017
numbers of new customers. At the same time, more
customers have continued to demonstrate their concerns
about the high prices, size, and even the driving
experience they get from Tesla SUVs. These concerns
$(10.00)
have therefore made these customers prefer Ford Motor
■ Revenue ■ Gross profit ■ Net Income
Company SUVs over Tesla Motors.
There is also The Volkswagen Group, which is a
Figure 2. Tesla’s revenue and income analysis.
German-based automotive manufacturing company. Also
Tesla's share price as shown by Figure 3 has being a traditional company, Volkswagen has also
significantly improved for the past few years. For ventured into the electric car motor space and has vowed
example, in December 2018, the company shares were to ensure that it has also dominated the growing market
costing $61.71 per share. However, this improved, and by of electric vehicles. To achieve this goal, the company is
February 2020, the company's share price was $161.68. projecting to have manufactured approximately 1.5
This shows the company shares have a positive trend and million electric vehicles by the year 2025. This is to tap
more investors are optimistic about the company’s future the growing market of electric cars and ensure that it has
growth [11]. By January 2021, the company shares were dealt with the issue of competition [13]. With this, it is
$874.82. Although there is a downward trend since clear that the traditional, as well as other upcoming
January 2021 in terms of share price, the company's companies and their new pace of tapping the electric car
significant growth in share price for the last 2 years is a market, remain the major challengers of Tesla’s efforts to
positive indication that many investors are confident of increase its market share.
the company’s future growth. This growth is attributed to 5. RECOMMENDATIONS
the future demand for electric cars as more consumers
become environmentally conscious. The current circumstance is that Tesla still faces
problems but meanwhile the breakthroughs. As a pure
900 electric vehicle company based on innovation, Tesla can
800 do more than it has achieved today. Therefore, the
700 improvement of Tesla in the long term is advised below
in the area of product sensitivity and public automation.
Shared price in $

600
500 5.1. Gain entrance to other industries
400
Tesla is recommended to gain entrance to other
300
industries by pursuing product placements such as in
200 video games, toys, and other forms of entertainment. This
100 helps improve the reach of Tesla by increasing consumer
awareness of the brand. In the toy industry, for example,
0
2018-12-1 2019-12-1 2020-12-1
the statistics in Figure 4 show that from 2015 to 2020, the
average annual growth rate was 18.5%. Additionally, the
market size of the global toy industry in 2020 was as high
Figure 3. The share price for Tesla from 2018 to 2021. as $23.7 billion. It is also predicted that the global toy
industry will expand further in the next few years.
4.2. Competitor analysis Therefore, Tesla can use the way of making Tesla toy
models improve brand sensitivity among children, who
The issue of competition has become common among are also potential customers, to further broaden the
most companies, with each company trying to come up channels of future clients. If divisions for the different
with strategies that will make it stand out in the available promising industries have been set up, the company could
markets [12]. The same case applies to Tesla where the possess a wider range of revenue sources and likewise
company has been having major competitors. One of diversification of risk.
these competitors includes the Ford Motor Company [13].
Despite, the fact that Ford is known to be a traditional
motor vehicle company, the fact remains that the

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changed from a loss in 2017 to a profit in 2020. This is

500

450
also shown by an increase in their price share. As research
400 has indicated, however, the market share of Tesla Motors
j
~
350
is likely to decline in the future. This will be a result of
increased competition and a decline in the level of
300
§
~
250

.,( 200 demand for electric cars, especially among the upcoming
~ ISO generations. The recommendation to Tesla Company in
e 100
the future is to intensify and invest more in the research
so
and development of electric cars. This is because this is
2015 2016 2017 2011 2019
time
2020 2021 1022 2023 102,
the ideal car for the future generation. The second
recommendation is for Tesla to increase its marketing and
Figure 4. The market size of the toy industry. promotion campaign. This is to be able to increase its
market penetration and become the best company to
purchase electric cars, especially by the young generation.
5.2. Develop autonomous public transportation
However, this paper lacks investigation and research
Some studies have shown that in certain areas, in the management and monitoring of the quality of Tesla
adolescents, namely Generation Z, are less likely to learn cars. In recent years, the quality problems of Tesla have
a driver's license or own a private car compared to other repeatedly appeared and caused widespread concern in
generations [14]. With private car ownership society. Therefore, it is of great importance to implement
experiencing a decline amongst youngsters, it is a detailed investigation of the quality of the product. The
recommended that Tesla put more emphasis into research safety problem cannot be ignored. Moreover, the study of
and development of automation and vehicles used in Tesla in some regions in this paper is still incomplete.
common, which would render the company opportunities Tesla faces different market influence factors in many
to shift production more readily from private vehicles to different countries and regions, so the company will
other forms of commercial autonomous public adopt special local strategies. In the future research, the
transportation such as electric taxis and car-sharing. For quality assessment will be included in an important part
instance, Tesla can establish an electric car-sharing of market research, and Tesla strategy analysis, future
service (ECS). Under the behavioral intention of trends, and suggestions for each region will be discussed
accepting ECS dominated importantly by social respectively after obtaining authoritative and reliable
influence [15], Tesla can achieve an advanced social data.
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