Elon Musk Bet on Electric Cars at This Factory
· 2004-1
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Elon Musk Bet on Electric Cars at This Factory
yudashkai
In "10,000 Hours of Play," Yu-kai Chou describes how Elon Musk's synergistic skills (Step 4) allowed him to tackle multiple "impossible" quests simultaneously.
In 2004, Musk led Tesla's $7.5 million Series A funding round and became chairman of the board. By 2008, he was CEO.
The company's Fremont factory — a former GM/Toyota plant at 45500 Fremont Boulevard — became the epicenter of the electric vehicle revolution.
Tesla nearly died multiple times. By December 2008, it was burning $4 million per month with only three weeks of cash left.
On Christmas Eve 2008, Tesla closed a $40 million convertible debt round "in the last hour of the last day that it was possible" to avoid bankruptcy.
The Roadster proved electric cars could be desirable. The Model S proved they could be mainstream.
The Model 3 proved they could be affordable. Each was a quest the entire auto industry said was impossible.
Until Musk did it.
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