The impulsive South African-born entrepreneur is a multibillionaire on the cusp of delivering much of the clean transportation future he mapped out in a 2006 manifesto–and still polarizing.
As with other green energy companies, Tesla got a boost from government subsidies designed to promote alternatives to foreign fossil fuels. Started in a Silicon Valley garage, it shifted to mainstream automaker, funded by a low-cost Energy Department loan. Without that bargain-priced factory, Tesla couldn’t have delivered the Model S sedan in 2012. The car was a breakthrough, a battery-powered wonder that topped all expectations and sent Tesla stock on an upward tear.
Musk, whose initial fortune came from the sale of his stake in PayPal where he was a cofounder, couldn’t figure out how to sell the Model 3 at a long-promised $35,000 base price and suffered through months of “production hell.” But by 2018 the Model 3 had become Tesla’s sales volume leader. The Model Y crossover, built off the 3 platform, is due in 2020.
Although he’s turned Tesla into the global leader in electric vehicles, the past decade has brought new crises, including battery pack fires, high management turnover, reports of problems at its factories (including a
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