T HE R ESEARCH Q UESTION
Is Tesla Motors likely to make the transition from being a boutique to a
mainstream car manufacturer?
E XECUTIVE S UMMARY
Tesla Motors' Silicon Valley startup-style business plan lead off with the
introduction of the $100,000 Roadster and the development of a business
supplying battery technology to other car companies; the money and
attention garnered by these ventures would enable Tesla to produce
lower-priced, more mainstream EVs. Since its beginnings in 2003 the
company has indeed attracted a lot of attention, but most observers
were dubious of Tesla's long-term viability, believing it would be, at best, a
boutique car manufacturer.
Events of the past year have quieted many of the skeptics and hint
strongly that Tesla may indeed have a shot at becoming a mainstream
auto manufacturer. It was awarded a low-interest government loan of
$465 million. It had a successful IPO. It has attracted a number of highprofile investors: Daimler, who is using Tesla's battery technology to
develop EVs in its Mercedes-Benz and Smart lines; Panasonic, Tesla's Li-ion
battery supplier and recent $30 million investor; and Toyota, whose
partnership yielded a $50 million investment, an agreement to jointly
develop EVs, the NUMMI manufacturing plant at a bargain price, and
access to its rich knowledge in the mass manufacture of cars. Finally, it has
a carefully chosen stable of talent, not least of which is its charismatic
CEO, Elon Musk. While questions remain - whether EVs will gain in
popularity in general, whether Tesla will remain an independent company
- the above signal that Tesla is serious about taking its place as a
mainstream auto maker.
O VERVIEW OF C OMPANY S TRA TEGY
Tesla has from the beginning hewn more closely to a Silicon Valley startup
model than that of a traditional car manufacturer, and continues to do so
in its ideas for retail sale. The broad outline of Tesla's strategy is as follows:
C REATE
EXCI TEMENT WI T H THE
R OADSTER
TV1,
In an interview with Vator
Tesla chairman and CEO Elon Musk stated
that, by debuting with a high price, low volume sports car, the company
would be able to avoid problems of economy of scale and work out bugs
while attracting early adopters willing to spend over $100,000 on a car.
The sleek looks and high performance of the Roadster has converted key
players who have test-driven the car from skeptics to believers2 and
dispelled the widespread association of "electric cars" with "golf carts".
L I CENSE T ESL A ' S
B ATTERY TECHNOLOGY AND EQUI PMENT
In 2009, Daimler invested $50 million in Tesla, and the Tesla has been
involved with developing the German company's electric car program
with its Mercedes-Benz and Smart brands.3 An agreement with Toyota
includes sharing technology: the Toyota RAV4 EV - with a powertrain by
Tesla - debuted on November 17, 2010 at the LA Auto show.4 In an
interview with Japanese news source Nikkei, Musk indicated his interest in
licensing Tesla's battery and electric vehicle (EV) technology to outside
manufacturers.5
U SE
CAPI TAL TO I NTRODUCE LOWER PRICE MODELS
The above tactics are designed to both attract money and, perhaps
more importantly, establish Tesla as a serious entry to the automotive
market. Tesla's stated goal is to provide electric cars to "mainstream"
buyers.6 Priced at $49,900 after government tax incentives7, the
upcoming Model S is aimed at buyers of luxury sedans - those who might
otherwise look at brands like Mercedes and Audi.8 Future derivatives of
the Model S (coupe, crossover, SUV) will be built off of the same platform
and powertrain9 which will keep R&D costs down. These future models are
expected to be even lower in price and attract mid-level car buyers.
BE
A DI FFERENT KI ND O F CAR COMP ANY
Tesla's Silicon Valley stance is an advantage, according to J.P. Morgan
analyst Himanshu Patel10, enabling the company to initiate changes faster
and at a lower cost than large auto makers. In addition, Tesla's approach
to retail is unique. The company plans to wholly own its sales, service, and
distribution network11, concentrating profits and allowing Tesla to keep
tight control over brand equity12.
F ACTORS I MPACTING T ESLA ' S S UCCESS
C ONSUMER
DEMAND
Without consumer demand for EVs, the question of whether or not Tesla
becomes a mainstream car manufacturer is moot. The future share of EVs
in the consumer car market has been widely studied, with the result being
a wide range of figures. A study13 conducted by the University of
California, Berkeley's Center for Entrepreneurship & Technology estimates
that EVs may account for over 60% of light-vehicle sales by 2030, although
this is predicated on battery leasing or separate battery purchase
schemes to drive down costs. Others14 believe 10% by 2020 to be a
reasonable figure; a study by J.D. Power15 puts the figure at 7.3%.
What most surveys16 17and studies have concluded is that most drivers
have no wish to buy EVs if doing so means a compromise in terms of price,
performance, or convenience. "Range anxiety" - worries over the distance
an EV will go before needing a recharge - is an often-cited concern,
rooted in unfamiliarity with EV technology. Almost as large a factor is cost:
EVs tend to cost considerably more than their traditional gas-powered
counterparts. Even among those interested in EVs, there is considerable
debate over whether EVs are cost-effective. A small but telling example18
can be found on LinkedIn's Electric Vehicles group discussion board,
where a thread entitled "Concerns over the cost of EVs" has attracted
over 140 comments in one month, more than almost any other thread.
I NCREASI NG
COMPETI TIO N
Until very recently, Tesla was the only company to manufacture highwaycapable pure EVs for sale in North America and Europe19. With the late
2010 releases of the Chevy Volt and the Nissan Leaf, this is no longer the
case. The next few years will see the introduction of even more EVs and
hybrid vehicles from major and small manufacturers.20 Tesla's Model S,
originally slated to debut in 2010, is now expected in mid- to late 2012.2122
Although Tesla will no longer be the only game in town as far as EVs are
concerned, the more crowded playing field may have some positive
effects. For one, more EVs on the road will likely allay consumer wariness
about the new technology. Many of the larger car manufacturers have
adopted a "wait and see" approach to EVs - when asked, one Toyota
employee indicated that that company, for example, is looking to see
customer feedback from the Volt and the Leaf23.
P ARTNERSHI PS
Over the last couple of years, Tesla has joined hands with several heavy
hitters. Since its inception through 2009, Tesla manufactured powertrains
for Daimler24; in 2009 Daimler purchased a 10% stake in the startup25. In
early 2010, Toyota entered into an agreement with Tesla wherein they
would jointly develop EVs26; Tesla would buy the recently closed NUMMI
manufacturing plant in Fremont, California for $42 million27; and Toyota
would invest $50 million in Tesla, netting a 2.5% equity share in the
process28. Closing out a very big year for partnerships, Tesla gained a $30
million investment from Panasonic, which had been supplying Tesla with its
Li-ion cells, in November 201029. (Incidentally, Panasonic is also partnered
with Toyota, supplying NiMH batteries for the Prius and batteries for the
Toyota/Tesla RAV4 EV30)
The partnership with Toyota is a particularly interesting one and has the
potential to be an advantageous move for both parties. Toyota gains
access to Tesla's formidable Li-ion battery technology, which is generally
thought to be superior to the NiMH battery technology currently
employed by Toyota. By partnering with Tesla, Toyota bypasses the
investment of years and capital, not to mention the possibility that
another company (like Tesla) could overtake them in the meantime. 31 It
has been speculated that the joint venture also represents a path to
redemption after a rough late 2009-early 2010 (i.e., bad press due to the
closing the NUMMI plant and auto recalls)3233. Finally, Toyota design, which
is often described on forum commentary in terms like "boring34", "dullness"
and "androgyny"35, could potentially inject some excitement into their line
of cars through Tesla (whose design, in contrast, is described rapturously
on Facebook36 ). Whatever its motivation, Toyota's strong investment is
seen by many as an indication that Tesla may, in fact, be a going
concern.
For Tesla, the biggest prize in the joint venture may be the purchase of the
NUMMI plant. Not only was the price a bargain37, it includes not just the
buildings and equipment but Includes buildings and equipment, licenses
and permits and the right to purchase VOC credits sufficient to build
100,000 cars per year. Additionally, it allows Tesla manufacturing to be
consolidated, rather than spread across the globe as it has been for the
Roadster.38 Musk projects that Tesla could initially produce 20,000 Model S
cars per year, and possibly 200,000 per year as additional models are
introduced39. While a far cry from the volume produced by major car
manufacturers, it is much closer to the mainstream than the roughly 1,300
Roadsters the company has delivered so far 40.
Aside from the physical facility for producing the cars, Tesla also gains
from its proximity to Toyota's years of knowledge in mass production, its
reputation for quality, and its history of commitment to R&D. 41
Tesla's biggest investor so far may be the U.S. government. In June 2009,
the Department of Energy, under its Advanced Technology Vehicles
Manufacturing program, awarded a low-interest loan of $465 million to
Tesla, $363.9 million of which will go toward the development of the
Model S, with the remainder going to the development of its electric
powertrain business4243. Under the conditions of the program, government
loans can only cover 80% of project costs, meaning that significant outlay
on Tesla's part is still necessary44.
P ERSONNEL
Tesla was founded in 2003 by five partners, but there is no doubt who its
public face is: Chairman, CEO, and Product Architect Elon Musk. Despite
a noted awkwardness while speaking publicly45 ("I’ve heard less
stammering and filler in high school history classes" 46 went one comment
on an online forum) he has been compared by some with Tony Stark, aka
Ironman - in fact he made a cameo appearance in Ironman 2 and was
reportedly the inspiration for the movie character.47 48 There is no doubt
that Musk is the visionary driving force behind the company. While this has
been positive for Tesla's profile, J.P. Morgan analyst Patel also noted that
Musk is a "serial entrepreneur"49 with " a history of moving on once
companies become successful".50 Before Tesla, he founded or cofounded Zip2 and PayPal, both of which he has sold. Currently Musk is
CEO of Tesla and another company, SpaceX, and is chairman of a third,
Solar City51.
Clearly, this presents two risks: the possibility that Musk may find himself
stretched too thin, and/or that he might leave Tesla altogether. As the
driving force behind Tesla, his loss could be extremely detrimental to the
company. A couple of facts mitigate this possibility, however. The first is
Musk's clear passion for EVs, a subject he says he has been thinking about
since college.52 The other is Tesla's commitment, demonstrated time and
again, to hiring knowledgeable people who have much to offer the
company's continued growth.
As Patel notes, Tesla has a strong corporate tradition of hard
engineering53. Both Elon Musk and J.B. Straubel, its CTO, have been
deeply involved in engineering throughout their careers 54. Many of their
engineers come from traditional automakers, including Gilbert Passin,
former head of manufacturing for Toyota North America, who is now
Tesla's vice president for manufacturing55. Nevertheless, the company is
also careful to hire ambitious talent from diverse industries 56. One
particularly telling hire was that of George Blankenship as vice president
of design and development in July 2010 57. In addition to stints with Gap,
Inc. and Microsoft58, Blankenship shepherded Apple's transition from a
pure manufacturer to a retail powerhouse 59 that inspires rabid brand
loyalty - a feat that fits neatly with Tesla's business strategy.
I NTANGI BLES
Since the announcement of Toyota's partnership with and investment in
Tesla, the deal has been the object of a good amount of scrutiny and
discussion among car and EV enthusiasts. Some of this discussion,
particularly in the beginning, was quite skeptical: was Toyota looking for
"an elegant way to unload the NUMMI plant"60? Or, as several have
suggested, was the partnership merely a way to burnish Toyota's bruised
reputation and bland image?
In fact, joining with Tesla does address two key recommendations that
arose from an assessment of Toyota's global product development in
2009. These recommendations were that Toyota exploit its early lead in
the green car market and that it make its designs more viscerally
appealing.61 The assessment was ordered by Akio Toyoda, Toyota's
president as of June 2009.
However, intangible factors cannot be ignored. Toyoda is, by all
accounts, a car nut who owns (and participates with) Toyota's racing
team and drives 200 different cars per year.62 He was reportedly very keen
to try a Roadster got his opportunity at a business meeting with Tesla.
Toyoda was clearly taken with both the car and Elon Musk - the meeting
has been described, by the author of a Wired magazine article, as similar
to the montage scene in a romantic comedy63. At the press conference
in May 2010 when the joint venture was announced, Toyoda said "Not
only was I impressed by the technology but I felt this energy seeing they
made the vehicle in extremely short time. I felt the wind, the wind of the
future while driving. I talked with Mr. Musk and was extremely moved by
his dedication.64" Whatever business calculations went into the deal with
Tesla, it is apparent that there is a strong affinity between the two
companies.
A survey of reader commentary for articles written on EVs in general and
Tesla in particular show a sharp and passionate divide amongst
prospective drivers. Some are skeptical of the success of EVs and of Tesla.
However, even among those who are dubious of Tesla's long-term
prospects, many are rooting for the company. Those who do believe in
Tesla are devout, not unlike the devotion shown by Apple users. And, a
number of skeptics have been converted. An example is Camille Ricketts,
who for several years wrote about Tesla for VentureBeat - stories that were
in her own words, "always so kind" 65. Ricketts, after driving a Roadster,
became a fan and in August 2010 became communications manager at
Tesla66. Naturally, a new employee's enthusiasm for her employer should
be taken with a grain of salt, but accepting a position with a company
whose business details she has scrutinized does indicate something of her
belief that Tesla will succeed.
A SSESSMENT
Tesla's IPO in June raised $226 million; the stock, which initially sold for $17
a share, currently trades at $30.35 a share.67 While some fear the stock is
inflated68, others, like Patel69, are bullish. Although the company is
currently losing money, analysts like Hilary Kramer see this as a positive,
proving that Tesla is serious about developing its future products and
competing on a large scale70.
At this point, the more pertinent question may be how Tesla will look as a
company a few years down the road. One possibility is that they will
continue as an independent manufacturer, producing cars aimed at the
mainstream luxury car market. Another possibility is that Tesla will become
more of a licenser than a manufacturer. Green Car Congress 71 has
argued that the company may, in fact be primarily interested in selling its
battery technologies to other companies, as it has with Daimler and
Toyota. Given the undeniable signs of investment in infrastructure and
personnel over the summer, this possibility seems rather unlikely.
A third possibility that has been floating around the internet is that another
car company, Toyota for example, may end up buying Tesla. Just after
Tesla's IPO, Kramer predicted that, once production of the Model S really
takes off, Tesla might even "... get bought out by one of the larger legacy
auto companies that are trying to reinvent themselves. Perhaps it'll even
be Daimler or Toyota72". Speculation on this front, while not as rampant as
might be expected, is still out there.
The bottom line is, if EVs take off to any degree, expect Tesla to be in the
thick of it. Their business strategy has proven solid thus far, and the Toyota
partnership appears to be a perfect match. Whether on the hood of a
car or under it, it seems certain that Tesla's name will be seen by drivers in
the years to come.
E NDNOTES
“A candid interview with Tesla CEO Elon Musk,” interview by Bambi
Francisco Roizen, August 11, 2010,
http://www.youtube.com/watch?v=B1h1aG0usIY.
2 John McElroy et al., “The Business of Plugging In Electric Vehicle
Conference” (presented at the BPI Today: Headlines from the Business of
Plugging In, Detroit, MI, October 14, 2010),
http://www.bpiconference.com/agenda.
3 Paul A. Eisenstein, “Electric car wave offers opening to startups,”
msnbc.com, November 15, 2010,
http://www.msnbc.msn.com/id/40158814/ns/business-autos/.
4 Sebastian Blanco, “LA 2010: Toyota RAV4 EV, powered by Tesla, hits the
stage,” Autobloggreen, November 17, 2010, para. 1,
http://green.autoblog.com/2010/11/17/la-2010-toyota-rav4-ev-poweredby-tesla-hits-the-stage/.
5 Green Car Congress, “Tesla Motors interested in licensing battery and EV
tech to Toyota and others,” November 14, 2010,
http://www.greencarcongress.com/2010/11/tesla-20101114.html.
6 “About Tesla,” www.teslamotors.com, n.d.,
http://www.teslamotors.com/about.
7 Diarmuid O'Connell, “Tesla Motors,” January 2010, slide 13,
http://www.electricdrive.org/index.php?ht=a/GetDocumentAction/i/1535
1.
8 “A candid interview with Tesla CEO Elon Musk.”
9 O'Connell, “Tesla Motors,” slide 15.
10 Himanshu Patel, Tesla Motors, North America Equity Research (J.P.
Morgan, August 9, 2010), 4,
http://blogs.edmunds.com/greencaradvisor/JPMorgan%20on%20Tesla%2
02010.pdf.
11 O'Connell, “Tesla Motors,” slide 26.
12 Patel, Tesla Motors, 4.
13 Thomas A, Becker, Ikhlaq Sidhu, and Burghardt Tenderich, Electric
Vehicles in the United States: A new model with forecasts to 2030
(Berkeley, California: Center for Entrepreneurship & Technology (CET),
University of California, Berkeley, August 24, 2009),
http://cet.berkeley.edu/dl/CET_Technical%20Brief_EconomicModel2030_f.
pdf.
14 McElroy et al., “The Business of Plugging In Electric Vehicle Conference.”
15 John Humphrey et al., Drive Green 2020: More Hope than Reality? (J.D.
Power and Associates, November 2010), 2,
http://businesscenter.jdpower.com/JDPAContent/CorpComm/pdfs/Drive
Green2020_102610.pdf.
16 Jeff Bartlett, “Shocking results: Survey reveals what consumers want from
electric cars,” Cars Blog, March 18, 2010,
http://blogs.consumerreports.org/cars/2010/03/consumer-reports-electriccar-buying-survey.html.
17 “Consumers Want Green Vehicles to Offer More Than Fuels Savings,
Accenture Finds,” newsroom.accenture.com, March 8, 2010,
http://newsroom.accenture.com/news/consumers+want+green+vehicles
+to+offer+more+than+fuels+savings+accenture+finds.htm.
1
Kevin P., “Concerns over the cost of EVs....... Are people realy going to
pay 2x the cost of a normally aspirated car that does 100mpg......for a car
that will do less than 100miles.,” Electric Vehicle, November 10, 2010,
http://www.linkedin.com/groupItem?view=&gid=147033&type=member&i
tem=33203165&qid=9a958bd2-c2e0-4619-b47d8bbb25314ecf&goback=%2Egmp_147033.
19 “Tesla unveils world’s first mass-produced, highway-capable EV,”
www.teslamotors.com, March 29, 2009,
http://www.teslamotors.com/about/press/releases/tesla-unveilsworld%25E2%2580%2599s-first-mass-produced-highway-capable-ev.
20 Electric Drive Transportation Association, “Upcoming vehicle
introductions,” www.electricdrive.org, July 8, 2010,
http://www.electricdrive.org/index.php?ht=d/sp/i/11551/pid/11551.
21 Sylvia Lambert, “Tesla Motors, Inc: Company Record” (Hoover's,
October 1, 2010), ProQuest,
http://proquest.umi.com.libaccess.sjlibrary.org/pqdweb?index=0&did=19
83277841&SrchMode=1&sid=1&Fmt=3&VInst=PROD&VType=PQD&RQT=30
9&VName=PQD&TS=1286498997&clientId=17867.
22 Tesla Motors reports third quarter results, November 9, 2010,
http://files.shareholder.com/downloads/ABEA4CW8X0/0x0x417287/ee03f9b9-d707-4439-b4e9a3f3a33cb4b5/TSLA_News_2010_11_9_General_Releases.pdf.
23 Jennifer Jackson, “Personal conversation, San Francisco Auto Show,”
November 20, 2010.
24 Lambert, “Tesla Motors, Inc: Company Record.”
25 Jeff Segal, “Tesla investment gives Daimler sex - and green - appeal,”
Telegraph.co.uk, May 20, 2009,
http://www.telegraph.co.uk/finance/breakingviewscom/5353740/Teslainvestment-gives-Daimler-sex-and-green-appeal.html.
26 Camille Ricketts, “Tesla's Big Deal With Toyota Isn't All It's Cracked Up To
Be,” BusinessInsider, May 27, 2010, http://www.businessinsider.com/teslatoyota-2010-5.
27 Adam Bruns, “Home at Last,” Site Selection 55, no. 4 (July 2010): 506-508,
http://web.ebscohost.com.libaccess.sjlibrary.org/bsi/pdf?vid=4&hid=107&
sid=118b0fe1-ae52-452f-a305-6c92f9d83d64%40sessionmgr112.
28 “Toyota sees technical and political advantages in Tesla deal,”
Datamonitor 9, no. 7, MarketWatch: Automotive (July 2010): 8-8,
http://web.ebscohost.com.libaccess.sjlibrary.org/bsi/pdf?vid=5&hid=13&si
d=d85cad78-452a-46b8-b031-de489594af50%40sessionmgr10.
29 Scott Doggett, “Panasonic Invests $30M in Tesla, Clearly Views Calif. EV
Maker as a Going Concern,” Edmunds.com, November 3, 2010,
http://blogs.edmunds.com/greencaradvisor/2010/11/panasonic-invests30m-in-tesla-clearly-views-calif-ev-maker-as-a-going-concern.html.
30 Zach MacDonald, “Panasonic's $30 Million Tesla Investment,” Green
Chip Stocks, November 11, 2010,
http://www.greenchipstocks.com/articles/tesla-investment/1166.
31 “Toyota sees technical and political advantages in Tesla deal.”
32 Ibid.
33 “Feature Analysis,” Datamonitor 9, no. 7, MarketWatch: Automotive
(July 2010): 16-17,
18
http://web.ebscohost.com.libaccess.sjlibrary.org/bsi/pdf?vid=8&hid=15&si
d=f6ddcc44-1870-4409-b99f-f69ec71c3fdc%40sessionmgr4.
34 Gruv, comment in Sam Abuelsamid, “BREAKING: Toyota and Tesla to
partner on EV production in California,” Autoblog, May 20, 2010,
http://www.autoblog.com/2010/05/20/breaking-toyota-and-tesla-topartner-on-ev-production-in-califo/#comments.
35 Comment by Steven Lang, in Bertel Schmitt, “The Truth About Toyota
And Tesla,” The Truth About Cars, May 21, 2010,
http://www.thetruthaboutcars.com/2010/05/the-truth-about-toyota-andtesla/.
36 “Facebook (1) | Tesla Roadster,” n.d.,
http://www.facebook.com/pages/TeslaMotors/103147116391963?v=stream&ref=ts#!/teslamotors?v=wall.
37 Ricketts, “Tesla's Big Deal With Toyota Isn't All It's Cracked Up To Be.”
38 Bruns, “Home at Last.”
39 Ryohei Yamazaki, “Can Tesla Become the Next Amazon?,” Nikkei
Business, November 22, 2010, English Version edition, sec. News In Depth,
http://business.nikkeibp.co.jp/article/eng/20101122/217208/.
40 Ibid.
41 Datamonitor, Toyota Motor Corporation: Company Profile, February 5,
2010, 24,
http://web.ebscohost.com.libaccess.sjlibrary.org/bsi/pdf?vid=12&hid=13&
sid=d85cad78-452a-46b8-b031-de489594af50%40sessionmgr10.
42 Bruns, “Home at Last.”
43 David Howell, “Work on Advanced Vehicles: U.S. Perspective”
(presented at the Advanced Vehicle Leadership Forum, Paris, October 30,
2010), http://www.iea.org/work/2010/avlf/Session1_USA_Howell.pdf.
44 Josie Garthwaite, “Will Tesla Follow A123's Stock Trajectory?,”
CleanTech, July 1, 2010, http://gigaom.com/cleantech/will-tesla-followa123s-stock-trajectory/.
45 Wired.com, “The Electric Car That Could,” Storyboard, November 25,
2010, pt. 14:19.
46 little hulkster, in Schmitt, “The Truth About Toyota And Tesla.”
47 Danny Cooper et al., “What Drives Us,” May 29, 2010
48 Sebastian Blanco, “Tony Stark isn't just Iron Man - he's Elon Musk, too,”
Autobloggreen, May 12, 2010,
http://green.autoblog.com/2010/05/12/tony-stark-isnt-just-iron-man-heselon-musk-too/.
49 Patel, Tesla Motors, 31.
50 Ibid., 4.
51 Ibid., 31.
52 “A candid interview with Tesla CEO Elon Musk.”
53 Patel, Tesla Motors, 13.
54 Ibid.
55 Wired.com, “The Electric Car That Could.”
56 Patel, Tesla Motors, 13.
57 Lindsay Chappell, “Former Apple exec will oversee Tesla store design,”
Automotive News 84, no. 6420, Briefs (July 12, 2010),
http://web.ebscohost.com.libaccess.sjlibrary.org/bsi/detail?vid=4&hid=10
7&sid=118b0fe1-ae52-452f-a305-
6c92f9d83d64%40sessionmgr112&bdata=JnNpdGU9YnNpLWxpdmU%3d#
db=bth&AN=52814416.
58 “George Blankenship | LinkedIn,” n.d.,
http://www.linkedin.com/profile/view?id=108611&authType=NAME_SEAR
CH&authToken=8Yf5&locale=en_US&srchid=53e1eb7d-781d-4d59-be8a2be7a93594dc3&srchindex=2&srchtotal=3&pvs=ps&pohelp=&goback=%2Efps_george+b
lankenship_*1_*1_*1_*1_*1_*1_*51_*1_Y_*1_*1_*1_false_1_R_true_G%2CN%2
CI%2CCC%2CPC%2CED%2CL%2CFG%2CTE%2CFA%2CSE%2CP%2CCS%2C
F%2CDR_us%3A84_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2.
59 Nikki Gordon-Bloomfield, “Tesla Takes The Trendy Train, Hires Ex AppleStores, Gap Guru,” AllCarsElectric, July 12, 2010,
http://www.allcarselectric.com/blog/1047093_tesla-takes-the-trendy-trainhires-ex-apple-stores-gap-guru.
60 Schmitt, “The Truth About Toyota And Tesla,” 1.
61 Alain Patchong, “Losing its shine,” The Economist, December 10, 2009, 5.
62 Schmitt, “The Truth About Toyota And Tesla.”
63 Wired.com, “The Electric Car That Could,” 11:00.
64 Mary Duan, “Tesla, Toyota say they could employ 10,000 through
NUMMI,” Silicon Valley/San Jose Business Journal, May 20, 2010, para. 16,
http://www.bizjournals.com/sanjose/stories/2010/05/17/daily84.html.
65 Camille Ricketts, “Outing Myself as a Tesla Fan Girl,” Enthusiasts/Blog,
September 22, 2010, para. 2, http://www.teslamotors.com/blog/outingmyself-tesla-fan-girl.
66 Owen Thomas, “In totally non-awkward move, VentureBeat’s Camille
Ricketts joins Tesla Motors,” www.venturebeat.com, August 27, 2010,
http://venturebeat.com/2010/08/27/camille-ricketts-tesla-motors/.
67 Google Finance, “Tesla Motors Inc: NASDAQ:TSLA quotes & news,”
www.google.com/finance, December 6, 2010,
http://www.google.com/finance?q=NASDAQ%3ATSLA.
68 Travis Hoium, “3 Reasons to Sell Tesla Motors,” Investing Commentary,
November 12, 2010,
http://www.fool.com/investing/general/2010/11/12/3-reasons-to-sell-teslamotors.aspx.
69 Patel, Tesla Motors.
70 Hilary Kramer, “Why Tesla is a buy,” MarketWatch (June 30, 2010): 2.
71 Green Car Congress, “Tesla Motors interested in licensing battery and
EV tech to Toyota and others.”
72 Kramer, “Why Tesla is a buy,” 2.
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