Tesla was originally incorporated under the name Tesla Motors. The company was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning, with the name honoring inventor Nikola Tesla.
Elon Musk joined the company soon afterward as an early major investor and became chairman. The company’s first production vehicle was the Roadster, an electric sports car based partly on the Lotus Elise platform.
Tesla Motors later broadened its mission beyond cars, developing energy-storage products and solar-energy businesses. In 2017, the company changed its legal name to Tesla, Inc., reflecting that wider focus.
The original name is sometimes confused with Tesla Energy, which is a business area rather than the company’s founding corporate name. Tesla’s market capitalization is now tied to vehicles, batteries, charging infrastructure, software, and energy products.