Tesla began production of the Model 3, its first mass-market electric sedan, in 2017.
Tesla delivered the first production Model 3 vehicles at an event in July 2017. The sedan was designed to reach a much broader market than the company’s earlier Roadster, Model S, and Model X vehicles. Its production ramp became a major test of Tesla’s ability to manufacture electric cars at high volume.
Tesla was founded in 2003 by Martin Eberhard and Marc Tarpenning. Elon Musk joined the company as an early major investor and became chairman; he later became chief executive. Tesla’s business expanded into battery storage, charging infrastructure, and solar products as well as vehicles.
Tesla’s market capitalization has often been unusually large relative to its vehicle sales because investors have also valued its software, battery technology, energy businesses, and anticipated future growth. That valuation is separate from annual car deliveries.