Tesla launched the Model 3, its mass-market electric car, in 2017.
The Model 3 was designed to bring Tesla’s battery-electric technology to a broader market than the Roadster, Model S, and Model X. Customer deliveries began in July 2017, and production scaling became a major test of Tesla’s manufacturing strategy and supply chain.
Tesla was founded in 2003 by Martin Eberhard and Marc Tarpenning. Elon Musk joined as an early investor and became chairman; he later became chief executive. The company also produces the Model Y, Model S, and Model X, along with battery-storage products and charging equipment.
The Model 3 is sometimes confused with the Model Y because both target higher-volume segments and share some technology. Tesla’s market capitalization has also fluctuated sharply, meaning its position among the world’s richest companies changes with the share price rather than remaining fixed.