Tesla, Inc., formerly known as Tesla Motors, has grown since its IPO a decade ago into one of the world’s biggest producers of electric vehicles under the leadership of CEO Elon Musk. The company sells cars, SUVs, and trucks. In addition to electric vehicles, it has expanded into energy generation and storage systems. Tesla joined the S&P 500 and S&P 100 on December 21, 2020. Tesla is listed on the Nasdaq exchange under the ticker symbol, TSLA.

The company’s automotive segment accounts for the vast majority of revenue at the Palo Alto-headquartered company, and the U.S. accounts for just under half of sales. Tesla faces growing competition from other major automakers who are developing and marketing electric vehicles, including General Motors Co. (GM), China-based Nio Inc. (NIO), Volkswagen AG (VOW3), and Daimler AG (DAI), the latter two of which are headquartered in Germany.

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Tesla’s Latest Developments

• On May 12, 2021, Tesla CEO Elon Musk announced that Tesla would no longer accept Bitcoin as payment for its cars due to the substantial carbon emissions caused by Bitcoin mining.
• On May 4, 2021, Stellantis, the car company formed by the 2020 merger of Fiat Chrysler Automobiles (FCA) and Peugeot, announced that by 2022 it will no longer need to purchase carbon credits in order to meet EU emissions standards. Between 2019 and 2021, FCA bought $2.4 billion in emissions credits from Tesla, a key factor in Tesla’s shift to profitability that allowed it to enter the S&P 500.
• On April 26, 2021, Tesla announced Q1 2021 earnings and reported an adjusted earnings per share (EPS) of $0.93 and $10.4 billion in revenue. The EPS was higher than the $0.86 analysts expected, and revenue matched expectations. Vehicle sales for the quarter, which were announced earlier in April, came in at 184,000 and slightly exceed analysts’ expectations. Tesla also announced it was opening Gigafactories in Berlin and Texas, and that those locations will begin production later in 2021.
• On April 17, 2021, two men were killed when the Tesla Model S they were traveling in crashed in Texas. No one was behind the wheel of the car at the time. Tesla advertises the cars with the feature of being able to “steer, accelerate and brake automatically within its lane,” but warns that “current Autopilot features require active driver supervision and do not make the vehicle autonomous.”