Since its establishment in 2003, Tesla Inc. has earned a reputable name in designing and manufacturing high-quality electric vehicles. Moreover, the company provides energy generation equipment and storage systems, along with services related to these products. Initiated with a vision to develop cars less dependent on fossil fuels, the company launched its initial model, the Roadster in 2008, followed by Model S, X, and 3. Recently they have diversified their offerings to include an SUV Model Y and two types of trucks, Tesla Semi and Cybertruck. The consistent profits reported by the company led to its inclusion into the S&P 500 Index in December 2020. As of April 2024, this young venture has grown to become the most valuable automaker worldwide with a market capitalization of $514 billion, with an annual net income of $14.97 million on revenue of $96.77 billion.
Tesla's growth trajectory has been propelled by several important acquisitions. These acquisitions targeted increased manufacturing capacity, enhancing operational performance and cost reduction. Five key acquisitions include: SolarCity, Maxwell Technologies Inc., Grohmann Engineering, Perbix and Hibar Systems.
SolarCity, founded in 2006, was acquired in 2016. Specializing in designing, manufacturing and installation of solar systems along with the sale of solar electricity. The merger formed the first vertically integrated sustainable energy company in the world, with Tesla's energy storage dovetailing SolarCity's solar generation.
Maxwell Technologies Inc., established in 1965, was acquired by Tesla in 2019. The company manufactures ultracapacitors, holding more energy than standard capacitors and used in transportation, industrial and grid energy storage. This acquisition presented a breakthrough in electric vehicle production and battery component manufacturing.
Grohmann Engineering, based in Germany, acquired in January 2017 specialized in automated manufacturing systems. Despite the disagreement leading to the founder's ousting after the acquisition, the purchase improved Tesla's manufacturing speed and efficiency significantly reducing expenses.
Perbix was acquired by Tesla in 2017, specializing in the design and build of custom, highly-automated manufacturing equipment. Like Grohmann Engineering, this acquisition helped Tesla optimize and accelerate its electric vehicle production process.
Hibar Systems, based in Canada, specializes in high-precision dispensing pumps and filling systems including the automated vacuum filling systems for lithium-ion batteries used in electric vehicles. The exact date for the acquisition isn't clear as Tesla had made no formal announcement. However, this purchase allowed Tesla to produce battery cells in-house reducing key operating expenses and reducing dependence on Panasonic Corp; whom they jointly own a Nevada-based battery factory with.