Business Spotlight: Tesla Part 1

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Category: Business

Listening

Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. capitalization / ˌkæp ɪ tl əˈzeɪ ʃən / (n.) – the total value of a business or company’s shares
    Example:

    Thanks to the success of its new products, the company’s capitalization grew by $100 million in just a few weeks.


  2. found / faʊnd / (v.) – to create or start an organization, group, business, etc.
    Example:

    Stacey’s grandparents founded the brand in 1965.


  3. rechargeable / riˈtʃɑr dʒə bəl / (adj.) – capable of being charged over and over
    Example:

    I prefer to use rechargeable batteries for my son’s toys because I feel they’re more eco-friendly than regular batteries.


  4. be hailed as (something) / bi heɪld əz / (idiom) – to be praised or described as someone or something good
    Example:

    Sherlock Holmes is often hailed as one of the greatest detective characters of all time.


  5. plug-in / ˈplʌgˌɪn / (adj.) – designed to be connected to a power source using a plug
    Example:

    I bought a cute plug-in kettle from the department store yesterday.


Article

Read the text below.

Elon Musk is one of the world’s richest men. As CEO of Tesla, he has made the company the world’s largest automaker by capitalization. Yet Tesla hasn’t always been an automotive giant and Musk hasn’t even always been its CEO.


Tesla was founded as Tesla Motors in 2003 by Martin Eberhard and Marc Tarpenning. Not long after, PayPal co-founder Musk joined the team, contributing millions of his own money, as well as convincing some powerful Silicon Valley types to invest. By 2007, Tesla Motors had over $105 million (¥11.5 billion) in investments.


Tesla Motors’ first project was the Roadster, a fully electric sports car that ran on the same standard lithium-ion batteries found in rechargeable devices. Released in 2008, the Roadster was hailed as a feat of engineering.


Despite this, Tesla Motors had financial problems, though these were solved with a $465 million (¥50.1 billion) loan from the U.S. Department of Energy in 2009.


In 2012, Tesla Motors released the Model S, the best-selling plug-in electric car of the time. Not long after, the firm introduced Supercharger stations (now called Tesla Stations), which quickly charge Tesla car batteries for free. (Jasmin Hayward)


To be continued…


This article was provided by The Japan Times Alpha.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • In 2012, Tesla Motors released the Model S, the best-selling electric car of the time. Would you be interested in owning an electric car? Why or why not? Discuss.
  • Supercharger stations, now called Tesla Stations, quickly charge Tesla car batteries for free. Do you think they’ll become as common as gas stations in your country over the next few years? Why or why not? Discuss.

Discussion B

  • Tesla was founded by Eberhard and Tarpenning in 2003, and not long after, PayPal co-founder Musk joined the team. If you were starting a new company and could ask any famous businessperson to join your team, who would you pick (ex. Bill Gates, Hiroshi Mikitani)? Why? Discuss.
  • Musk is one of the world’s richest men with an estimated net worth of $156.4 billion (about 17 trillion). Some people argue that billionaires shouldn’t exist because no one needs to be that rich. Do you agree? Why or why not? Discuss.