Tesla wants to â€śaccelerate the worldâ€™s transition to sustainable energy,â€ť according to its mission statement. The Palo Alto, California-based automotive and energy companyâ€™s future has garnered the attention of not only its product consumers or investors who hope to make fortune from the proceeds of rare innovations but the world at large. Of course, everyone wants to witness what holds ahead of the worldâ€™s most promising energy revolution.
However, the future of Tesla in a fundamental outlook depends on the companyâ€™s short/long-term targets, even with swift technological development. Though most of Teslaâ€™s future targets are quite ambitious, it has completed about 37% of all announced targets since 2006. Among the uncompleted goals (from a total of 54 targets), 16 are already late while the due dates for 18 are between the end of 2018 and 2037.
CEO Elon Musk sometimes overpromises, aside from missing his own timelines. But with things not going so badly, based to Teslaâ€™s announced visions and plans, the company has so much to achieve in the nearest future.
Part of Teslaâ€™s future within the next few years will include new model Tesla vehicles that would not be limited to sedan flagships, improved drive range, new energy paradigm, more Gigafactories, cheap EV models, and a fully autonomous driving system.
Tesla can only spur the energy transition by making sustainable power sources available at affordable prices. The EV maker has said its Gigafactory 1 in Nevada, where Tesla produces its EV engines â€“ batteries and drive units before they are assembled, will help to reduce the cost of Tesla batteries by 30%. On Feb 26, 2014, Tesla announced a target of 500,000 cars yearly beginning from 2020, when Gigafactory 1 reaches full production capacity. Though the target was later revised to 2018, the Reno, Nevada billion dollar factory is still under construction and approximately 30% completed as of March 2018.
In an interview with Leonardo DiCaprio in 2017, Musk disclosed that over 100 Gigafactories would be required to produce enough batteries for a significant transition to sustainable energy globally. And Tesla plans to supply between 10 â€“ 20% of the worldâ€™s sustainable energy demand by building at least 20 Gigafactories within the next few years â€“ a total of five Gigafactories is currently in the works for Tesla. Of course, the companyâ€™s future depends on how many batteries it can produce seamlessly.
The 5.5 million square feet Gigafactory 1, which is currently the worldâ€™s largest factory building by footprint, is expected to be completed before 2020 to reach its full production capacity. Its second factory, Gigafactory 2 in Buffalo, New York, operated by Tesla subsidiary SolarCity produces solar panels and shingles for its roof product.
Earlier this year, Tesla announced reaching an agreement with the Chinese government to start Gigafactory 3 construction in Shanghai â€“ where its new lineups slated 2020 would be manufactured. It has also disclosed plans to site more Gigafactories in strategic market locations.
Musk announced in June 2016 that Tesla is planning to introduce Model Y â€“ a compact SUV in 2019 or early 2020. Recently, it has confirmed that the SUV model would be manufactured in its Shanghai Gigafactory 3, which will roll off its first line of cars in â€ś2 years.â€ť
Tesla vowed to redefine trucking when it unveiled the Tesla Semi on Nov 16, 2017. And production for the vehicle, which will give drivers a far better experience at reduced cost and increased safety, will begin in 2019, with the launch coming the same year, according to Muskâ€™s statement on July 6, 2017.
Thereâ€™s no launch date yet for the Tesla pickup truck, which would be unveiled by mid-2019, according to Musk. For now, Tesla is prioritizing the production of Model Y and Semi. The Tesla pickup could go into production after 2020.
Tesla is gradually changing the way we think about energy. Manufacturing zero-carbon emission cars wonâ€™t be enough to lead the world into sustainable energy. The tech giant wants to transform the energy we require to power our laptops, cell phones, home appliances, and even the electric cars by giving us sustainable energy powerhouses â€“ â€śfrom the sun to homes to wheels.â€ť
In 2016, it acquired SolarCity to provide answers to the entire power generation and storage questions. Musk said the acquisition is to make Tesla a â€śfull-service sustainable energy company.â€ť And Tesla solar roof production, which is currently limited, is expected to break production limitations and meet up with the consumer orders by 2020 after more Gigafactories begin production. This will make Tesla become a real sustainable energy company.
Before announcing in Jan 2017 that consumers would be getting first â€śfull self-drivingâ€ť feature in July 2017, Tesla had previously established a target that its vehicles would let drivers sleep by 2020. This service will surely be delivered, though it could take longer than 2020, considering the volume of projects itâ€™s planning to conclude the same year.
Tesla has released new self-driving features, including the new Enhanced Autopilot hardware and software upgrades, But Musk said drivers will have to wait a little more before getting hands-free trips across America. It would take some time to pass regulatory laws.
In October 2016, Musk announced that Tesla would be rolling out a mobility service once Tesla vehicles become fully autonomous. The company plans to establish a shared fleet program that would allow car owners to make money by allowing others to use their car.
While at work or on vacation, Tesla car owners can generate income by tapping a button on the Tesla phone app to place the car on the program. The company has not revealed more information about the Tesla network as promised. However, it could be understood that Tesla is waiting for the full autonomous feature before setting up the service.
The driving range for Tesla cars is currently the best on the market, but Musk has admitted plans to increase how far the cars can travel per charge.
Improved battery technology will positively affect the driving range of Tesla cars in the coming years. Musk said in 2015 that Tesla Model S cars could achieve a distance of 745 miles (1,200 km) on a single charge by 2020. Currently, Model 3 has a rating of 310 miles on a single charge and thatâ€™s about the longest range covered by a Tesla vehicle.
It may take Tesla a little longer than speculated to achieve some of these goals. But the companyâ€™s strategy is a little more straightforward, though some believe itâ€™s weird. Tesla would accomplish its global energy transition mission by seamlessly integrating its energy solutions, batteries, and electric vehicles into our everyday life.
The goals would also be closer if it can help to eliminate more obstacles in the use of its electric vehicles such as quick charging systems. And Tesla has announced it would build up to 18,000 supercharger stations across America, Europe, the Middle East, and Asia by 2018. The units, which can charge EVs more than 6 times faster than a charge on a home wall, will be crucial in achieving the Tesla future goals.
Tesla could also achieve its target of being valued at $700 billion by 2025 if the company can overcome the current challenges and perfect the building of the â€śmachine that builds the machine.â€ť According to Musk, â€śthe competitive strength of Tesla long-term is not going to be the car but the factory.â€ť Hence, completing the Gigafactories is the most fundamental path to the ultimate future of Tesla.