Founded

Martin Eberhard and Marc Tarpenning found Tesla Motors to build electric vehicles using a design based on Nikola Tesla’s AC induction motor, invented in 1888.  Eberhard says:

Here’s the cool thing: if you handed one of our motors to Nikola Tesla, he’d recognize it immediately as his own invention. Nice job of optimization, but clearly his.  That’s why we’re Tesla Motors.

Tarpenning and Eberhard will also finance the company until its preferred stock is first offered to investors in a Series A funding round.