Strategic Analysis of Tesla Motors Inc. Auconie Nicolas & Kefi Sandes

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Table of content Executive summary .................................................................................................................... 1

Introduction ................................................................................................................................ 2

Strategic analysis ........................................................................................................................ 3

A) Internal Analysis .......................................................................................................... 3

a. Tesla performances .................................................................................................. 3

b. Organization’s resources.......................................................................................... 3

c. General competences and capabilities .................................................................... 4

A) External analysis .......................................................................................................... 7

a. Macro-environment: PESTEL analysis ...................................................................... 7

b. Competitive rivalry: PORTER five forces .................................................................. 9

B) Diagnostic .................................................................................................................. 10

Potential scenarios ................................................................................................................... 11

Conclusion and short-term recommendations ........................................................................ 12

References ................................................................................................................................ 13

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Executive summary This paper is a strategic analysis of Tesla Motors, Inc. wrote to answer the following

problematic: “How Tesla Motors Inc. can improve its strategy to sustain its competitive

advantage on the electric vehicle market and confirm its position as a transformational leader

in sustainable life-style?”.

Our strategic analysis highlights key information concerning internal and external

environments of Tesla Motors Inc. The company is an electric car manufacturer but also an

energy management services provider. Elon Musk is the current CEO and apply

transformational leadership methods to run its business. This transformational leadership led

to tesla diversification from proper car to energy storage and solar cells and is a high

competitive advantage than tesla must care and develop to extend its brand quicker across

the globe. Tesla is relatively young in the industry, it was created in 2003. This youth is a

double -edged which has allowed the electric car manufacturer to develop a short technologic

advance on its traditional competitors but also make the company’s growth especially fragile

and threatened by many variables like legal decisions, technologic issues or deliveries

postpone. According to our external analysis the macro-environment is relatively profitable

for tesla and especially criteria like social, ecological and technologic participate to shape a

solid ground for a next take-off. The present barriers for Tesla to such a take-off are the next

entries of traditional car makers in the electric car market. Indeed, these old companies have

important disposals and can produce far more than tesla currently do. Competitors’

assessment suggests the major part of traditional car makers will have start to deliver high

quality electric models from here to early 2020 maximum. Tesla had already invested money

to increase its production capacity but should inject time and energy to reach a sufficient

threshold soon enough to take the leader position in the high quality electric car market

before its competitors. Otherwise it will be rude to recover. Nevertheless, a development of

the energy management services could provide to tesla sufficient economic resources to

remain important on the market and compete on the long run with classic car makers making

electric vehicles.

Our strategic recommendations for Tesla are to develop Solar roof the larger they could to

extend their brand across the whole world, to create a “Pro-Pack” including tesla model III for

employees and Power Pack for the company energy management, and finally to sign many

partnerships with established traditional car makers to provide them core pieces of their final

electric cars like batteries or engines.

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Introduction

Tesla Motors Inc is a relatively young public company which build electric vehicles and provide services for personal and professional energy management. Founded in July 2003 by Martin Ederhard, Marc Tarpening, JB Straubel, Ian Wright and Elon Musk – Current CEO – the company is based in Palo Alto California and went public in 2010. The manufacturer whose name pays tribute to the scientist Nikola Tesla is specialized in commercializing high quality electric cars empowered by high performing battery packs. Moreover, Tesla sells powertrain components and produce battery charging equipments to complete its offer. Tesla Motors started its business by launching its electric sport car called the Tesla Roadster in 2008 which is known to be the first car using lithium-ions for its battery instead of classic fuels; The Tesla Roadster shined in the competition of Monte-Carlo (competition for the alternative energy) where it arouses interest of some powerful individuals. Since, Tesla has expanded its vehicle offer with tree additional models, the S, the X and the III, whose deliveries began respectively in 2012, 2015 and 2017. On the long term, Elon Musk’s goals is to produce a large range of models, counting more affordable cars (the Tesla Roader is worth €84 000) although keep producing luxury ones. Furthermore, a highly transformational leadership from Musk consists in making Tesla not only a car maker but more widely a sustainable lifestyle provider. Emphasizing the move toward ecologic solutions using solar electric energy, which is today considered as the more reachable sustainable solution, Tesla thus plans to be able from now to 2020 to produce a complete sustainable package including electric cars, smart batteries and efficient solar cells technologies. To achieve its transformational vision while remaining financially reliable, the company is facing many opportunities. Whether by the sales expansion of its cars from a B2C to B2B, by selling patented electric powertrain components to automakers just entering the electric car market or by developing self-driving software making customer experience improved, Tesla electric car manufacturing know-how is a huge asset in a market still very young. On top of that, Tesla has applied diversification to its business and has settled some partnership to produce battery power packs for domestic and professional applications (Panasonic) as well as highly competitive solar panels with Solar city next acquisition. According the present overview and additional data used through this report, we have decided to set up the next problematic to Tesla Motors Inc.

How Tesla Motors Inc. can improve its strategy to sustain its

competitive advantage on the electric vehicle market and confirm its

position as a transformational leader in sustainable life-style?

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Strategic analysis

A) Internal Analysis

a. Tesla performances Tesla Motors’ performances are quiet encouraging. A steady growth in revenues comes to balance a negative net income what suggests a future ability to create value. Moreover, investments in R&D, Capital expenditure and operating expenses have steadily increased since 2010 to pick in 2015 explaining an important decrease in cash flows this precise year. By and large, Tesla performance are significantly related to its position relative to the general industry life cycle. Indeed, according data, Tesla is slipping from its Birth phase to its Growth phase meaning that ultimate investments required to face substantial growth and then profit just happened and require a few years to show sufficient returns. Tesla is therefore in transition and need more than ever to build a consistent and long-term strategy for its growth and maturity phase.

b. Organization’s resources

Tesla Motors Financial/Physical resources: According the Tesla Balance Sheet, Tesla Motors has $1.2 billion in cash reserve for a total $8 billion in total assets. The company owns its factory, the Tesla Factory which is in South Fremont California and can produce 2000 cars per week for a total of 100 000 per year. Another factory located in Nevada, the Gigafactory which has been financed by Tesla and some of its partners including Panasonic, is currently operational and should reach its optimal activity by 2018 thus pushing down batteries costs by 30%. The 17th of November 2016, the merger with the solar cells manufacturer Solar city – a firm whose board of director is close to Tesla – has been validated by both executives. This merger should allow Tesla to become a leader in solar cells market. Ultimately, Tesla is discussing with the German automated manufacturer Grohmann Engineering for an eventual acquisition which should allow Tesla to reach a 500 000-annual production and meet the current 300 000 demand.

Tesla Motors Technological Resources:

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What we consider as intangible asset for Tesla Motors is mostly Intellectual Property, Brand Valuation and Valuable Know-How. Concerning Intellectual Property, Tesla policy is clear and consistent with Elon Musk’s long term vision; “All our patent are belong to you” titles an official tesla publication from the July 12 of 2014. This open source shift means $0 will be made on tesla numerous patents. The brand value question is far more complex. A HEC study conducted in 2016 compute the Tesla Motors brand value by combining Benchmark, Cost-based, Market-based and Income-based methods. Results expose an average Brand value of 14 634 million, with a minimum of 2 823 million and a maximum of 28 517 million. These important variations depending on the computation methodology highlight something especially relevant concerning Tesla Brand Value; those who are long on TSLA stock are especially more optimistic than the short side and claim that Tesla Motors has an incredible value as a brand, embodied by a high visionary strategy led by its CEO Elon Musk. In addition, the tesla know-how concerning electric car and energy storage is critically useful knowing almost every traditional car makers will produce electric car as soon as 2018.

c. General competences and capabilities We can split Tesla Motors competences and capabilities in tree sub categories. The two firsts, Electric Vehicle Manufacturing (EVM) and High Performance Battery Manufacturing (HPBM) are proper competences which materialize in concrete Strategic Business Units, while the third one is one intangible capability involving a more abstract Tesla power; The capability to draw a consistent future.

Electric Vehicle Manufacturing

Tesla Model S

Tesla Model X

Tesla Model III

Tesla Motors’ offer in electric vehicles consists in tree high quality models all equipped by last high technologies; self-driving, smart decision making, High interaction with the car through beautiful screen. On top of that, each model has a high-level design and an exceptional traction power supported by an ultra-efficient electric propulsion. The Model S is the luxury sport model of Tesla which has the highest acceleration on the current car market (0 to 100 in 2,7 seconds) and which is sold between $70 000 and $150 000. The Model X is a luxury SUV equipped with the same technology than the model S with a higher autonomy and a lower acceleration than its sister S (3,1 seconds against 2,7) although this feature is still exceptionally high on a SUV. The Model III has been unveiled on march the 31 of 2016 and should start to be delivered in early 2017. Unlike his two luxury sisters, the model III is targeting middle classes. Starting from $35 000, it is positioned on top of the range rather than in luxury. Design and quality are impeccable but the main sacrifices are made on the proper performances.

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High Performance Battery manufacturing

Tesla Power Wall

Tesla Power Pack

Tesla Solar Roof

At the same time, Tesla Motors diversifies its activity and have chosen to use its know-how in battery manufacturing to develop smart energy management services. Combining its high efficient batteries to smart software built by American best engineers, the firm extends its offer by proposing Smart Power tools. The Powerwall (currently in version 2) consists in a compact box available for $6 000 to $7 000 which allows household to manage its energy consumption; stock the electricity produced by renewable energies, make it usable for domestic applications, smartly manage flux to sell surplus in low-need period and keep reserve for periods especially voracious in energy. Tesla also makes available the professional version of its Power Wall; the Tesla Power Pack. Especially designed for companies’ needs, the Power Pack consists broadly in the same utilization than the Power Wall but is built for being integrated in every company with multiple configurations and flexible options. Tesla Solar Roof has been announced on last October before the confirmation of an eventual merger with Solar City. Despite that we don’t have much information now, ones we have are quite attractive; Solar Roof should consist in real like tiles based on a technology that allow us to see transparency – to reach solar cells – only if we are under a certain angle with the tile. Otherwise, we see the colour originally applied to the raw material replicating classic tile colours from Slate Black to Tile Orange. Elon Musk evoked that their tiles should cost even less than traditional one, we will remain cautious on this information.

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Capability to draw a consistent future

Transformational leadership

Tesla Motors’ CEO Elon Musk is a brilliant entrepreneur involved in many successful tech companies (Zip2, PayPal, Space X, Tesla Motors, Hyperloop, Powerwall, Open AI). Through these projects, Musk engaged himself in Financial autonomy, Space exploration and especially Mars conquest, Ultra-speed transportation technology, Sustainable life-style and Artificial Intelligence. These problematics are all critical for the next future and the fact to be involved in each of them is for Tesla’s CEO an incredible source of world-wide influence. Dubai recently signed with Hyperloop to build a high-speed network in its growing capital what suggest financial support shouldn’t be an issue for Musk outlooks. By drawing this future through its engagements, Musk creates a long term optimistic scenario within which every business he has developed have a high-potential to broadly improve the world-wide situation. This transformational leadership could be the hidden feature of Musk’s businesses; it may be the hidden Brand value of Tesla, the reason why investors invest in hyperloop or even the only path toward an interplanetary transportation system. Who knows up to where a great mind can change a world?

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A) External analysis

a. Macro-environment: PESTEL analysis

Political Many governments today are looking for reducing CO2 emissions and consequently are setting up public subvention policies to support their citizens in buying zero emissions vehicles. In France, there are fiscal advantages and even discounts on the buy price if the products are ecologically responsible. In the US, car makers must distribute a minimum of ZEV credits which encourage them to produce zero emissions vehicles. These ZEV have however been recently threatened by Donald Trump, US elected president, but Musk says it could even have positive impacts on Tesla’s activity. Remain the Border question which is a threat for most of US car makers disposing plant in Mexico in contrast to tesla which has plant only into the US territory.

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Legal The risk of Lawsuits engaged by patent trolls is still present. The development of new products by Tesla must be conducted carefully being aware of intellectual property barriers. Nevertheless, Tesla open-source shift can discourage most of these dangers. Another legal involvement for Tesla is an important lack of legislation in artificial intelligence decision making which is yet used in tesla auto-pilot. If problems related to self-driving decisions would become too much frequent, it could be a bad new for tesla which could see its deliveries postponed.

Technological The general cost for lithium-ions cells is decreasing which allow Tesla to build for lower cost and increase its profit margin. The demand for solar panels is rising around the world and the market is astronomic (78,2% of the global energy is from fuel, 19% is from renewable, including only 0,7% of solar). Tesla Electric Vehicles need charging stations which must spread proportionally to car sales. On top of that, Tesla self-driving software as well as various uses of artificial intelligence always more autonomous raise ethical issues concerning decisions making, and Microsoft, Amazon, Google and IBM just gather within “Partnership for AI” to discuss about these problematics.

Social Advertising campaigns and attacks against fuel energies begin to affect people and the Millennials generation is deeply engaged in this problematic. Energetic transition is accepted as “must happen as soon as possible” by citizens and plenty companies, not by Trump. A general distrust in the current system and especially in finance creates a large will to become autonomous as well on energy than on finance or commodities.

Economic A global uncertainty leads the market around the world although US recently show historically high result on stocks indexes (S&P 500 break up its highest records). Oil prices are low, since their major fall in 2014 West Texas Crude oil and Brent didn’t break their $60 resistances, which means that when oil prices will surge again, certain people could be economically constraint to transit toward renewable.

Ecological Ecological findings make a global consensus symbolized by the cop 21 agreements signed by 183 countries. These agreements engage countries to do their maximum to limit the global warming under 2°C in 2100. On the shorter term, the 20,20,20 goal is the common objective. meaning minus 20% in fuel consumption, 20% of global energy being renewable from here to 2020. Ecological consequences of human activities are numerous and each day a scientist review alert about effects far more irreversible than what we though.

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b. Competitive rivalry: PORTER five forces

TESLA Competitive

rivalry (11,2/20)

Government (3/5)- Safety norms for electronic products empower the

government to legaly delay deliveries.

- Ethical issues concering Self-driving decision making empower the government to sue tesla for AI

problematic decisions

- Financial partcipation and help provided by governments make tesla's activities leveraged by

public decisions.

Threat of substitution (2/5)- considering electric car market (no matter H2,

biofuel, biogaz), medium potential of substitution driven by commun transports, bicycle trends or low-

cost car subscription programs (Autolib').

- considering widely sustainable life-style market (a relatively young market), low potential of substitution evidenced by small amount of available alternatives in providing intelligent energy management services to

individual and profetionnals.

Supplier power (3/5)- Engeenering are produced by tesla and Lithium ions

cells are supplied by panasonic with which tesla conclude a partnership to built a Gigafactory in

nevada decreasing battery final cost by 30% from here to 2018.

- Solar pannels for Solar Roof are provided by solar city which will soon merge with Tesla.

- demand is growing with the accessible model 3 (35 000$) and tesla forecast a production growth from 100 000 in 2015 to 500 000 in 2020. Competition is

important in various car engine supplier but a necessity to shift could cost tesla a lot in delivery

postponing.

Buyer power (2/5)- Buyers are spreading around the world in several

countries with different juridictions. Collective actions in order to push price down have consequently low

probability to occur.

- In case of important defaults, they could gather their miscontent to force tesla decrease its prices.

- Due to an agressive price strategy, arguments to push prices even lower are rare.

-Delivery processes are long and deadline often delayed what could make customers claming for

discount.

Threat of new entry (4/5)- High financial barriers for new entrants in the car

industry making new entrant very occasional.

- Traditional car manufacturer will entry the electric car market as soon as 2017 or already did. They embody a high short-term threat on electric car

market.

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Porter five forces analysis highlights a dominant pressure coming from potential new entry which could be especially damageable for Tesla if the company can’t catch the market soon enough to keep a solid competitive advantage on traditional car manufacturers. Furthermore, governments’ and suppliers’ pressures are moderately high which means in case of major issues with either the tesla auto-pilot or the way Tesla supply its raw materials, the company could face important difficulties to go through. Concerning buyer power, Tesla is relatively safe and should meet its customer satisfaction quiet easily, except if a major default on a production makes them obliged to bring back delivered cars or worst, rethink a complex part of their cars. Finally, the threat of substitution is quite low and except if someone builds a cheap flying car, it shouldn’t be a major preoccupation.

B) Diagnostic Tesla has a high potential to penetrate the car market. The macro-environment is rather profitable and Musk’s firm has sufficient advance to become leader in electric vehicle market. Moreover, Tesla diversification on the sustainable life-style market embodies a huge opportunity for the firm to lead the next energetic transition and rebuild our world in a more efficient way. This potential remains an eventuality but is supported by strong investments in R&D and Capital expenditures which demonstrates the will from Tesla to gather assets and create the perfect synergy to make substantial profits as soon as possible. The transformational power of Tesla isn’t so much evidenced when looking just at the firm level. But when looking at Leader level, we can easily observe than Elon Musk has a large entail of company which all deserve a common future, more sustainable and responsible while being far more efficient, and that Tesla is a key part of this future drawing. These findings support the necessity from tesla to be highly responsible on its strategic choices. Especially when it’s about law and non-ethical high tech, safe agreements with supplier, customer satisfaction or taking advantage of new entries in the electric car market by becoming their supplier. Tesla has obviously, a historic opportunity to redefine the car maker landscape and to stimulate as a pioneer the sustainable life-style market, but some variable could interfere with such a perfect plan. The company’s actual defaults are based on two points. First, the Tesla youth makes investors some-time reluctant to trust Musk and could eventually make TSLA stock quiet elastic to panic. Secondly, the timing. Indeed, Tesla’s advance in “electric” is certain, but also certainly short. The least issue in the Tesla Motors value chain could have catastrophic impacts on its future and let enough place for its big traditional competitors to take the all stake and let tesla behind.

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Potential scenarios Potential scenarios are driven by the eventual future profitability of Tesla from now to 2018. We chose to set 2018 as a deadline for profitability because other car makers are announcing their models broadly for this horizon. In the case where Tesla follows its 2016 trend and increases its net income to reach substantial positive figures in 2018, the company will must expand its business by extending its activity to new locations. Nowadays Tesla factories are only located in the USA which make them relatively centralized. Opening new factories in Europe can be a real opportunity for the firm to reduce its delivery costs, decentralize its activities and better frame the European market. Indeed, in Europe Tesla Motors can see lots of new opportunities; after the merger of the German engineering business Grohmann, the giant could start think about opportunities in the UK. Indeed, Britain is known to have talented automotive engineers. People would think that after what happen in England in Jun 2016, the England market would slow down but the country remains an attractive market for new entrance, especially because its 17% corporate tax, and could be an occasion for Tesla Motors to expand its activity to another country in Europe. In the case where Tesla does not achieve to meet its demand and make a sufficient profit, Tesla will be quickly out performed by new electric models of traditional car makers. In such situation, no investment in Europe nor anywhere would be relevant. The best thing Tesla could do in such scenario is increasing its partnership strategy with car makers producing electric car to supply them core electric components and thus make a profit in other’s car sales. In both situations, Tesla could also use its transformational leadership to expand its activities in sustainable life-style services. Solar roof merger is a key strategic decision and new tiles created by both companies must be sold across the whole world. This should allow Tesla to create quick profit which could be a high competitive advantage vis-à-vis of its competitors which, for the major part, only sell cars or car-related goods.

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Conclusion and short-term recommendations Tesla is currently doing well. By investing a lot in R&D as well as in Property, Plant and Equipment, the firm correctly strengthen the ground to become from now to 2018/2020 a profitable leader in electric car manufacturing ready to climb its growth phase. Being relatively young in the car market, which could be a dangerous weakness, Tesla strategically diversify its activity to a larger market which is sustainable life-style market. This market adjustment is especially relevant concerning Tesla, mainly because its CEO Elon Musk has a great background in revolutionary companies whose long-term visions converge toward a global optimistic scenario. The next 3 years will be determinant for Tesla’s future which can be exceptional if it keeps its electric pioneer aura as well as unsatisfactory if strategic errors reduce Tesla’s advance. In both case, Tesla must keep investing in energy management services which is a solid opportunity to make the whole Tesla activity full of sense and consistency.

Export Solar roof everywhere, no exception, this product is a huge opportunity. Millions of

houses are built every year, tiles are often part of it and Solar roof is a simple substitute to

classic tiles. More solar energy is there, more we will need to manage it smartly which

occasionally could increase our Power wall sales.

Keep partnering with traditional car makers to provide them battery packages. If they enter

the market violently with high volume produced, Tesla will be unable to follow the rhythm so

it should at least benefit of this sudden competition by providing core electric components.

Sell a “Pro-Pack” including models III for employees and Power Pack to optimize companies’

energy consumption. Target high economic growth regions like Singapore or Dubai. Model III

is accessible for companies and employees will be satisfied and more productive.

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References

Allison GATLIN, Elon musk’s “aura of Invincibility” will nail Tesla-SolarCity merger, Investors Business Daily (Jan. 7, 2016), http://web.a.ebscohost.com/ehost/detail/detail?sid=933d5210-8a1e-4388-b2df-3a467483b529%40sessionmgr4009&vid=0&hid=4207&bdata=Jmxhbmc9ZnImc2l0ZT1laG9zdC1saXZl#AN=116592383&db=bth

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Elon Musk, All our patent are belong to you (Aug. 18, 2014), https://www.tesla.com/fr_FR/blog/all-our-patent-are-belong-you?redirect=no

Alan Ohnsman, Tesla, Panasonic Envision Solar Partnership at SolarCity’s New York Panel Factory, Forbes, Oct. 17, 2016, http://www.forbes.com/sites/alanohnsman/2016/10/17/tesla-panasonic-plan-solar-panel-partnership-at-solarcitys-new-york-factory/#552ac2b549ee

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Gigafactory Tesla (2016), https://www.tesla.com/fr_FR/gigafactory

TSLA income statement (NASDAQ.com Nov. 23, 2016), http://www.nasdaq.com/symbol/tsla/financials?query=income-statement.

La Fusion Tesla-Solarcity enfin approuvée – Andy Rakotondrabe – November 2016 Online: http://www.fredzone.org/la-fusion-tesla-solarcity-enfin-approuvee-083 Tesla Motors: a strategic analysis – Hiba Okba – Jun 2015 Online: http://fr.slideshare.net/HibaOkba/tesla-motors-49063041 Harvard Business Review; Best way to Measure Company Performance – John Hagel III, John Seely Brown and Lang Davison – March 2010 Online: https://hbr.org/2010/03/the-best-way-to-measure-compan.html

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The Telegraph; Electric car market Tesla eyes UK base after making first European foray- Alan Tovey – November 2016 Online: http://www.telegraph.co.uk/business/2016/11/08/electric-car-maker-tesla-comes-to-europe-as-it-snaps-up-german-f/ Tesla Motors Vs. The Long-Term Investor – Tesla Motors (TSLA) – April 2016-11-22 Online: http://seekingalpha.com/article/3963269-tesla-motors-vs-long-term-investor Electric-car battery costs: Tesla $190 per kwh for pack, GM $145 for cells – John Voelcker – April 2016 Online: http://www.greencarreports.com/news/1103667_electric-car-battery-costs-tesla-190-per-kwh-for-pack-gm-145-for-cells Tesla’s Competitive Advantages — 5 Big Ones – Zach – April 2015 Online: http://evobsession.com/tesla-competitive-advantage-5-big-ones/ Valuation of Tesla Motors – Master Thesis – Simon Bie Mikkelsen – 2016 Online: http://pure.au.dk/portal-asb-student/files/100805862/Master_Thesis.pdf Forbes; Tesla's Unique Position In The Car Market Is One Of Its Biggest Strengths – Jully 2015 Online: http://www.forbes.com/sites/greatspeculations/2015/07/02/teslas-unique-position-in-the-car-market-is-one-of-its-biggest-strengths/#3a159b5b22ec The Secret Tesla Motors Master Plan (just between you and me) – Elon Musk – CO-founder and CEO of Tesla Motors – August 2006 Online: https://www.tesla.com/fr_FR/blog/secret-tesla-motors-master-plan-just-between-you-and-me?redirect=no Balance Sheet and Income Statement of Tesla Motors – NASDAQ Online: http://www.nasdaq.com/symbol/tsla/financials?query=income-statement Online: http://www.nasdaq.com/symbol/tsla/financials?query=balance-sheet&data=quarterly