特斯拉 案例分析報告

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1、wordIX. CASE AUTHORS TEACHING NOTE Not AvailableX. STUDENT STRATEGIC AUDITI. Current SituationA. Current PerformanceFounded by Martin Eberhard and Marc Tarpenning in 2003, Tesla went public in June 2010 with IPO at $17 a share, raised $226.1 million in its first stock debut. Since Elon Musk took ove

2、r as the CEO, Tesla has been one of the most innovative automotive producers in the world, earning recognition through the Global Sustainability Innovation Award in 2009. Tesla purchased former NUMMI factory in Fremont, California, the most advanced and cleanest automotive production plant in the wo

3、rld. Both Daimler and Toyota have also invested $50 million each to form strategic alliances. Tesla will provide electric vehicle (EV) expertise for their car development, while Toyota and Daimler will provide opportunities for Tesla to diversify its revenue streams, network, and access to extensive

4、 supply chains. Toyota also has formed a partnership with Panasonic to collaborate on battery cell development.B. Strategic Posture1. Teslas current mission, objectives, strategies, and policies are both clearly stated and can be seen from its performance.2. Tesla is in the electric automobile busin

5、ess. Its mission is “To develop alternative energy vehicles for people who love to drive. It is an appropriate statement for Tesla because its EVs are stylish and provide high-end performance for driving enthusiasts.3. The corporate, business and functional objectives are to 1) Achieve both growth i

6、n sales and profits, 2) Provide technological leadership in the field of electric vehicles and 3) Foster sustainability and social responsibility. These objectives are consistent with its strategic postures.4. The corporate, business and functional strategies are to pursue 1) Growth through innovati

7、on and increased product offerings with development and sale of the Model S is to create higher demand and revenue, 2) Expansion through strategic alliances, from partnerships with Toyota and Daimler to supplying electric power trains to use in their electric vehicle design, 3) Sustainability and so

8、cial responsibility efforts through development of non-petroleum products and producing very little carbon emissions, 4) Product differentiation with focus on a high-priced, high-performance electric vehicles that pete against traditional performance cars, 5) Highly integrated marketing, sales and d

9、istribution efforts through its Tesla stores and 6) Increase international market share through its international expansion. These strategies are consistent with its strategic postures5. The policies are to focus on utilizing green energy & technology, and on producing luxurious, high performing EV.

10、 Tesla has extensive portfolio of intellectual properties from its proprietary technologies and soft wares that are used to manage efficiency, safety and controls. They are consistent with its strategic postures of producing high performance automobiles that use clean, environmental friendly sources

11、.6. Teslas current strategic postures reflect its international expansion plan. Tesla currently does not have international operations, all operations is based in its HQ in Palo Alto, California. It is on its way to opening a number of stores worldwide to increase customers knowledge of Teslas EV.II

12、. Corporate GovernanceA. Board of Directors1. The 8 members of BOD are Elon Musk, Brad Buss, Ira Ehrenpreis, Antonio Gracias, Steve Jurvetson, Prof. Dr. Herbert Kohler, Kimbal Musk and Larry Sonsini. They are all external directors, except Elon Musk, the Chairman, Product Architect and CEO of Tesla.

13、2. In total, the BODs own less than 10% shares of stock.3. The stock is publicly traded.4. The directors have diverse work experiences in industries such as design, engineering, finance, investment, software, law and corporate governance. They also have international experience necessary to support

14、its international expansion.5. Most of them have been Teslas board members since its IPO.6. These board members are actively involved in Teslas strategic management. They actively participate and suggest its future directions.B. Top Management1. The top management consists of Elon Musk (Chairman, Pr

15、oduct Architect and CEO), Straubel (CTO), Deepak Ahuja (CFO), Franz Von Holzhausen (Chief Designer), George Blankenship (VP, Sales & Ownership Experience), Gilbert Passin (VP, Manufacturing), Eric Whitaker (General Counsel), Diarmuid OConnell (VP, Business Development), Arnnon Geshuri (VP, HR), Pete

16、r Carlsson (VP, Supply Chain), and Jerome Guillen (Director of Model S Programs).2. The 11 executives have diverse work experiences, with backgrounds in different industries including technology, consulting, design, sales, and marketing. They are international experts in countries such as Japan, Ger

17、many, and other parts of Europe. 3. The top management has been responsible for Teslas performance over the past few years. They helped Tesla to strive in EV automobile industry.4. It has established a systematic approach to strategic management only to a certain extent due to Teslas nature of using

18、 innovation as its main drive of growth.5. The executives have been heavily involved in the strategic management process.6. N/A7. Strategic decisions are made ethically in a socially responsible manner. Being socially responsible is part of Teslas corporate culture. Its principle of developing non-p

19、etroleum based vehicles clearly shows its mitment to foster sustainability.8. N/A9. Top management is sufficiently skilled to cope with likely future challenges. They have directed Tesla into the right direction towards overall growth.III. External Environment (EFAS refer Exhibit 1)A. Societal Envir

20、onment (PESTEL Analysis)1. Economya. peting in an industry that is expanding. (O)i. Absolut market share is less relevant than how fast it is growing its market share.b. Massive budget deficit. (T)i. Members of Republican Party have focused their demands for budget cuts in the “discretionary spendin

21、g arena, which is where alternative energy funding falls.ii. EV industry has very few lobbyists and is more vulnerable to being targeted in budget cuts.c. The economic recovery has created more demand for higher priced, luxury vehicles. (O)d. Much more stable costs of electricity make an electric ve

22、hicle more desirable. (O)i. The variability of oil prices, most of the times increasing oil price, means that traditionally powered vehicle owners cannot predict their fuel costs.e. EVs cost significantly more than traditional vehicles of similar style and performance. (T)2. Technologicala. Industry

23、-related technology is always advancing in EV industry. (O) The technologies can be used to improve the EVs. They are related to intellectual properties, battery cell design and knowledge & skills of the workforce. Some are available for general use, however most technologies are proprietary. Many p

24、anies own patents of technologies that they developed in-house. These IPs will provide the panies with a petitive advantage. Development of new battery technology, by panies like Planar Energy, for EVs could also potentially provide more energy for a lower cost.3. Political Legala. Various federal a

25、nd state governmental agencies are currently supporting loan programs through the Department of Energy and the California Zero Emission Vehicle (ZEV) program. (O)b. Focus on decreasing U.S. dependence on petroleum products. (O)c. Global economic policies supporting usage of environmentally sustainab

26、le products such as EVs. (O)d. Many regulations pliance required to develop EV. (T) i. Numerous safety requirements governed by the National Highway Traffic Safety Administration.ii. Battery safety and testing is heavily regulated by the Pipeline and Hazardous Materials Safety Administration.iii. Au

27、tomobile manufacturer and dealers regulations issues.iv. New regulation of minimum noise requirements, mandated by the Pedestrian Safety Enhancement Act of 2010.4. Socio-Culturala. Continuous shift towards green energy. (O)i. President Obama mitted to funding “green initiatives through various vehic

28、les.ii. Setting a goal of getting 1 million electric cars on the road by 2015.b. Customer perceptions of EV being underpowered, clunky looking, hard to change, quirky and undependable vehicles. (T)c. Absence of public infrastructure for recharging electric vehicle batteries. (T)i. High reliance on a

29、 network of available power sources.ii. Limit EV driving range.iii. Negative impact on the image of EV.All these forces are different in other regions of the world. US being one of the most developed countries in the world has one of the leading EV markets along with countries, such as Germany, UK a

30、nd Japan. Other less advanced countries such as China, India, and Russia have not reached the stage where the market is geared towards green technology.B. Task Environment1. Threat of New Entrants: Lowa. Hybrid technology is well understood by major automobile panies.i. They developed & marketed the

31、ir own version of electric/gasoline hybrid vehicles.b. All-electric & hydrogen fuel-cell automobiles are unique technologies that need resources to develop.c. Energy storage and motor technologies are barriers to new petitors.d. Rechargeable battery systems and fuel cells are newer technologies that

32、 require large investments in R&D.e. A petitor needs to develop its own technologies/partner with another pany.2. Bargaining Power of Buyers: Moderatea. Fragmented industry, customers are highly influenced by trend.b. Target market is people that make over $75,000 a year that is sensitive to environ

33、mental change.3. Threat of Substitute Products: Lowa. Substitutes are traditional cars, train, bus, bicycle, motorcycle.b. EV is the most environmentally friendly mode of transportation that satisfies high end customers.4. Bargaining Power of Suppliers: Moderatea. Parts are sourced from many supplie

34、rs that often are the single source of vendor.b. panies are vulnerable to delays and increased cost.5. Rivalry Among peting Firms: Higha. Primary petitors are Mitsubishi i-MiEV, Nissan LEAF, Chevy Volt, Toyota Prius, BMW Hydrogen 7, Honda Clarity.b. Price of EVs is very petitive among them. Costs of

35、 production are very high due to no economies of scale. There is also no standardization in the process of development because EVs are a newer technology.6. Power of Other Stakeholders: Moderatea. Environmentalists typically have certain degree of influence in the government. Especially as the new P

36、residential election is ing up.C. Summary of External FactorsBased on the PESTEL Analysis and Porters Five Forces, Tesla Motors, as an incumbent, is in an attractive global electric car producer industry. Due to the current part delays, and to keep up with intense petitive rivalry, Tesla has to try

37、pushing down its fixed cost as low as possible. Tesla has to find ways to be less dependent to its vendors and accelerate its parts production. As the industry is in growth stage, Tesla also has to find ways to differentiate and reduce costs of its EV so that it would perfectly meets consumers deman

38、d in different parts of the world. Satisfied consumers will lead to long lasting brand loyalty, and this will ensure that Tesla will maintain its position as one of the most innovative EV producers in the world.IV. Internal Environment (IFAS refer Exhibit 2)A. Corporate Structure1. Teslas current co

39、rporate structure is centralized, with all the decisions made in the HQ. Tesla also relies heavily on its intellectual property and its patents. It is organized on the basis of functions which can be clearly seen from the role of the top-level executives. (S)2. The structure is clearly understood by

40、 everyone in the corporation (implied by case).3. Currently structure is consistent with its corporate strategies. (S)4. Not typically parable to other panies of this type and size as most of similar operations that focus on EV is a department within a large pany. (S)B. Corporate Culture1. There is

41、a share belief of employing innovation in works, its environment is fast paced and culturally unstructured. (S)2. The culture of innovation is consistent with its corporate strategies. (S)3. The culture holds the central role in solving problems faced by the corporation. (S)4. The culture is patible

42、 with the employees diversity of backgrounds. Tesla employs techies and business hybrid employees to operate the pany. (S)5. Teslas current operation, from production to delivery, is based in Palo Alto, California. The only operation abroad is the Tesla stores that are meant to educate the future cu

43、stomers. (W)C. Corporate Resources1. Marketinga. Teslas brand is heavily tied to the environment/green movement, generating a lot of free media publicity. The promotion strategy is a clear strength for Tesla, especially considering that remendations from friends and relatives, along with word of mou

44、th, are the most influential factors for luxury/sport cars key demographic. (S)i. Marketing strategy is not clearly stated, they are merely implied from the performance.ii. They are consistent with the corporations overall strategic postures.b. Teslas current marketing outreach is limited due to its

45、 infancy and lack of resources. The marketing mix (4Ps) is targeted on the luxury vehicle markets. Tesla focuses on a very narrow segment of early adopters and environmentalists that have resources to afford their car. Along with its minimal product offering, Tesla is limited by its distribution and

46、 fulfillment infrastructure. It has dealerships in premium locations, regional sales representatives, and online ordering. Its sales representatives are usually in charge of arranging test drives and vehicle delivery to the customers. (S/W)i. Trends emerge is that customers are being more sensitive

47、to green technologies and aware about energy conservation due to rise in oil prices. ii. The trend has significantly impacts past performance and will definitely boost future performance. iii. This analysis support the corporations past and pending strategic decisions.iv. Marketing does not provide

48、Tesla with significant petitive advantage. Its current advantages in price are through $7,500 government tax credit for buying fuel efficient vehicles and the low cost of maintenance & fuel.c. Teslas marketing performance pared to other corporations is not as advanced and rigorous. Tesla is much sma

49、ller than other EV producers that are part of larger automotive corporations. However, being one of the first to market high-performance EV, Tesla has a first-mover advantage in branding and customer experience.d. N/Ae. The only marketing initiatives that Tesla has outside of the United States are t

50、hrough its own stores.f. N/A2. Financea. Main objectives are to increase growth in profits and sales by creating and selling new models in addition to their only model that is currently being sold, the Roadster, as well as providing technology leadership with its innovative electric batteries and re

51、lated products. The next model is a four door sedan, named the Model S, and was due to be pleted and ready for sale in 2012. Teslas other means of revenue is derived from sales of their patented electric power train ponents to other panies. Sales of the Roadster also provide ine in the form of Zero

52、Emission Vehicle Credits, which can be sold to other car manufacturers that dont sell electric cars. (S)i. The objectives are clearly stated. Tesla is building a new factory with a capacity of 20,000 cars per year to be ready to build the new Model S. Their proprietary technology includes 35 issued

53、patents and 280 patents pending and the new Model S will have 3 battery options with different mileage ranges and prices.ii. The objectives are consistent with their goals of building alternative energy vehicles. Tesla is tied to the environmental movement, which has given them free publicity due to

54、 their leadership status in the industry.b. Teslas cash position isnt ideal. They were able to raised $226 million in an IPO in June 2010. They received a loan from the US Department of Energy of $465 million in 2010. The pany has suffered a net loss every year but revenues have been improving each

55、year. Their liquidity ratios are solid but debt levels are high as with any young pany that is in a new industry and selling a new technology. (W)i. The pany is an industry leader and has the best technology in the business and has many patents to protect their products. Their negative earnings and

56、debt levels are areas of concern as well as the unknown demand for electric vehicles as electric battery technology is their main business and source of ine. ii. N/Aiii. Tesla has suffered a net loss each year and has mostly negative profitability ratios due to the pany and industry still being in i

57、ts infancy and with the new technology, which brings uncertain demand and risk for the future. Teslas future financial success and possibly their existence depends are the future demand for electric vehicles and the infrastructure to support them. iv. Yes the pany is building a new plant to support

58、future growth and investing in new car models. They are spending to protect their proprietary technologies as they are crucial to future success.v. Finance doesnt provide the pany with a petitive advantage as they are not very stable financially at the moment.c. Teslas financial performance is parab

59、le to other young panies with new technologies. It takes time to build up economies of scale to bee profitable in a brand new industry.d. Yes, they are public pany that is required to follow GAAP and SEC regulations.e. N/Af. N/A3. Research and Development (R&D)a. Tesla is focused on continuing to im

60、prove on their existing electric battery technology and will offer 3 different battery options with varying mile ranges in the new Model S. They continue to purchase patents to protect their unique technology. (S)i. The R&D objectives are implied by the business they operate in (their proprietary so

61、ftware) and their financials with the operating expenses heavily weighted to R&D.ii. Yes it is consistent with their objective to provide technological leadership in the field of electric vehicles and promote environmental sustainability.iii. Technology is critical to corporate performance. The pany

62、s revenue stream is contingent on developing superior electric battery and vehicle technology. For example, the panys cars have diagnostic systems that link up to Teslas headquarters, which enables the technicians to have an idea of whats wrong with the car even before they go out to the customer.iv

63、. Yes, they are focused on technology innovation and education and put the appropriate resources toward that objective.v. Yes, their biggest petitive advantage is their proprietary technologies that are patented or patent pending.b. They are earning revenues from the sales of the cars (currently the

64、 Roadster) and through sales of their electric power train ponents. Tesla is also partnering with other automakers such as Toyota and Mercedes Benz to help them build electric vehicles with Teslas technologies for a fee. (S)c. Tesla believes in teamwork and wants employees from all departments to work together to share knowledge and ideas. Employees work in an open room with no walls to encourage collaboration. (S)d. The panys software is designed to be updatable and work on future models. (S)e. Their investment in R&D is consistent with other panies heavily invested in