特斯拉案例分析

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1、IX. CASEAUTHORSTEACHINGNOTE-NotAvailableX. STUDENTSTRATEGICAUDIT1. CurrentSituationA. CurrentPerformaneeFoundedbyMartinEberhardandMareTarpenningin2003,TeslawentpublicinJune2010withIPOat$17ashare,raised$226.1millioninitsfirststockdebut.SineeElonMusktookoverastheCEO,Teslahasbeenoneofthemostinnovativea

2、utomotiveproducersintheworld,earningreeognitionthroughtheGlobalSustainabilityInnovationAwardin2009.TeslapurchasedformerNUMMIfactoryinFremont,California,themostadvaneedandcleanestautomotiveproductionplantintheworld.BothDaimlerandToyotahavealsoinvested$50millioneachtoformstrategicalliances.Teslawillpr

3、ovideelectricvehicle(EV)expertisefortheircardevelopment,whileToyotaandDaimlerwillprovideopportunitiesforTeslatodiversifyitsrevenuestreams,network,andaccesstoextensivesupplychains.ToyotaalsohasformedapartnershipwithPanasonictocollaborateonbatterycelldevelopment.B. StrategicPosture1. Teslascurrentmiss

4、ion,objectives,strategies,andpoliciesarebothclearlystatedandcanbeseenfromitsperformanee.2. Teslaisintheelectricautomobilebusiness.ItsmissionisTodevelopalternativevehiclesforpeoplewholovetodrive.ItisanappropriatestatementforTeslabecauseitsEVsarestylishandprovidehigh-endperformaneefordrivingenthusiast

5、s.3. Thecorporate,businessandfunetionalobjectivesareto1)Achievebothgrowthinsalesandprofits,2)Providetechnologicalleadershipinthefieldofelectricvehiclesand3)Fostersustainabilityandsocialresponsibility.Theseobjectivesareeonsistentwithitsstrategicpostures.4. Thecorporate,businessandfunetionalstrategies

6、aretopursue1)GrowththroughinnovationandincreasedproductofferingswithdevelopmentandsaleoftheModelSistocreatehigherdemandandrevenue,2)Expansionthroughstrategicalliances,frompartnershipswithToyotaandDaimlertosupplyingelectricpowertrainstouseintheirelectricvehicledesign,3)Sustainabilityandsocialresponsi

7、bilityeffortsthroughdevelopmentofnon-petroleumproductsandproducingverylittlecarbonemissions,4)Productdifferentiationwithfocusonahigh-priced,high-performaneeelectricvehiclesthatcompeteagainsttraditionalperformaneecars,5)Highlyintegratedmarketing,salesanddistributioneffortsthroughitsTeslastoresand6)In

8、creaseinternationalmarketsharethroughitsinternationalexpansion.Thesestrategiesareeonsistentwithitsstrategicpostures5. Thepoliciesaretofocusonutilizinggreenenergy&technology,andonproducingluxurious,highperformingEV.Teslahasextensiveportfolioofintellectualpropertiesfromitsproprietarytechnologiesandsof

9、twaresthatareusedtomanageefficiency,safetyandeontrols.Theyareeonsistentwithitsstrategicposturesofproducinghighperformaneeautomobilesthatuseclean,environmentalfriendlysources.6. Teslascurrentstrategicposturesreflectitsinternationalexpoanspilan.Teslacurrentlydoesnothaveinternationaloperations,allopera

10、tionsisbasedinitsHQinPaloAlto,California.ItisonitswaytoopeninganumberofstoresworldwidetoincreasecustomersknowledgeEV.11. CorporateGovernanceA. BoardofDirectors1. The8membersofBODareElonMusk,BradBuss,IraEhrenpreis,AntonioGracias,SteveJurvetson,Prof.Dr.HerbertKohler,KimbalMuskandLarrySonsini.Theyareal

11、lexternaldirectors,exceptElonMusk,theChairman,ProductArchitectandCEOofTesla.2. Intotal,theBODsownlessthan10%sharesofstock.3. Thestockispubliclytraded.4. Thedirectorshavediverseworkexperiencesinindustriessuchasdesign,engineering,finance,investment,software,lawandcorporategovernance.Theyalsohaveintern

12、ationalexperiencenecessarytosupportitsinternationalexpansion.5. MostofthemhavebeenTeslasboardmemberssinceitsIPO.6. TheseboardmembersareactivelyinvolvedinTeslasstrategicmanagement.Theyactivparticipateandsuggestitsfuturedirections.B. TopManagement1. ThetopmanagementconsistsofElonMusk(Chairman,ProductA

13、rchitectandCEO),JBStraubel(CTO),DeepakAhuja(CFO),FranzVonHolzhausen(ChiefDesigner),GeorgeBlankenship(VP,Sales&OwnershipExperience),GilbertPassin(VP,Manufacturing),EricWhitaker(GeneralCounsel),DiarmuidOConnell(VP,BusinessDevelopment),ArnnonGesh(VP,HR),PeterCarlsson(VP,SupplyChain),andJeromeGuillen(Di

14、rectorofModelSPrograms).2. The11executiveshavediverseworkexperiences,withbackgroundsindifferentindustriesincludingtechnology,consulting,design,sales,andmarketing.TheyareinternationalexpertsincountriessuchasJapan,Germany,andotherpartsofEurope.3. ThetopmanagementhasbeenersponsibleforTeslasperformanceo

15、verthepastfewyears.ThehelpedTeslatostriveinEVautomobileindustry.4. IthasestablishedasystematicapproachtostrategicmanagementonlytoacertainextentduetoTeslasnatureofusinginnovationasitasinmdriveofgrowth.5. Theexecutiveshavebeenheavilyinvolvedinthestrategicmanagementprocess.6. N/A7. Strategicdecisionsar

16、emadeethicallyinasociallyresponsiblemanner.BeingsociallyresponsibleispartofTeslascorporateculturele.Iotsfdperivneclioppingnon-petroleumbasedvehiclesclearlyshowsitscommitmenttofostersustainability.8. N/A9. Topmanagementissufficientlyskilledtocopewithlikelyfuturechallenges.TheyhavedirectedTeslaintothe

17、rightdirectiontowardsoverallgrowth.III. ExternalEnvironment(EFASreferExhibit1)A. SocietalEnvironment(PESTELAnalysis)1. Economya. Competinginanindustrythatisexpanding.(O)1. Absolutmarketshareislessrelevantthanhowfastitisgrowingitsmarketshare.b. Massivebudgetdeficit.(T)i. MembersofRepublicanPartyhavef

18、ocusedtheirdemandsforbudgetcutsinthe“discretarena,whichiswherealternativeenergyfundingfalls.ii. EVindustryhasveryfewlobbyistsandismorevulnerabletobeingtargetedinbudgetcuts.c. Theeconomicrecoveryhascreatedmoredemandforhigherpriced,luxuryvehicles.(O)d. Muchmorestablecostsofelectricitymakeanelectricveh

19、iclemoredesirable.(O)1. Thevariabilityofoilprices,mostofthetimesincreasingoilprice,meansthattraditionallypoweredvehicleownerscannotpredicttheirfuelcosts.e. EVscostsignificantlymorethantraditionalvehiclesofsimilarstyleandperformance.(T)2. Technologicala.Industry-relatedtechnologyisalwaysadvancinginEV

20、industry.(O)ThetechnologiescanbeusedtoimprovetheEVs.Theyarerelatedtointellectualproperties,batterycelldesignandknowledge&skillsoftheworkforce.Someareavailableforgeneraluse,howevermosttechnologiesareproprietary.Manycompaniesownpatentsoftechnologiesthattheydevelopedin-house.TheseIPswillprovidethecompa

21、nieswithacompetitiveadvantage.Developmentofnewbatterytechnology,bycompanieslikePlanarEnergy,forEVscouldalsopotentiallyprovidemoreenergyforalowercost.3. Political-Legala. VariousfederalandstategovernmentalagenciesarecurrentlysupportingloanprogramsthroughtheDepartmentofEnergyandtheCaliforniaZeroEmissi

22、onVehicle(ZEV)program.(O)b. FocusondecreasingU.S.dependenceonpetroleumproducts.(O)c. GlobaleconomicpoliciessupportingusageofenvironmentallysustainableproductssuchasEVs.(O)d. ManyregulationscompliancerequiredtodevelopEV.(T)i. NumeroussafetyrequirementsgovernedbytheNationalHighwayTrafficSafetyAdminist

23、ration.ii. BatterysafetyandtestingisheavilyregulatedbythePipelineandHazardousMaterialsSafetyAdministration.iii. Automobilemanufactureranddealersregulationsissues.iv. Newregulationofminimumnoiserequirements,mandatedbythePedestrianSafetyEnhancementActof2010.4. Socio-Culturala. Continuousshifttowardsgr

24、eenenergy.(O)i. PresidentObamacommittedtofunding“green”initiativesthroughvariousvehicles.ii. Settingagoalofgetting1millionelectriccarsontheroadby2015.b. CustomerperceptionsofEVbeingunderpowered,clunkylooking,hardtochange,quirkyandundependablevehicles.(T)c. Absenceofpublicinfrastructureforrecharginge

25、lectricvehiclebatteries.(T)i. Highrelianceonanetworkofavailablepowersources.ii. LimitEVdrivingrange.iii. NegativeimpactontheimageofEV.Alltheseforcesaredifferentinotherregionsoftheworld.USbeingoneofthemostdevelopedcountriesintheworldhasoneoftheleadingEVmarketsalongwithcountries,suchasGermany,UKandJap

26、an.OtherlessadvancedcountriessuchasChina,India,andRussiahavenotreachedthestagewherethemarketisgearedtowardsgreentechnology.B. TaskEnvironment1. ThreatofNewEntrants:Lowa. Hybridtechnologyiswellunderstoodbymajorautomobilecompanies.1. Theydeveloped&marketedtheirownversionofelectric/gasolinehybridvehicl

27、es.b. All-electric&hydrogenfuel-cellautomobilesareuniquetechnologiesthatneedresourcestodevelop.c. Energystorageandmotortechnologiesarebarrierstonewcompetitors.d. RechargeablebatterysystemsandfuelcellsarenewertechnologiesthatrequirelargeinvestmentsinR&D.e. Acompetitorneedstodevelopitsowntechnologies/

28、partnerwithanothercompany.2. BargainingPowerofBuyers:Moderatea. Fragmentedindustry,customersarehighlyinfluencedbytrend.b. Targetmarketispeoplethatmakeover$75,000ayearthatissensitivetoenvironmentalchange.3. ThreatofSubstituteProducts:Lowa. Substitutesaretraditionalcars,train,bus,bicycle,motorcycle.b.

29、 EVisthemostenvironmentallyfriendlymodeoftransportationthatsatisfieshighendcustomers.4. BargainingPowerofSuppliers:Moderatea. Partsaresourcedfrommanysuppliersthatoftenarethesinglesourceofvendor.b. Companiesarevulnerabletodelaysandincreasedcost.5. RivalryAmongCompetingFirms:Higha. Primarycompetitorsa

30、reMitsubishii-MiEV,NissanLEAF,ChevyVolt,ToyotaPrius,BMWHydrogen7,HondaClarity.b. PriceofEVsisverycompetitiveamongthem.Costsofproductionareveryhighduetonoeconomiesofscale.ThereisalsonostandardizationintheprocessofdevelopmentbecauseEVsareanewertechnology.6. PowerofOtherStakeholders:Moderatea.Environme

31、ntaliststypicallyhavecertaindegreeofinfluenceinthegovernment.EspeciallyasthenewPresidentialelectioniscomingup.C. SummaryofExternalFactorsBasedonthePESTELAnalysisandPortersFiveForces,TeslaMotors,asanincumbent,isinanattractiveglobalelectriccarproducerindustry.Duetothecurrentpartdelays,andtokeepupwithi

32、ntensecompetitiverivalry,Teslahastotrypushingdownitsfixedcostaslowaspossible.Teslahastofindwaystobelessdependenttoitsvendorsandaccelerateitspartsproduction.Astheindustryisingrowthstage,TeslaalsohastofindwaystodifferentiateandreducecostsofitsEVsothatitwouldperfectlymeetsconsumersdifferentpartsofthewo

33、rld.Satisfiedconsumerswillleadtolonglastingbrandloyalty,andthiswillensurethatTeslawillmaintainitspositionasoneofthemostinnovativeEVproducersintheworld.IV. InternalEnvironment(IFASreferExhibit2)A. CorporateStructure1. Teslascurrentcorporatestructureiscentralized,withallthedecisionsmadeintheHQ.Teslaal

34、soreliesheavilyonitsintellectualpropertyanditspatents.Itisorganizedonthebasisoffunctionswhichcanbeclearlyseenfromtheroleofthetop-levelexecutives.(S)2. Thestructureisclearlyunderstoodbyeveryoneinthecorporation(impliedbycase).3. Currentlystructureisconsistentwithitscorporatestrategies.(S)4. Nottypical

35、lycomparabletoothercompaniesofthistypeandsizeasmostofsimilaroperationsthatfocusonEVisadepartmentwithinalargecompany.(S)B. CorporateCulture1. Thereisasharebeliefofemployinginnovationinworks,itsenvironmentisfastpacedandculturallyunstructured.(S)2. Thecultureofinnovationisconsistentwithitscorporatestra

36、tegies.(S)3. Thecultureholdsthecentralroleinsolvingproblemsfacedbythecorporation.(S)4. Thecultureiscompatiblewiththeemployeesdiversityofbackgrounds.Teslaemploysteandbusinesshybridemployeestooperatethecompany.(S)5. Teslascurrentoperation,fromproductiontodelivery,isbasedinPaloAlto,Carlnifioa.Theonlyop

37、erationabroadistheTeslastoresthataremeanttoeducatethefuturecustomers.(W)C. CorporateResources1. Marketinga. Teslasbrandisheavilytiedtotheenvironment/greenmovement,generatingalotoffreemediapublicity.ThepromotionstrategyisaclearstrengthforTesla,especiallyconsideringthatrecommendationsfromfriendsandrel

38、atives,alongwithwordofmouth,arethemostinfluentialfactorsforluxury/sportcarskeydemographic.(S)i. Marketingstrategyisnotclearlystated,theyaremerelyimpliedfromtheperformance.ii. Theyareconsistentwiththecorporationsoverallstrategicpostures.b. Teslascurrentmarketingoutreachislimitedduetoitsinfancyandlack

39、ofresources.Themarketingmix(4Ps)istargetedontheluxuryvehiclemarkets.Teslafocusesonaverynarrowsegmentofearlyadoptersandenvironmentaliststhathaveresourcestoaffordtheircar.Alongwithitsminimalproductoffering,Teslaislimitedbyitsdistributionandfulfillmentinfrastructure.Ithasdealershipsinpremiumlocations,r

40、egionalsalesrepresentatives,andonlineordering.Itssalesrepresentativesareusuallyinchargeofarrangingtestdrivesandvehicledeliverytothecustomers.(S/W)i. Trendsemergeisthatcustomersarebecomingmoresensitivetogreentechnologiesandawareaboutenergyconservationduetoriseinoilprices.ii. Thetrendhassignificantlyi

41、mpactspastperformanceandwilldefinitelyboostfutureperformance.iii. Thisanalysissupportthecorporationspastandpendingstrategicdecisions.iv. MarketingdoesnotprovideTeslawithsignificantcompetitiveadvantage.Itscurrentadvantagesinpricearethrough$7,500governmenttaxcreditforbuyingfuelefficientvehiclesandthel

42、owcostofmaintenance&fuel.c. Teslasmarketingperformancecomparedtoothercorporationsisnotasadvancedandrigorous.TeslaismuchsmallerthanotherEVproducersthatarepartoflargerautomotivecorporations.However,beingoneofthefirsttomarkethigh-performanceEV,Teslahasafirst-moveradvantageinbrandingandcustomerexperienc

43、e.d. N/Ae. TheonlymarketinginitiativesthatTeslahasoutsideoftheUnitedStatesarethroughitsownstores.f. N/A2. Financea. Mainobjectivesaretoincreasegrowthinprofitsandsalesbycreatingandsellingnewmodelsinadditiontotheironlymodelthatiscurrentlybeingsold,theRoadster,aswellasprovidingtechnologyleadershipwithi

44、tsinnovativeelectricbatteriesandrelatedproducts.Thenextmodelisafourdoorsedan,namedtheModelS,andwasduetobecompletedandreadyforsalein2012.Teslasothermeansofrevenueisderivedfromsalesoftheirpatentedelectricpowertraincomponentstoothercompanies.SalesoftheRoadsteralsoprovideincomeintheformofZeroEmissionVeh

45、icleCredits,whichcanbesoldtoothercarmanufacturersthatdoncars.(S)i. Theobjectivesareclearlystated.Teslaisbuildinganewfactorywithacapacityof20,000carsperyeartobereadytobuildthenewModelS.Theirproprietarytechnologyincludes35issuedpatentsand280patentspendingandthenewModelSwillhave3batteryoptionswithdiffe

46、rentmileagerangesandprices.ii. Theobjectivesareconsistentwiththeirgoalsofbuildingalternativeenergyvehicles.Teslaistiedtotheenvironmentalmovement,whichhasgiventhemfreepublicityduetotheirleadershipstatusintheindustry.b. Teslascashpositionisntideal.Theywereabletoraised$226millioninanIPOinJune2010.Theyr

47、eceivedaloanfromtheUSDepartmentofEnergyof$465millionin2010.Thecompanyhassufferedanetlosseveryyearbutrevenueshavebeenimprovingeachyear.Theirliquidityratiosaresolidbutdebtlevelsarehighaswithanyyoungcompanythatisinanewindustryandsellinganewtechnology.(W)i. Thecompanyisanindustryleaderandhasthebesttechn

48、ologyinthebusinessandhasmanypatentstoprotecttheirproducts.Theirnegativeearningsanddebtlevelsareareasofconcernaswellastheunknowndemandforelectricvehiclesaselectricbatterytechnologyistheirmainbusinessandsourceofincome.ii. N/Aiii. Teslahassufferedanetlosseachyearandhasmostlynegativeprofitabilityratiosd

49、uetothecompanyandindustrystillbeinginitsinfancyandwiththenewtechnology,whichbringsuncertaindemandandriskforthefuture.Teslasfuturefinancialsuccessandpossiblytheirexistencedependsarethefuturedemandfoelectricvehiclesandtheinfrastructuretosupportthem.iv. Yesthecompanyisbuildinganewplanttosupportfuturegr

50、owthandinvestinginnewcarmodels.Theyarespendingtoprotecttheirproprietarytechnologiesastheyarecrucialtofuturesuccess.v. Financedoesntprovidethecompanywithacompetitivenatdavgaeastheyarenotverystablefinanciallyatthemoment.c. Teslasfinancialperformanceiscomparabletootheryoungcompanieswithnewtechnologies.

51、Ittakestimetobuildupeconomiesofscaletobecomeprofitableinabrandnewindustry.d. Yes,theyarepubliccompanythatisrequiredtofollowGAAPandSECregulations.e. N/Af. N/A3. ResearchandDevelopment(R&D)a. Teslaisfocusedoncontinuingtoimproveontheirexistingelectricbatterytechnologyandwilloffer3differentbatteryoption

52、swithvaryingmilerangesinthenewModelS.Theycontinuetopurchasepatentstoprotecttheiruniquetechnology.(S)i. TheR&Dobjectivesareimpliedbythebusinesstheyoperatein(theirproprietarysoftware)andtheirfinancialswiththeoperatingexpensesheavilyweightedtoR&D.ii. Yesitisconsistentwiththeirobjectivetoprovidetechnolo

53、gicalleadershipinthefieldofelectricvehiclesandpromoteenvironmentalsustainability.iii. Technologyiscriticaltocorporateperformance.Thecompanysrevenuestreamiscontingentondevelopingsuperiorelectricbatteryandvehicletechnology.Forexample,thecompanyscarshavediagnosticsystemsthatlinkuptoTeslasheadquenablest

54、hetechnicianstohaveanideaofwhtaswrongwiththecarevenbeforetheygoouttothecustomer.iv. Yes,theyarefocusedontechnologyinnovationandeducationandputtheappropriateresourcestowardthatobjective.v. Yes,theirbiggestcompetitiveadvantageistheirproprietarytechnologiesthatarepatentedorpatentpending.b. Theyareearni

55、ngrevenuesfromthesalesofthecars(currentlytheRoadster)andthroughsalesoftheirelectricpowertraincomponents.TeslaisalsopartneringwithotherautomakerssuchasToyotaandMercedesBenztohelpthembuildelectricvehicleswithTeslastechnolofee.(S)c. Teslabelievesinteamworkandwantsemployeesfromalldepartmentstoworktogeth

56、ertoshareknowledgeandideas.Employeesworkinanopenroomwithnowallstoencouragecollaboration.(S)d. Thecompanyssoftwareisdesignedtobeupdatableandworkonfuturemodels.(S)e. TheirinvestmentinR&Disconsistentwithothercompaniesheavilyinvestedintechnologyinnovation.f. N/A;Onlyfactory(s)intheUnitedStatesg. N/A4. O

57、perationsandLogisticsa. InordertoproducethenewModelSdebutingin2012Teslaisbuildinganewfactorythatwillhaveaproductioncapacityof20,000cars.Theirmainoperatingstrengthisinthecompanyintellectualpropertyandpatents.Theirsoftwareisdesignedtobeupdatableandmanyaspectsoftheirvehiclearchitecturearedesignedinorde

58、rtobeusedagaininfuturemodelswhichwillsavetimeandcosts.Tesladistributesusingitsownstoresandsaslestaff;thecompanydoesntwanttosellthroughotherdealers.(S)i. Theyareclearlystatedinthecase.ii. Yes,Teslawantstobuildtheirbrandinadditiontocreatingthenewelectricvehicletechnologiessotheydontwanttobeassociaotte

59、hderwaituhtomakersbyhavingthemselltheircars.(S)b. Asstated,thecompanypreferstokeepitsdistributioninhousebutneedstorelyonover150suppliersformorethan2,000parts.Manyofthevendorsareasinglesourcewhichlimitsthecompanysflexibilityandincreasessupplychainrisk.(S/W)i. Teslaisbuildinganewfactorytomeetproductio

60、nneedsofthenewModelScar.ii. Teslacurrentlysendsoutmaintenanceworkerscalled“Rangers”outtothlocationtoservicethecar.Currentprocesscouldbeimproveduponwithfocusoninfrastructure.c. ThenewfactoryislocatedinFremont,California.Californiaisknownforwildfiresandearthquakes,whichcouldposesomerisk.(W)d. N/Ae. Te

61、slascostsarehigherthacnomitspetitorsintheautomotiveindustrybecausethecompanyhasntreachedeconomiesofscale.Servicecostsarehighduetotheirlackofdealerships.(W)i. Teslaneedstoincreaseproduction/salesoftheRoadsterandnewModelScarstoreacheconomiesofscaleandlowercosts.Addingservicefacilitieswillincreasecosts

62、inthebeginningbutsavecostslateronandintothefuture.ii. Thehighcostsresultedinanetlossineveryyearithasbeeninbusiness.iii. Yesthecompanyistryingtoincreasegrowthandearningsthroughnewjointventuresandnewproductofferings(ModelScar).iv. Theoperationsdontyetprovidethecompanywithacompetitiveadvantageexceptfor

63、theirproprietarytechnologies.f. Teslassoftwarewascreatedtobeeasytoupdateandthearchitectureofthecompanyvehicleswasbuilttobetransferabletofuturemodels.(S)g. N/Ah. N/A5. HumanResourcesManagement(HRM)a. Teslaoperatessimilartoasoftwarecompany.Theexecutiveteamiscomprisedofpeoplethatareamixoftechnologyandb

64、usinesssavvy.Employeesareencouragedtothinkcreativelyandchallengethestatusquo.Thecompanyoperatescollaborativelywithalldepartmentsworkingtogether,ofteninoneopenroom.Teslaattemptstohireandretaintoptalentthroughcompetitivesalaries,benefits,andacomfortableworkingenvironment.(S)i. TheHRMobjectivesandstrat

65、egiesareclearlystatedinthecaseevengoingasfartousethephrase“meaningfulequity”whendescribingtheemnpelfoityseteruscbtuere.ii. Yesthecompanystressestheimportanceoftheirintellectualcapitalandmakessurethattheiremployeesarehappy.Happyemployeestendtoworkharderandhaveaclearmindtothinkcreatively.b. Teslamaintainsanaestheticallypleasingofficespaceandhiresemployeesthatareinnovativethinkerstocreatetheirnextgreat