Seagate Technology (STX)

 

Seagate Technology (STX)

Seagate Technology Plc is a data storage and electronic data Storage Company that develops, manufactures, and distributes products. Hard drives, solid-state hybrid drives, solid-statedrives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems, and computing solutions are among the company's offerings. It sells backup and expansion products under the Backup Plus and Expansion product lines, as well as the Maxtor and LaCie brand names. Finis Conner, Syed Iftikar, Doug Mahon, David Thomas Mitchell, and Alan F. Shugart started the company in 1978, and it is based in Dublin, Ireland.

Company Profile

Market Cap: 19.797B​​​Industry: Technology Hardware & Equipment

Sector(s): Technology​​​CEO: William David Mosley​

Founded: 1979​​​Headquarters: Dublin, Ireland

Employees: 42000

As of March 17, 2022

The Origin of Tesla

Tesla Motors was founded in July 2003 by Martin Eberhard and Marc Tarpenning as a tribute to inventor and electrical engineer Nikola Tesla. Elon Musk, the co-founder of X.com, became the company's largest shareholder and chairman in February 2004 with a $6.5 million investment. Since 2008, he has been the company's CEO. Tesla's mission, according to Musk, is to assist accelerate the transition to sustainable transportation and energy, which will be achieved through electric vehicles and solar power. Tesla's first automotive model, the Roadster sports car, was introduced in 2009. The Model S sedan debuted in 2012, the Model X SUV debuted in 2015, the Model 3 sedan debuted in 2017, and the Model Y crossover debuted in 2020. The Model 3 is the world's best-selling plug-in electric car, and in June 2021, it became the first electric vehicle to sell one million units worldwide. Tesla sold 936,222 automobiles worldwide in 2021, a rise of 87 percent over the previous year, and cumulative sales reached 2.3 million cars at the end of the year. Tesla's market value surpassed $1 trillion in October 2021, making it the sixth business in US history to do so.

Tesla has been involved in a number of lawsuits and disputes stemming from CEO Elon Musk's remarks and actions, as well as charges of creative accounting, whistleblower retribution, worker rights abuses, and unresolved and dangerous technical flaws with their cars. The National Highway Traffic Safety Administration (NHTSA) required Tesla to submit statistics on all marketed Autopilot vehicles in the United States in September 2021.

Model S, Model X, and IPO (2010-2015)

Tesla paid $42 million to Toyota in May 2010 for what would become the Tesla Factory in Fremont, California, and opened the plant in October 2010 to begin Model S production. The company became a public company on June 29, 2010, with an initial public offering (IPO) on NASDAQ, the first American automotive company to do so since Ford Motor Company in 1956. The corporation raised $226 million by selling 13.3 million shares of common stock at $17.00 each.

Tesla stopped producing the Roadster in January 2012, and in June, the firm unveiled its second vehicle, the Model S premium sedan. During 2012 and 2013, the Model S won multiple automotive honors, including the 2013 Motor Trend Car of the Year, and became the first electric car to top a country's monthly sales ranking when it topped the Norwegian new car sales list in September 2013. In 2015 and 2016, the Model S was the best-selling plug-in electric car in the world.

In 2014, Tesla introduced the Tesla Autopilot, a driver-assistance technology. All Tesla cars began shipping with sensors and software to support the function in September of that year, dubbed "hardware version 1" afterward. Tesla joined the energy storage market in April 2015 with the introduction of its Tesla Power-wall (home) and Tesla Power-pack (business) battery packs. Within a week of the launch, the business had received orders worth $800 million. In September 2015, Tesla began shipping its third vehicle, the premium SUV Tesla Model X, which had 25,000 pre-orders at the time.

Solar City and Model 3 (2016–2018)

Tesla entered the photovoltaics business in November 2016 when it purchased Solar City for $2.6 billion in an all-stock transaction. Tesla Energy was formed by merging the solar installation company with Tesla's existing battery energy storage products segment. The deal was contentious since Solar City was experiencing liquidity concerns at the time of the acquisition, which Tesla's stockholders were unaware of. Tesla Motors changed its name to Tesla, Inc. in February 2017 to better represent the increased scope of its business, which now comprised electric automobiles, battery energy storage systems, and solar power generating.

Global expansion and Model Y (2019–present)

In Shanghai, China, Tesla opened its first "Gigafactory" outside of the United States in 2019. Giga Shanghai was the first foreign-owned vehicle plant in China, and it was completed in less than six months. Tesla also began building on a new Gigafactory outside Berlin, Germany, and another in Texas, the United States, and the following year. Tesla began deliveries of its fifth vehicle type, the Model Y crossover, in March 2020.

Tesla surpassed the record for the highest market value of any American carmaker on January 10, 2020, when it reached $86 billion. Tesla surpassed BMW, Daimler, and Volkswagen combined in market capitalization on June 10, 2020. Tesla surpassed Toyota to become the world's most valuable automaker by market capitalization the next month, with a valuation of $206 billion, exceeding Toyota's $202 billion. Tesla had a 5-for-1 stock split on August 31, 2020, as a result of its increased worth.

Tesla Donation during Covid-19 Pandemic

Tesla gave 5 million Yuan ($723,000) to the Chinese Center for Disease Control and Prevention in January 2020 to help combat the COVID-19 epidemic in mainland China.

Why Tesla moved its Headquarters from California to Austin

Tesla relocated their headquarters from Palo Alto, California, to its Gigafactory in Austin, Texas, on December 1, 2021, following earlier battles with the California government over COVID-19 limitations. Tesla's Fremont facility in the San Francisco Bay Area, however, will remain operational, and the company will continue to expand in California, according to Musk.  Tesla began work on a new battery facility in Lathrop, California, in September 2021, and secured a contract for additional office space in Palo Alto in October 2021.

Step in Bitcoin (cryptocurrency)

Tesla announced in February 2021 that it had invested $1.5 billion in bitcoin in the previous year, and on March 24, the business began accepting bitcoin as a form of payment for vehicle purchases in the United States, with plans to expand to other nations later that year. "Bitcoin given to Tesla will be preserved as Bitcoin, not converted to fiat cash," Musk tweeted at the time. Tesla made a $101 million profit on the selling of bitcoin between January 1 and March 31, 2021, according to financial papers.

After 49 days of accepting bitcoin, the company announced on May 12, 2021, that it would no longer accept the digital currency due to worries that "mining" the cryptocurrencycontributed to the consumption of fossil fuels and climate change. On May 13, the price of bitcoin dropped by roughly 12% as a result of the judgment. Musk indicated at a bitcoinconference in July that Tesla may potentially help bitcoin miners switch to renewable energy in the future, and that "Tesla would resume taking bitcoin" if bitcoin mining reaches, and trends above, 50% renewable energy usage. Following this announcement, the price of bitcoin increased.