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The mythology of world-changing startups is strong in
Silicon Valley, the eye of the computing and internet
cyclone. While its founding fathers have indeed
revolutionized oureconomy, giving birth to GAFAnomics,
their supremacy is increasingly challenged by Chinese
behemoths, their karma is scrutinized by locked-in
citizens, and their ability to tackle the crucial issues of our
time - among which global warming - is cynically
questioned. But wasn’t technology supposed to solve all
our problems?
Elon Musk, a Silicon Valley entrepreneur, who is perfectly
fit for an epic tale and a Marvel blockbuster, yet still
believes so. Some of his companies - PayPal, SpaceX,
Hyperloop and Tesla - are aiming at rebuilding structural
industries forthe better: Banking, Space, Transportation
and Energy.
This is ourtake on one of them: Tesla, a company that
intends to accelerate the world's transition to sustainable
energy by laying out a clear vision forthe future, by
building a 21st century industrial from scratch , and by
reinventing transportation and energy through software-
enabled networks.
No one really knows if the future of these industries will be
dominated by Musk’s ventures, but his vision and
execution, inspired by the best entrepreneurs of the
industrial and digital ages, have already impulsed a radical
wave of change across markets and set a standard forthe
decades to come.
”The future is here, it’s just not evenly distributed”, once
said William Gibson. We aim at doing just that.
Stéphane Distinguin
Founder and CEO of FABERNOVEL
Foreword
4
Remember: the world is at stake
2016 was the third year in a row reaching record high surface temperatures.
The overwhelming majority of scientists agree that global warning it on its way
to doom the environment as we know it, human beings included.
Source: climate.gov
5
And fossil fuels are the main suspects
Our economy
runs on fossil fuels
And it won’t
get better
Of oil is consumed for car
transportation in the US.
45%
2x
The number of cars worldwide
is set to double by 2040.
80%
Of our energy consumption
comes from fossil fuels.
According to the vast majority of scientists, global warming can be attributed to the fast rise of CO2 emissions
(+50% in 50 years). The major cause: our growing dependency on fossil fuels for energy production and
consumption. Even our electricity is in great part produced by burning fossil fuels. Energy production and
consumption is dirty!
Cars are the
main consumers
10Bn
The projected number of
humans on earth by 2050.
Sources: World Bank, World Economic Forum, eia.gov
6
At the turn of the century, the worldhad witnessed an electricityrevolutiondriven byscientists and business men in the likes of
Thomas Edison,AlexanderGraham Bell andNikola Tesla. The latterhad inventedan electric motorthat could have made the 20th
century the electric car’s century.
Your car could have been electric
Nikola Tesla’s patent for
an AC Induction Motor
He may not be as famous as Thomas Edison,
but Nikola Tesla was probably the most prolific
inventor of the last centuries, giving us amongst
others the alternativecurrent and the electric
motor.
January 20, 1911
In the early 1900’s, the electric car caught
everyone’s attention as being a quieter, cleaner
and more economic car. At the time 40% of cars
were powered by steam, 38% were electric and
only 22% were gas-powered.
Sources: Tim Urban, WaitButWhy
7
The Ford T’s phenomenal success and the development of cheap oil by
Rockefeller killed the electric car dream for a century. Combine that with
the political choiceof developing personal transportation over public
transportation and you get a planet full of gas-powered individual vehicles.
But the automotive industry decided otherwise
By 1910 gasoline cars started to outperform electric cars in
terms of range, top speed and charging infrastructure.
And Ford’s new methods made it affordable
Ford applied the methods of Taylorism (division of
production in small tasks) to automobile production and
added his secret sauce: the assembly line. Cars moved
along an assembly line and workers repeated the same task
on every car instead of building each one from scratch. As a
result, productivity rose and gasoline car prices collapsed.
shrank car production time by
a factor of 8 and price followed.
By 1914, share of new cars
that were gas powered.
Ford model T advertising
8x 99%
Source: WaitButWhy
8
Over the last decades, innovation in the car industry has mainly been incremental
innovation: carmakers have mainly focused on feature innovation (more room, a
few extra miles per gallon, sleeker design, better electronics, particle filters…) but no
successful attempt has been made to replacethe gas engine at scale. One notable
exception - the hybrid vehicle – has added an electric engine to the gas one.
Over the same time period, communication technologies have encountered multiple
disruptions. How can it be that one type of technology could have advanced this
much while another has stayed almostthe same for over a century?
In the age of smartphones, we’re still driving like in 1907
Gas Engine V1 Gas Engine V2 Gas Engine V3
Gas Engine Vn
+ Electric Engine (hybrid)
Radio
TV
Smartphone
Personal Computer
9
Tesla is a hybrid company, taking the best from 3
different worlds: the car industry, the software
industry and the energy industry. This is the result
of the acquisition of SolarCity by Tesla Motors,
bringing all its activities together under one brand:
Tesla.
One company is hoping to change it all
A car company
As an electric carmaker, Tesla’s
prime focus is on launching
electric cars on the market.
An energy company
Tesla’s integration with sustainable
energy production is the glue that
holds the system together.
A tech company
Born in the heart of Silicon Valley, Tesla
places software at the core of its business.
And behind it, a man hoping to accelerate the future
Following the tradition in Silicon Valley
entrepreneurs, Elon Musk is convinced
that technology can change the world for
the better. In addition to Tesla, he has set
up multiple businesses with the stated
ambition to have an impact:
Augmented Humans
Elon Musk
Tesla, CEO
We’re mistaken when we
think technology
automatically improves.
It only improves if a lot of
people work very hard to
make it better.
“
’’
How is
Making the future
Happen now?
Developing a
Network
for the future
01
Developing a
Global Vision
for the future
Developing an
Industrial System
for the future
Uploading the Future
02 03
04
13
Developing a
Global Vision
Tesla has developed an ambitious vision for the future of energy and
transportation and uses it as its main driving force.
Mark Zuckerberg
Facebook, CEO
The companies that work
are the ones that people
really do care about and
that have a vision for the
world.
Like Facebook, Tesla’s most powerful
engine is its vision.
An ambitious vision shared by all and
capable of federating all stakeholders,
be it investors, staff or customers.
“
’’
Theorem #1:
A bold vision sets a business in motion
Let’s dive into Elon Musk’s vision for our future
At its very core a vision is a dream. A dream for a different future.
Open yourchakras and dive into Elon Musk’s vision forour future.
You may like it.
16
17
18
19
Tesla: a vision backed by a pragmatic mission
Before anything else, Tesla was thought as a means to help the world transition to
sustainable energy. It aims at proving electric vehicles and solar production are realistic
on a large scale, and at convincing otherindustrialists to follow its lead. Tesla’s mission
is not focused on its productsor its customers, but on the big picture. Products
are just means of achieving its mission to fulfill its vision.
Tesla’s mission is to accelerate
the world’s transition to
sustainable energy
Mission Statement: Tesla
“
’’
22
Enough solar energy hits the Earth’s
surface in 90 minutes to equal a year’s
worth of worldwide energy consumption
from all sources put together.
Not such a crazy vision
Almost all the energy used by planet Earth and its inhabitants (be it plants or animals) comes from the sun. Fossil fuels are
nothing more than energy captured from the sun and stored underground millions of years ago. Today, less than 1% of the
energy used by humans come from the sun, but Tesla is hoping to change that.
90 minutes of sun
To convert enough solar energy for the
Earth’s consumption in 2030, we would
need to cover only 0.1% of its surface
with solar panels. Not much considering
solar panels can be installed on roofs,
saving even more space.
0.1% of earth’s surface
Source: Us Department of Energy
23
Communicating the vision from all angles
Elon musk, Sales Rep
Musk gives inspiring keynotes to
share his vision for Tesla and explain
how he will shape the future.
Almost every day Elon Musk
announces a new achievement on
twitter, and shares his vision for the
company.
9M
The art of anticipation
Tesla is very keen on using press
releases in advance in order to
create high expectations from the
media and consumers.
Every new product launch comes
with a video, shared on the
company’s popular YouTube
channel.
30M 12,1M
Master plans
In 2006, Musk laid out his ”master
plan” for Tesla, linking all future
products with a common strategic
narrative.
Tesla’s master plan acts as a self-
fulfilling prophecy, embarking
customers and investors, thus
improving Tesla’s chancesof
succeeding.
Tesla shares its powerful vision through multiple channels to maximize its reach and create high expectations
for the company. Elon Musk plays a central part in the communication strategy.
Musk published 2 Master
plans. 1 every 10 years.
Elon Musk’s TED talks
have over 9 million
views.
followers on Musk’s Twitter, more
than the 10 largest automakers
combined.
2 of views on the official
YouTube Channel.
24
Creating a community of believers
Tesla is a community-driven company. Just like Apple it sparks fascination for its products and its brand to create a
community of early adopters. Tesla encourages its customers to interact with each other and with the brand to
spread the word of its world-changing mission.
Tesla leverages its community of users to create
marketing campaigns. In 2017, it set up a contest in
which users were able to submit their own
commercial video clip for the company. Hundreds of
videos were posted and 10 of them were selected.
Half of them were about Tesla’s vision.
Tesla doesn’t sell its products, it
sells a vision and turns customers
into believers. It doesn’t need to
spend much on marketing and its
advertising budget per car sold is
40x less than traditional
carmakers.
Tesla advertising
budget/car$6 Crowdsource
marketing
Sources: Teslarati, Tesla
25
Traditional model
325K
That’s the number of pre-orders
taken for the Model 3 in the week
following its introduction. $325M
have been deposited.
More than just fans, Tesla believers help finance car production. The company launches pre-order
campaigns to collect funds, adapting the crowdfunding strategy to the car manufacturing industry.
Tesla’s model
Produce first
Sell After
Selling before producing: crowdfunding on steroids
Sell First
Produce After
in future
implied sales
making it the largest crowdfunding
campaign in history.
$14Bn
Amounting to
Sources: Tesla, FABERNOVEL Calculation
Just like Amazon, Tesla invests in its long-term vision rather than looking to generate
margin. Because it keeps increasing CAPEX and R&D, Tesla has always had negative
free cash flow, betting on future returns when production will be at scale.
The moment the person
leading a company thinks
numbers have value in
themselves, the company’s
done. The moment the CFO
becomes CEO— it’s done.
Game over.
Elon Musk
Tesla, CEO
“
’’
Following a long-term thinking discipline
Sources: Statista, Tesla
27
Managing investors in its quest for a sustainable future
Because investors believe in Tesla’s long-term vision and future growth, they have always been bullish on the
company’s future. Tesla is valued as a technology company rather than an automaker by investors and has
received multiple loans from the US government because of its focus on sustainable energy. Musk himself
invests most of his revenues into its ventures.
$465M Government loans
(2010)
10% Equity investment
(2010)
$50M Equity investment
(2010)
Tesla is the first American
automaker to go public
since Ford in 1956.
1st
Tesla is the highest valued
automaker in the US.1st
$60bn
Valuation of Tesla
April 2017
Notable investments
Market Capitalization
Sources: NASDAQ, Ashlee Vance
28
Attracting the dream team
Raj Singh
Director Hardware Eng.
Ex Director Hardware Eng. @Apple
Franz von Holzhausen
Sr. Design Exec
Ex Director of Design @ Mazda
George Blankenship
Ex VP Design and Store Development
Ex VP Real Estate (Apple Store) @Apple
Tesla sells its inspiring vision to attract the best talents, be it corporate superstars poached from competitors or flourishing
talents looking fora challenge. Tesla managed to hire the best students directly out of Stanford or the MIT for half the salary they
were offered elsewhere. Why? Because they’re not just taking on a job but a mission to save humanity.
Some industry high profiles:
Gilbert Passin
VP Manufacturing
Ex VP Manufacturing @Toyota
Tesla ranks 6th on attractiveemployers
in the US according to LinkedIn.
No other automaker makes the top 50.
6th
Attracting the brightest minds
Space X and Tesla were
designed with this vision
of motivating a critical
mass of talented people
to work on inspiring things.
“
’’Peter Thiel - CEO, Palantir
Paypal Co-founder (with E.Musk)
Sources: LinkedIn, Fortune, Business Insider
29
One vision to rule them all
Because it shares such an
ambitious vision, Tesla is able to
bring on board a whole network
of actors that contributes to its
success.
From investors to customers,
different actors create a dynamic
and generate a halo of
enthusiasm around the
products and brand. A virtuous
circle for the company.
Governments
Administrations are more willing to
provide loans to Tesla, tax credits to
consumers and set new laws for
autonomous vehicles.
Investors
Investors are confident about Tesla’s
long-term prospects because they
value Tesla as a Tech company.
Media
The media continually nurture the company's
aura and report on the latest developments at
no cost. A great PR strategy.
Clients
Customers agree to pre-
pay and wait for their
Tesla knowing that they
will only be able to get it
in 1 or 2 years.
Employees
Musk sells a compelling
vision to attract the
best engineers willing
to work hard to change
the world.
Help the world
transition to
sustainable energy
30
Developing an
Industrial system
To achieve its ambitious vision and reach product perfection,
Tesla has created a complete industrial system from scratch.
Larry Page
Alphabet Inc., CEO
Rooted in Tesla’s philosophy is a
strong belief that new technologies
can challenge the status quo and
achieve things everyone believed
impossible.
If you’re not doing
some things that are
crazy, then you’re
doing the wrong
things.
“
’’
Theorem #2:
The status quo is meant to be broken
32
Electric cars have always been seen as underperforming, expensive and unattractive cars.
Consumers and automakers alike had strong preconceived ideas about electric cars and
thought they’d nevermatch market expectations. Proving that electric cars can combine
performance, range, desirability and affordability has been the main motivation forTesla to
innovate this past decade.
Performance & range
• Battery autonomy is too short
for long drives and electric
cars underperformed at high
speed due to lack of braking.
• No existing charging
infrastructure significantly
reduced potential car range.
Price
• Because of the high cost
of batteries (over 40% of
total cost), electric cars
have always been much
more expensive than
gasoline car.
Desirability
• Poor driving experience.
• The usual “green” design of
electric cars was not
attractive, often associated
with golf carts.
One industrial challenge: making electric cars mainstream
Source: The Guardian
33
Reasoning by analogy means replicating experiences and ideas that are widely accepted. To create Tesla, Musk did not
reason by analogy and never made assumptions. He used what he calls “First Principles Thinking” to challenge the status
quo and solve complex problems.
“First Principles Thinking”
Yes, batteries are very expensive.
How can their price be reduced?
What is a battery made of?
Where can its materialconstituents be
bought at the best price?
Analogy = status quo
Electric vehicles are not desired because they
are less powerful, not as attractive astraditional
cars, less convenient. Moreover, the cost of
battery manufacturing is too expensive.
Applying “First Principles Thinking” to override common beliefs
VS
When you want to do something
new, you have to apply the
physics approach. […]
First principles is a physics way of
looking at the world…what that
really means is that you boil
things down to the most
fundamental truths…and then
reason up from there…that takes
a lot more mental energy .
“
’’Elon Musk,
Tesla, CEO
34
No one had ever tried to combine hundreds of lithium-
ion batteries to power a car. Tesla ended up at the
cutting edge of technology.
And realizing car batteries can actually be much cheaper
The battery pack is the most important and expensive component of an electric vehicle. In the early days of the company,
Tesla realized that the cost of lithium-ion batteries (the ones powering yourlaptops and other hardware) was decreasing
at a rapid pace, and that combining them together could poweran electric car efficiently.
The price of small lithium-ion batteries dropped by
roughly a factor of 10 between 1991 and 2005.
As demand increases, future battery prices are
expected to fall.
Battery prices are sinking Let’s combine batteries
Battery cell Battery modules
444 cells
Car battery
16 modules
Source: Adapted from Bachman 2005
35
In 2006, Elon Musk released a master plan announcing Tesla’s plan to make electric cars accessible to all, linking all
products with a common narrative. In an era where “disruption” is on everyone’s lips, Tesla is using an old development
method: start from an expensive product and move down the cost curve to mass market.
Outlining a plan to move from luxury to mainstream
Roadster
Use cash
flow to build
Use cash
flow to build
Model S Model X
Model 3
109,000 $
75,000 $
35,000 $
36
Starting with a Minimum Viable Product: the Roadster
In 2008, Tesla launched its first car, the Roadster, a sports electric vehicle. The Roadster targeted rich and early adopter
population, and wanted to prove to the world that electric vehicles could be both powerful and sexy.
Morethan just a proof of conceptPiggybacking on available technology
The Tesla roadster was builtas a proof of concept,
reusing available technology.
Inside the Roadster, the battery technology
was licensed from AC propulsion.
The Roadster was built on the Lotus Elise
Chassis to save on production cost.
A Lotus Elise A Tesla Roadster
Remember Nikola Tesla’s AC induction motor?
It’s the same one in all Tesla cars!
2,450
Cars sold
3.7
0-100km/h
acceleration
371
Km range
$100,000
> $200,000 fora Ferrari
It was bought by rich technology
enthusiasts, like Larry Page (Google’s
CEO) and generated the initial revenues
needed to move to step 2 of the plan.
The Tesla Roadster was the first proof
that a performing and appealing
electric vehiclecould exist.
Desirability
37
Henry Ford
Ford Founder
To reach the quality, price and production scale he
envisioned for his Model T, Henry Ford built “River
Rouge”, a production complex that integrated all the
necessary skills and elements to build his cars. This
strategy was theorized as verticalintegration, and
after decades of success, was abandoned by most
industrials. Tesla is bringing it back into fashion,
integrating production and locating it on American
soil. Back to basics!
If you want it
done right, do
it yourself!
“
’’
Theorem #3:
Integration is the way to perfection
38
Tesla: Integrating production to match its ambitions
Integrated Production
• Tesla made an early shift to integration of
key components in its Fremont factory (seats,
high-voltage cables, displays, fuses, and other
smaller systems).
• A large part of Tesla’s suppliersare based
in the San Francisco Bay Area or have opened
factories there to meet Tesla’s needs.
Tesla launched the first vertically integrated car company since Ford’s River Rouge plant’s heyday in the 1920s.
Launching a car company is already a big challenge, why would Tesla try to do it on its own?
Rethinking Organization
• All teams (design, assembly, engineering)
work in the same factory in constant
interaction.
• Tesla created dataflows across
departments, making sure everyone has access
to all the information they need to do their job.
But why integrate?
Sharing information faster
Launching a new product presents a team with
thousands of small decisions and working with
foreign suppliers makes sharing this information
complex.
E.g. Tesla had the engineering team walk into the factory
gathering feedbacks from workers every day.
Accelerating learning cycles
Integrating enables faster cycles of learning and
improvement.
E.g. Tesla made over 50 changes per week to the same
car model.
Bringing frontier tech to market
When you build something yourself, you develop a
deeper understanding of your product, and it enables
you to build tech that is not available on the market.
E.g. Tesla’s ludicrous mode (fullacceleration)is a result of
its internal research in safety fuses.
Sources: Wired, Greg Reichow (ex VP of production)
39
Building the best cars on the market. And they’re electric.
1st
Safest car in history
(2013)
540km
Max range of 2017 Model
S
2.3sec
0-100km/h
(faster than most Ferraris)
Tesla has a very high expected growth forits deliveries in 2018. The company must increase sales by 300% from 2017
to 2018 to deliveron its pre-orders. Even at full production capacity, this growth seems impossible to reach.
The Best
Its Model S was voted the
”best car ever” by various
consumer reports
Model S
2012
1st
The best-selling electric car
and the best-selling luxury
car in the US in 2016
Performance & Range
40
Facing a new challenge: producing a car for the masses
To deliveron its pre-orders, the company must increase production by 300% from 2017 to 2018. Even at full production
capacity, this growth seems impossible to reach.
Model 3
35,000$
With its Model 3, Tesla has finally
achieved its latest ambition:
build a mass-market electric car.
But now it has to deliver all these pre-ordered
cars. And that seems virtually impossible.
Price
Sources: Tesla, Bloomberg
41
Automating factories to gain in production scale
Just like Ford in its time, Tesla is reinventing the organization of production in its own factory to decrease production
time and cost. Tesla envisions a lean oriented production, with a seamless flow of people, material and information.
One method: Automation
• Tesla heavily relies on machine automation and acquired market
leader Grohmann and startup Perbix to integrate the needed skills.
• On one assembly line, Tesla can build different models.
• Thanks to software, Tesla makes huge savings.
When a traditional carmaker needs 100 cars to pass crash tests,
Tesla needs only 1 in real conditions, the 99 previous tests are
virtualized.
One goal: Efficiency
Tesla’s original goal is to make factories
more efficient by a factor of
We’ve realized that the true
difficulty and where the greatest
potential lies is in building the
factory.
Elon Musk
Tesla, CEO
10to100
“
’’
Sources: Tesla, Bizjournals, Ashlee Vance
42
Building the largest factory in the world to ensure battery supply
Tesla is growing at a tremendous pace and if it meets its sales target of 500,000 cars per year from 2018, it shall consume
100% of today’s global lithium-ion batteries production. In addition, the same batteries are used inside Powerwalls and
Powerpacks. No automaker plans to sell this volume of electric cars, so battery providers don’t want to scale up production.
For Tesla, scaling its own production will be necessary, for independence, performance as well as - and mostly – for scale
reasons.
In 2016, Tesla started building a solar powered
Gigafactory in Nevada to scale itslithium-ion battery
production, in partnership with Panasonic.
2x
Worldwide battery production
capacity will thus be doubled
by 2020.
35%
Plans to decrease battery
cells cost by 35%.
$5Bn
Cost of the factory.
100(4)
Musk estimates 100 Gigafactories can
make the world to sustainable energy.
He said having received orders for 4
more than Tesla’s.
95x
The size of
a football field
100%
Solar powered
Sources: The Verge, Tesla, Electrek
43
Jeff Bezos
Amazon, CEO
Like Amazon, instead of focusing on a supposed “core
Business”, Tesla integrated the whole car usage value chain
with an ecosystem of products and services to better serve its
customers.
There are two ways to extend a
business.
Make an inventory of what you are
good at and extend from your skills out.
Or determine what your customers
need and work backwards, even if it
requires learning new skills.
“
’’
Theorem #4:
There is no market, only customers
44
Tesla: expanding along the customer’s journey
Buy Sales Use Servicing Use Insurance
Tesla is disrupting the automotive retail market completely. Cars are traditionally sold through dealerships
which, according to Musk, rely on prohibitive maintenance prices to make money.
Apple Store-like shops
Tesla has a direct sales model, and doesn’t
sell through dealerships but through its
own stores located in affluent malls.
Its stores were designed by George
Blankenship, the mind behind Apple
Stores, and provide an exceptional
experience to Tesla customers (digital
displays, videos, design studio). The car is
delivered to your home in a concierge
fashion.
Integrated maintenance
Because they are electric, Tesla cars
require 70% less maintenance than
average gasoline cars.
Most maintenance issues are minor and
can be done remotely. Tesla setup the
Tesla Mobile service, a maintenance
team that repairs your car at home.
Integrated insurance?
Tesla has started selling car insurance
(in partnership with insurers) with its
vehicles in Asia.
From Musk’s own sayings, this is part
of an overall vision to one day include
insurance in the price of the car.
Sources: KeeRessources 2017, Elon Musk
45
The main limitation factorfor electric car sales was the poorrange of cars, due to the performance of the batteries and
the lack of charging infrastructure. Instead of relying on the existing and growing charging infrastructure, Tesla is
building its own Supercharger network.
Building a charging infrastructure to ensure the best customer experience
A global network of Superchargers:
• 10,000 Superchargers worldwide (2018).
• Mainly on highways and outside of cities.
• Quick charging: from 10% to 80% in less than
40 minutes: 3 times faster than average.
… and local destination chargers
• At home: Tesla wall connectors to charge your
car in your garage.
• On the go : destination chargers, in
partnership with hotels or restaurants. Tesla
plans to have 15,000 destination chargers by
2018.
Tesla cars serve as the first customers to legitimate the
investment to build this charging infrastructure. Until
2016, Tesla owners could charge their car for free at
superchargers.
As the network grows, owning a Tesla becomes
more convenient and reduces barriers for Tesla sales.
One goal = improve customer UX
ConvenienceDemand
More chargers
More Tesla cars
Source: Tesla
46
The acquisition of SolarCity in 2016 gave Tesla the opportunity to offerfull-scale electricity services to its clients. With the
same focus on design, Tesla is building a series of renewable energy products for yourhome to allow you to go off-grid.
Creating a new energetic standard to empower customers
Solar panels
(2006)
SolarCity started with
offering installation,
leasing and maintenance
services of Solar panels
for individual houses and
businesses in the US.
In 2014 it acquired
Silevo to produce its
own panels.
Powerwall
(2014)
The sun doesn’t shine all
day so Tesla built the
Powerwall: a home energy
storage to store solar
energy and back-up power
for down-times.
Solar roof
(2016)
Tesla introduced solar
roof tiles that can power
individual homes. The
tiles have great design
and cover the whole
roof.
Energy Conversion Energy Storage
Combining its different
products, Tesla customers
can produce their own
energy, store it and use it to
power their home and their
car (with a dedicated plug).
They can finally go off-grid.
Energy Consumption
Sources: Tesla, Ashlee Vance
47
Becoming a utility to scale energy production and storage
In addition to its B2C offering, Tesla is building a network of batteries and solar farms for communities, allowing them to
convert and store massive amounts of solar energy and making them less dependent on the traditional grid. Little by little,
Tesla is starting to look like a utility company.
Tesla sells and setsup solar farms
for communities for energy
generation purposes.
In 2014, Tesla introduced the
Powerpack, huge battery stacks
that can be combined to answer
the energy storage needs of
communities.
A Utility
Tesla combines solar farms
or wind farms with its
Powerpacks to offer
integrated energy solutions.
+ =
In 2017, Tesla built the largest battery system in the world to ensure
electricity supply in South Australia and a 13 MWh solar farm in Hawaii
to improve reliability of electricity on the island and reduce its dependence
on fuel.
After hurricane Maria, Tesla sent Powerpacks to Puerto Rico and offered to
rebuild the island’s electric grid from scratch.
Energy Conversion Energy Storage
Source: Tesla
48
Getting rid of boundaries between markets: a new industrial system by Tesla
Like Ford in his time, Tesla heavily relies on the integration of the whole value chain to build the best cars in the
market. But Tesla goes one step further by providing services all along the usage chain of the car to give its
customers the best experience. In Tesla’s world, there are no boundaries between industries.
Production valuechain
Usage value chain
Battery
production
Energy products
production
Car
production
Car and energy
products sales
Community energy
production
Charging
Insurance
Media
Individual energy
production &
consumption
Servicing Second-
hand sale
Traditional
Car maker
Tesla
That grew way bigger than expected
500,000
Cars pre-ordered
+70%
Growth rate in 2016$7Bn
Revenues in 2016
Model Y (…2020)
N°1
installer of
domestic solar
panels in the US
33,000
employees
Introducing
new models
Roadster 2Semi truck
In less than 15 years, Tesla has become a major player on the automotive and energy markets. A growth once
thought only achievable by pure software companies.
N°1
Seller of
electric cars in
the US
2003Born in
Sources: Tesla, CSI Market, Electrek
50
Building a
Smart Network
More than a product company, Tesla is starting to look more
and more like a transportation and energy network
orchestrator.
Applying the secret recipe of
Silicon Valley startups, Tesla is
including software in all its
products, making them
incredibly more efficient and
unlocking new market-defining
features.
Marc Andreessen
a16z Managing Partner
In short,
software is eating
the world
“
’’
Theorem #5:
Software is at the core of everything
52
Beyond driving the car, software controls all aspects of the Tesla cars’ operation and experience. There are no
buttons to be seen inside the car, as all features can be controlled from the giant central screen, or remotely from
the user’s phone. A huge change from traditional cars where pieces of software are used for usage-specific
functionalities.
Building the whole car around software
From the powertrain to the
warning chimes in the
car…the level of integration
that the software has into
the rest of the Model S is
really impressive.
Tesla is a benchmark for
what we do here.
TJ Giuli
Former Head of
Software at Ford
“
’’
Operating System
Wheel
Engine
Sensors
Usage-specific
software
Sensors
Wheel
53
Enabling continuous improvement of cars
Traditional products are on theirway to obsolescence as soon as they leave the factory. Software-powered products
can be updated while already in the hands of the customers. Therefore, the features and the experience improve with
time. Products are in perpetual beta mode.
Updates are about the experience but also
about the core features of the car:
• The braking system
• The energetic efficiency
• The top speed
• Self-driving capabilities
Multipleupdate motivations:
Cars can be updated to:
• push a new feature planned on the
roadmap,
• fix a malfunction: no need to do a recall,
• answer users’ requests. Indeed, numerous
users suggest new features to Tesla on its
forum or directly on Twitter.
Experience & core feature updates:
Source: Breaking Smart
Tesla integrated the maintenance of its own cars. Because they are software-powered,
Tesla cars can be monitored in real-time and checked even before issues emerge.
Most maintenance issues are minor and can be
done remotely. Teslaset up the Tesla Mobile
service, a maintenance team that repairs your
car at home.
Softwareto detect problems
Software enables the detection of car obsolescence
for parts needing replacement. Each part is
connected to the car’s central computer, which can
proactively suggest maintenance, notify a Tesla
maintenance team and guide you to the nearest
Service Center.
Softwareto repair problems
Software enables the remote repair of some issues.
Thanks to firmware updates, Tesla can upgrade
cars and remotely fix a bug for every Tesla car at
the same time.
90%
Softwareis a game changer
of issues can be identified
remotely through software.
From fixing cars to predictive maintenance
Sources: Tesla
55
Pushing the car software further, Tesla is developing
Autopilot: an artificially intelligent system aimed at
making autonomous cars real, allowing them to fully
drive themselves.
How does it work?
See
8 panoramic cameras, 12 ultra-sound
sensors and a radar gather data about the
car’s environment. Tesla chose not to use
expensive LIDAR technology to reach
autonomy. Will this bet prove a good choice?
Understand
Tesla Vision, the software behind Autopilot,
uses artificial intelligenceto understand its
environment detecting lane lines, traffic
flows, fixed and moving objects (pedestrians,
cars, etc.), traffic lights and road signs.
Act
Once the environment is understood, the
artificial intelligencetakes a driving decision
like a regular driver would.
Autopilot: towards autonomous cars
To gather maps and driving data, the core assets to develop autonomous cars, Tesla has a strong advantage over its
competitors. Most of its cars are embedded with connectivity and cameras, gathering data to improve autonomous software
as drivers take their cars for a ride. Tesla benefits from network effects, as better software and data will help sell better cars,
which serve as data collectors, and so on…
Improving cars thanks to data network effects
More data
collected
Increase
value of cars
More
Tesla cars
Level 3
The driver still
controls the car
but can lower his
vigilance level on
the highway (lane
control, cruise
control…).
Level 4
Autonomy
develops beyond
highways.
The driver is
almost passive (in
2 years according
to Musk).
Level 5
Full autonomy.
There’s no
steering wheel
nor pedals.
= Autonomy Level
Better
AI
Source: Bloomberg
Autonomous cars: a true disruption for the world
The replacement of the horse by a gas engine following Benz’s discovery and Ford’s industrial prowess
completely changed ourworld. The replacement of the driver by software promises to have an impact
of similar magnitude on our economy.
Giving us back free time
Making the world smaller
Saving millions of lives
Redefining our infrastructures
12.2 days per year will be given back
to the average driver, opening up a
huge market for in-car entertainment.
Regular cars gave birth to suburbs, holidays
away, hypermarkets and long-distance
logistics. Similarly, autonomous cars and
trucks will reshape our perception of
distance.
More than a million people die every year
in car crashes. 90% of them could be saved
with autonomous cars.
Cars defined the shape of our infrastructures
and cities. Autonomous cars will do it again.
Sources: AAA foundation for traffic safety, The Guardian
A CAR A CAR A CAR A CAR
19th century 20th century Today Tomorrow
In the networked world,
[the three most desirable
things] are connections,
connections and
connections.
Venkatesh Rao
Breaking Smart
“
’’
As described in one of our previous
studies, most of today’s out-performing
companies (GAFA, Uber, Airbnb…) are
structured as platforms, a special type of
network that thrives by connecting a
multitude of individuals, corporations and
institutions to exchange goods, services,
information or money with one another.
Tesla has started its mutation into an
energy and transportation platform by
connecting all pieces together.
Theorem #6:
Networks are the new assets
All Tesla carsare connected and share the same decentralized operating system. Tesla has created a network of
connected and soon-to-be autonomous cars. The company has a central view of its network of cars and the data they
produce: geolocation, driving patterns, availability, charging locations, usage rate…
Tesla: creating a connected car network
TESLA CAR
TESLA NETWORK (OS)
TESLA OWNER
60
In its Master Plan part Deux, Musk announced his intention to turn Tesla into a mobility company. He unveiled his big plan to change
the automotive industry: a platform allowing Tesla owners to rent their soon-to-be autonomous cars to individuals that need a ride.
“When autonomous technology is ready you will also be able to add your car to the Tesla shared fleet just by tapping a button
on the Tesla phone app and have it generate income for you while you're at work or on vacation.” (Master Plan part Deux)
The next step: turning its car network into a transportation platform
TESLA CAR
TESLA OWNER
TESLA USER
DEVICE (SMARTPHONE)
TESLA NETWORK (OS)
61
Even if Tesla is selling its latest car ata record $35K
price tag, it remains unaffordable to most citizens.
Building the Tesla Network allowsanyone to
benefit from an autonomous electric car without
having to own one.
Rider(s)
Pays for ride
Autonomous ride
Idle Tesla car
Transfers money
to car owner
Takes a cut
Gives ride data
A new pool of addressable customers
The Tesla network is a complete change in business forTesla and a booster in its vision to make the world
transition to sustainable energy.
Instead of only selling cars, Tesla willprobably generate
revenues on car usage by taking a commission, opening
up yet another new business opportunity for the young
carmaker.
From carmaker to matchmaker
Serving new customers with a new business model
3$
That’s the projected price of an
autonomous car ride.
Source: FABERNOVEL Calculation
62
A new era for fleet owners: autonomous cars as an investment
A study published by the University of Virginia projected thatin a 100-square mile
radius over the city of Austin, Texas, you would need 32,000 autonomous taxis to
take a 10% market share of all rides in the area.
If this future plays out, the US alone will likely need 29M robotaxis, operating across
the country, most likely owned as fleets spelling a huge opportunity for Tesla.
On-demand car platforms like Uber and Lyft have been around for quite a while now but still haven’t made the world
transition from car ownership to car access. Autonomous on-demand cars promise to challenge the market equilibrium,
making it so cheap individuals wouldn’t need to own theircars, opening a new era for fleet owners, and a huge market
opportunity forTesla.
Most of this revenue would be converted into margin:
• Electric cars have less moving parts, and run on solar-produced energy,
reducing maintenance and operational costs.
• Autonomous cars make 90% less accidents, making insurance way cheaper.
• No driver to pay.
For 35K upfront, a car owner can generate 30K margin over 2 years:
a lucrative investment.
One ride: ~$3. -- Time/ride 30 min ~ 30 rides/day à
revenue: $90/day à Revenue/car/year: $32,850/year
$65K*
That’s the revenue generated
by a rented autonomous car
in 2 years.
*Sources: FABERNOVEL Calculation, University of Virginia, SeekingAlpha, RethinkX
29M
That’s the number of autonomous cars
needed to replace all cars in the US
Creating a smart energy network
Tesla is creating a network of energy devices and infrastructure. By connecting solar panels to batteries
(buffers) and to the grid through the internet, Tesla is creating a smart energy network, gathering data about its
production and consumption and managing flows in real-time.
POWERWALL
INDIVIDUAL / SMALLBUSINESS
SOLAR PANEL
POWERPACK
COMMUNITY / CORPORATION
TESLA NETWORK (OS)
64
Towards distributed utility
Tesla’s Powerpacks and solar farms can be connected to a micro-grid system that makes it possible to store extra energy during
the day, and use it at night. Production and storage is adapted in real-time according to the community’s needs. What if the
same could be done between individuals?
Today
Tomorrow?
GridLogic is a solution for communities to manage their energy
network thanks to a micro-grid between solar energy and
traditional energy.
DemandLogic is an intelligent managementsoftwarewhich can
reduce business’ peak demand and provide backup power
during breakdowns. We’ll never be out of power again!
Tesla is slowly allowing peer-to-peer energy sharing.
You can already charge your car with a charger installed in
a restaurant or hotel.
What if you could soon charge your car with a stranger’s
Powerwall when far from home?
And what if you could sell your extra energy to neighbors?
That’s the smart grid dream.
Consumption and production of energy on KawaiIsland
Source: Tesla
65
Tesla is building a distributed energy and transportation infrastructure
In a world with limited resources and a fast-growing population, optimization becomes key to preserve the planet and the human
species. Networks have long been the best structure to optimize flows. Connecting them multiplies the benefits and offers a new
model to think about energy and transportation infrastructures.
POWERWALL
INDIVIDUAL / SMALLBUSINESS
SOLAR PANEL
POWERPACK
COMMUNITY / CORPORATION
TESLA NETWORK (OS)
TESLA USER
TESLA CAR
DEVICE (SMARTPHONE)
TESLA PRODUCT OWNER
TESLA PRODUCT OWNER
66
Magnetic
Resources are shared and excess
capacities redistributed. Teslagenerates
revenue from usage of others’ assets and
not only from sales.
Real-time
Resources are optimized and allocated
in real-time at the price optimum.
Infinite
Additional users can be served at no marginal
cost (one car can serve multiple users) and
network effects start kicking in, widely
increasing Tesla’s growth potential.
Intimate
Thanks to data, the experience of each
user can be personalized (Tesla Profile).
Unlocking four crucial competitive advantages
As explained in our GAFAnomics Season 2 study, networks benefit from 4 competitive advantages making them way more
efficient than 21st century linearvalue chain structures. Thanks to its network-to-be, Tesla is unlocking these “superpowers”,
opening up a new chapter of its history.
4 network competitive advantages Soon-to-be unlocked by Tesla
Why isn’t Tesla opening its network right now? Because in the
network economy, the most important thing to thrive is
reaching liquidity: a state where there is enough volume of
supply and demand for transactions to startsparking. In Tesla’s
case it means enough autonomous cars on the road to ensure a
reliable transportation service.
Waitingfor liquidity
Explaining Tesla’svaluation
Network orchestrators outperform all other types of companies
(asset builders, service providers or technology creators) on
profit and revenue growth.
More that the electric and autonomous car hype, this expected
long-term financial performance explains investor’strust in the
Tesla stock even though the company is in a miserable financial
state.
Source: GAFAnomics S2, FABERNOVEL
67
Uploading
The Future
By proving its vision is realistic, Tesla has paved the way for a
brand new future: it has accelerated the world’s transition to
sustainable energy.
68
Tesla still faces many hurdles
Production delays
Tesla Model 3 is late on
schedule, and Tesla faces
problems on factory
automation leading
investors to start doubting
the company’s ability to
deliver on its promises.
Employee retention
Factory workers increasingly
criticize working conditions
and hundreds have been laid
off in the past year.
Competitors poach key
executives that don’t agree
with Musk’s strategic choices.
Increased competition
Tech giants (Google ahead),
carmakers, suppliers and
innovative startups have
entered the race for
autonomous software and
electric cars. The space is
becoming increasingly crowded
and competitive.
As it is growing and succeeding in its mission to accelerate the world’s transition to sustainable energy and transportation,
Tesla is facing increasingly tough challenges from all sides but Elon Musk is still as confident about his venture.
I may have been optimistic with respect to the timing on
some of these things, but I didn’t over-promise on the
outcome. I have done everything I said I was going to do.
Elon Musk
Tesla, CEO
“
’’
Low on cash
Tesla is said to be burning
$8,000 per minute; more than
$1Bn per quarter. It could
exhaust its cash reserves by
next August. With already
really high revolving debt,
Tesla could have a rough time
financing its growth and
keeping investors’ trust.
Sources: LesEchos, Wired
69
Even its vision to save the environment is questioned
Many researchers are questioning Tesla’s electric revolution. Each stage of an EV’s life has environmental impacts,
and while they aren’t as obvious as carbon emission, building electric vehicles can be damaging to the environment
too.
According to some researchers, building an electric
car generates more carbon emission than building a
gasoline car, mainly because of battery production.
Tesla is already recycling batteries at the Gigafactory. When
at full production scale, it will drive up recycling efficiencies
and reduce Tesla’s impact on the environment.
60%
Tesla saves 70% of CO2 emissions that
would have been necessary to extract
the equivalent rare metals.
60% of each battery pack recycled by
Tesla in the US. Aiming for 100%.
70%
CO2 is not gone yet A pollution shift?
Lithium-ion batteries include rare metals that only exist in
tiny quantities and are complex to extract, damaging the
environment. Similar materials are needed forsolar panels.
Rare metals are the new oilFrom polluting consumption to
polluting production
Tesla is trying to tackle the issueBut it’s still better than the old world
e National Laboratory (ANL
the components, made largely
tic, of the battery-electric and
he vehicle body and chassis made
otal vehicle weight for both gaso-
urnham 2012).
ing difference between gasoline
s the production of the lithium-
producing the battery come from
h as lithium, cobalt, copper, and
materials into finished metals, and
he parts of the battery. Finally,
ed and installed in the car, there
ns from the assembly.
cycle assessments are the global
ilding the infrastructure (such as
pment) required to do all of the
and the emissions from transpor-
manufacturing. We not only expect
on a per-vehicle basis but also that
e same in gasoline and electric cars.
y-electric cars we modeled were
available on the market today.
—similar, say, to the Nissan LEAF
t those actual vehicles—because
FIGURE 7. Life Cycle Global Warming Emissions from
the Manufacturing and Operation of Gasoline and
Battery-Electric Vehicles
Midsize
Gasoline
Car
Midsize
84-mile
BEV
Full-size
Gasoline
Car
Full-size
265-mile
BEV
0
100
200
400
300
51%
reduction
600
500
OperationBattery Manufacturing
Vehicle Manufacturing
53%
reduction
LifeCycleGlobalWarmingEmissions
(gramsofCO2epermile)
Notes: We assume that the midsize vehicles are driven 135,000 miles over their
lifetimes and the full-size vehicles 179,000 miles. The difference in the two
According to the Union of Concerned Scientists, an
electric car still generates less CO2 over its lifetime.
Sources: Tesla, CleanTechnica
70
And there’s still a long way to go
Tesla is partly a car company, an energy company and a software company. Yet, comparing Tesla to
traditional players reminds you that bridging the gap to the future will be no easy task.
10,000,000 76,230
Number of cars
sold (2016)
Share of solar
energy in global
power generation
(2016)
6,651,000 98,7%
Other
sources
1,3%
Solar
Energy
Sources: Statista, International Energy Agency
Elon Musk
Tesla, CEO
Winner or not, Tesla has already changed our future
The impact that Tesla will have is fairly
small in and of itself. It will change people’s
perception perhaps, but it will not in and of
itself change the world. But if large
numbers of people are choosing to buy the
Model 3, […] then that’s what will prompt
car companies to invest real money into
electric vehicle programs of their own, and
indirectly, by spurring competition, Tesla
can be the catalyst for a multi-order of
magnitude shift of the entire industry
towards electric.
“
’’
72
Tesla: making electric the new sexy
By proving to the rest of the world that electricvehicles could be sexy, efficient and meet a strong consumer demand,
Tesla succeeded in sparking the electric revolution.
+260%
Growth of electric vehiclesover the last
two years in China.
Demand for electric vehicles is
expected to boom
Carmakers aiming at full-electric car park
All carmakers are building electric vehicles, and some of them
are promising to build electric versionsof all their models: more
and more new carmakers are joining the party, especially
Chinese ones.
2040
By 2019 By 2022 By 2022
Tesla opens its patents
In 2014, Tesla opened all its patents “for the sake of the
Open Source movement”. Tesla hoped to motivate other
carmakers to build electric vehicles, and therefore
increase demand for its battery production.
Governments take action
Most governments are subsidizing the development of
electric cars with grants and tax rebates.
China, France and the UK
promised to forbid gasoline
car sales by 2040.
Sources: Bloomberg News Energy Finance
73
v
In tomorrow’s automotive value chain, autonomous technology will become a standard. Moreover, controlling the car’s OS
makes it possible to offer mobility services and control how people access services from the car. Therefore, in tomorrow’s
automotive value chain, the first player to build a compelling autonomous car will have a tremendous competitive
advantage over its competitors. That’s why everyone is working on it, with partners that have skills they lack.
Accelerating the rise of autonomous cars
Source: Quartz
74
Entrenching the shift from car ownership to mobility
90%
One car, one owner One car, multiple users
Of vehicles could be
replaced by autonomous
taxis.
95%
Average idle time
of a car in the US.
Because of connectivity (car or smartphone), car ownership and car usage have become distinct. New players like
Uber have started the shift from car ownership to mobility. Fully autonomous electric vehicles will reduce the cost
of mobility way below the cost of car ownership.
Carmakers launching mobility services
GM launched Maven in 2016, a car-
sharing on-demand service. Users
can rent a Chevrolet and pay by the
hour.
Daimler bought MyTaxi and merged
with other ride-hailing startups to
create an Uber competitorin Europe.
Ford bought Chariot, a SF-based
commuter ride-sharing by mini-van.
The near end of the personal car era
Sources: Fortune, MCKinsey&Co
75
And blurring boundaries between industries
As the car industry transforms into the mobility industry, traditional players are moving beyond theircore business
and developing theiractivities all along the usage chain to capture value at every step of users’ journeys.
Daimler invested heavily in ChargePoint,
an electric charging station network.
Expandingto supportingservices
BMW invested in JustPark, an app that
helps drivers find available parking spaces
from private and business owners.
Volvo bought valet parking startup Luxe to
improve its customers’ overall driving
experience.
In 2017, Dutch oil company Shell purchased
New Motion, and electric network of charging
stations in western Europe. Will energy
companies accelerate the transition to
sustainable energy?
Charging networks are the new Eldorado
In late 2017, BMW, Daimler, Ford and
Volkswagen joined to create a high-power
charging network for electric vehicles called
“ionity” which will build and operate 400
charging stations across Europe by 2020.
GM is investing in parking lots for its on-
demand car rental service Maven.
76
Tesla is changing industries beyond automotive and energy
The advent of Tesla’s autonomous and electric cars, combined with its energy products and its network
approach to infrastructures is changing industries as we know them.
2nd order consequences
Direct impact on competition
3rd order consequences
Indirect impact on competition
77
And other players are reinventing our future as well
Many disruptors share common traits with
Tesla: a strong vision, impeccable execution
and a structural impact on adjacent industries.
No industry is safe.
Nikola Tesla
Inventor
Let the future tell the
truth, and evaluate each
one according to his work
and accomplishments.
The present is theirs; the
future, for which I have
really worked, is mine.
Want to grab your share of the future? Then go and build it.
“
’’
79
6 theorems to guide you in your quest for the future
The status quo is meant to be broken
A bold vision sets a business in motion
Software is at the core of everything
Networks are the new assets
There’s no market, only customers
Integration is the way to perfection
Traditional companies have the brands, the assets and the knowledge to conquertheir
share of the future. Here are 6 theorems, inspired by the best entrepreneurs of the
industrial and digital ages, that will help you do so.
80
For a private presentation,
please contact: meet_paris@fabernovel.com
What are you
waiting for ?
81
Amaury Botrel
Art Director
DESIGN
-
Kevin Echraghi
Senior Project Analyst
Tom Morisse
Research Manager
RESEARCH
-
Benoit Talabot
Partner & Creative Director
Joachim Renaudin
Project Analyst
Credits
Fiona Grunberg
Art Director
Audrey Da Cruz
Art Director
COMMUNICATION
-
Marina Dislich
Communication Manager
FrédériqueLemonnier
Communication Manager
Zineb AkharrazTorikian
Communication Director
82
Who we are
We are a “digital native”
organization of a new type,
nourished by a unique culture
and incomparable talents. We
gather wide and cutting-edge
capabilities –in strategy,
software, design and data
marketing – boosting our
clients’ competitiveness.
Our offices
From our offices in Paris, San
Francisco, Shanghai and
Lisbon we work with clients
all around the world to help
them define and develop
new opportunities.
What we do
We transform feareddisruptions into
business opportunities. We craft
impactful user experiences that
benefit our clients and their
customers. We build agile prototypes
to test and develop strong strategic
assets. And we play a prominent role
with a sustainable impact, in the best
ecosystems. At startup speed.
@FABERNOVEL facebook.com/FABERNOVEL FABERNOVEL.com
We are FABERNOVEL
ANEW WORLD
NEEDS NEW
SOLUTIONS
83
A full stack and digital native company to
identify levers for competitiveness
Stéphane DISTINGUIN
Founder & CEO FABERNOVEL
stephane.distinguin@fabernovel.com
Cyril VART
Executive VP FABERNOVEL
cyril.vart@fabernovel.com
Leila TURNER
CEO FABERNOVEL INNOVATE
leila.turner@fabernovel.com
Dominique PIOTET
CEO FABERNOVEL in the US & PARISOMA
dominique.piotet@fabernovel.com
Habib GUERGACHI
CTO FABERNOVEL
habib.guergachi@fabernovel.com
Alexis GODAIS
CEO FABERNOVEL CODE
alexis.godais@fabernovel.com
Kevin GENTIL-CANTIN
CEO FABERNOVEL DATA & MEDIA
kevin@fabernovel.com
Yassine BELFKIH
CEO FABERNOVEL DATA & MEDIA
yassine@fabernovel.com
Antonin TORIKIAN
CEO FABERNOVEL INSTITUTE
antonin.torikian@fabernovel.com
Nuno RIBEIRO
CEO FABERNOVEL in Portugal
nuno.ribeiro@fabernovel.com
Nicolas Braun
COO FABERNOVEL TECHNOLOGIES
nicolas.braun@fabernovel.com
Patrice NORDEY
CEO FABERNOVEL in Asia
patrice.nordey@fabernovel.com
84
Facebook, The Perfect Startup
(2012) 6 365k views on Slideshare
Amazon, The Hidden Empire
(2011) 918k views on Slideshare
•••
Three digital engines to reshape
and dominate retail
mazon.com
THE HIDDEN EMPIRE
Linkedin,The serious Network
(2013) 197k views on Slideshare
And more.
GAFAnomics®, New Economy New
rules (2014) – 312k views on Slideshare
GAFAnomics®, 4 Superpowers…
(2015) – 316k views on Slideshare
See also…
Uber, The Transportation Virus
(2016) 138k views on Slideshare
MEDIA INQUIRIES | medias@fabernovel.com

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Tesla's Vision to Accelerate Sustainable Energy Transition

  • 1.
  • 2. 2 It is licensed under the Creative Commons BY-NC-SA license to allow for further contributions by experts and users in the coming months. You are free to share and remix/adapt the work. You must cite this document: Tesla: Uploading the future, December 2017 You may distribute a modified work under the same or similar license. This work was made for you to share, reuse, remix, rework… You may not use this work for commercial purposes. Why do we release this kind of work for free? Our job is to help large organizations think and act like startups. We believe this can only be achieved by encouraging people to innovate and explore new business models. We aim to inspire you by giving you the keys to understanding new markets, new business drivers like APIs or successful companies like Apple, Amazon, Facebook or LinkedIn.
  • 3. 3 The mythology of world-changing startups is strong in Silicon Valley, the eye of the computing and internet cyclone. While its founding fathers have indeed revolutionized oureconomy, giving birth to GAFAnomics, their supremacy is increasingly challenged by Chinese behemoths, their karma is scrutinized by locked-in citizens, and their ability to tackle the crucial issues of our time - among which global warming - is cynically questioned. But wasn’t technology supposed to solve all our problems? Elon Musk, a Silicon Valley entrepreneur, who is perfectly fit for an epic tale and a Marvel blockbuster, yet still believes so. Some of his companies - PayPal, SpaceX, Hyperloop and Tesla - are aiming at rebuilding structural industries forthe better: Banking, Space, Transportation and Energy. This is ourtake on one of them: Tesla, a company that intends to accelerate the world's transition to sustainable energy by laying out a clear vision forthe future, by building a 21st century industrial from scratch , and by reinventing transportation and energy through software- enabled networks. No one really knows if the future of these industries will be dominated by Musk’s ventures, but his vision and execution, inspired by the best entrepreneurs of the industrial and digital ages, have already impulsed a radical wave of change across markets and set a standard forthe decades to come. ”The future is here, it’s just not evenly distributed”, once said William Gibson. We aim at doing just that. Stéphane Distinguin Founder and CEO of FABERNOVEL Foreword
  • 4. 4 Remember: the world is at stake 2016 was the third year in a row reaching record high surface temperatures. The overwhelming majority of scientists agree that global warning it on its way to doom the environment as we know it, human beings included. Source: climate.gov
  • 5. 5 And fossil fuels are the main suspects Our economy runs on fossil fuels And it won’t get better Of oil is consumed for car transportation in the US. 45% 2x The number of cars worldwide is set to double by 2040. 80% Of our energy consumption comes from fossil fuels. According to the vast majority of scientists, global warming can be attributed to the fast rise of CO2 emissions (+50% in 50 years). The major cause: our growing dependency on fossil fuels for energy production and consumption. Even our electricity is in great part produced by burning fossil fuels. Energy production and consumption is dirty! Cars are the main consumers 10Bn The projected number of humans on earth by 2050. Sources: World Bank, World Economic Forum, eia.gov
  • 6. 6 At the turn of the century, the worldhad witnessed an electricityrevolutiondriven byscientists and business men in the likes of Thomas Edison,AlexanderGraham Bell andNikola Tesla. The latterhad inventedan electric motorthat could have made the 20th century the electric car’s century. Your car could have been electric Nikola Tesla’s patent for an AC Induction Motor He may not be as famous as Thomas Edison, but Nikola Tesla was probably the most prolific inventor of the last centuries, giving us amongst others the alternativecurrent and the electric motor. January 20, 1911 In the early 1900’s, the electric car caught everyone’s attention as being a quieter, cleaner and more economic car. At the time 40% of cars were powered by steam, 38% were electric and only 22% were gas-powered. Sources: Tim Urban, WaitButWhy
  • 7. 7 The Ford T’s phenomenal success and the development of cheap oil by Rockefeller killed the electric car dream for a century. Combine that with the political choiceof developing personal transportation over public transportation and you get a planet full of gas-powered individual vehicles. But the automotive industry decided otherwise By 1910 gasoline cars started to outperform electric cars in terms of range, top speed and charging infrastructure. And Ford’s new methods made it affordable Ford applied the methods of Taylorism (division of production in small tasks) to automobile production and added his secret sauce: the assembly line. Cars moved along an assembly line and workers repeated the same task on every car instead of building each one from scratch. As a result, productivity rose and gasoline car prices collapsed. shrank car production time by a factor of 8 and price followed. By 1914, share of new cars that were gas powered. Ford model T advertising 8x 99% Source: WaitButWhy
  • 8. 8 Over the last decades, innovation in the car industry has mainly been incremental innovation: carmakers have mainly focused on feature innovation (more room, a few extra miles per gallon, sleeker design, better electronics, particle filters…) but no successful attempt has been made to replacethe gas engine at scale. One notable exception - the hybrid vehicle – has added an electric engine to the gas one. Over the same time period, communication technologies have encountered multiple disruptions. How can it be that one type of technology could have advanced this much while another has stayed almostthe same for over a century? In the age of smartphones, we’re still driving like in 1907 Gas Engine V1 Gas Engine V2 Gas Engine V3 Gas Engine Vn + Electric Engine (hybrid) Radio TV Smartphone Personal Computer
  • 9. 9 Tesla is a hybrid company, taking the best from 3 different worlds: the car industry, the software industry and the energy industry. This is the result of the acquisition of SolarCity by Tesla Motors, bringing all its activities together under one brand: Tesla. One company is hoping to change it all A car company As an electric carmaker, Tesla’s prime focus is on launching electric cars on the market. An energy company Tesla’s integration with sustainable energy production is the glue that holds the system together. A tech company Born in the heart of Silicon Valley, Tesla places software at the core of its business.
  • 10. And behind it, a man hoping to accelerate the future Following the tradition in Silicon Valley entrepreneurs, Elon Musk is convinced that technology can change the world for the better. In addition to Tesla, he has set up multiple businesses with the stated ambition to have an impact: Augmented Humans Elon Musk Tesla, CEO We’re mistaken when we think technology automatically improves. It only improves if a lot of people work very hard to make it better. “ ’’
  • 11. How is Making the future Happen now?
  • 12. Developing a Network for the future 01 Developing a Global Vision for the future Developing an Industrial System for the future Uploading the Future 02 03 04
  • 13. 13 Developing a Global Vision Tesla has developed an ambitious vision for the future of energy and transportation and uses it as its main driving force.
  • 14. Mark Zuckerberg Facebook, CEO The companies that work are the ones that people really do care about and that have a vision for the world. Like Facebook, Tesla’s most powerful engine is its vision. An ambitious vision shared by all and capable of federating all stakeholders, be it investors, staff or customers. “ ’’ Theorem #1: A bold vision sets a business in motion
  • 15. Let’s dive into Elon Musk’s vision for our future At its very core a vision is a dream. A dream for a different future. Open yourchakras and dive into Elon Musk’s vision forour future. You may like it.
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  • 21. Tesla: a vision backed by a pragmatic mission Before anything else, Tesla was thought as a means to help the world transition to sustainable energy. It aims at proving electric vehicles and solar production are realistic on a large scale, and at convincing otherindustrialists to follow its lead. Tesla’s mission is not focused on its productsor its customers, but on the big picture. Products are just means of achieving its mission to fulfill its vision. Tesla’s mission is to accelerate the world’s transition to sustainable energy Mission Statement: Tesla “ ’’
  • 22. 22 Enough solar energy hits the Earth’s surface in 90 minutes to equal a year’s worth of worldwide energy consumption from all sources put together. Not such a crazy vision Almost all the energy used by planet Earth and its inhabitants (be it plants or animals) comes from the sun. Fossil fuels are nothing more than energy captured from the sun and stored underground millions of years ago. Today, less than 1% of the energy used by humans come from the sun, but Tesla is hoping to change that. 90 minutes of sun To convert enough solar energy for the Earth’s consumption in 2030, we would need to cover only 0.1% of its surface with solar panels. Not much considering solar panels can be installed on roofs, saving even more space. 0.1% of earth’s surface Source: Us Department of Energy
  • 23. 23 Communicating the vision from all angles Elon musk, Sales Rep Musk gives inspiring keynotes to share his vision for Tesla and explain how he will shape the future. Almost every day Elon Musk announces a new achievement on twitter, and shares his vision for the company. 9M The art of anticipation Tesla is very keen on using press releases in advance in order to create high expectations from the media and consumers. Every new product launch comes with a video, shared on the company’s popular YouTube channel. 30M 12,1M Master plans In 2006, Musk laid out his ”master plan” for Tesla, linking all future products with a common strategic narrative. Tesla’s master plan acts as a self- fulfilling prophecy, embarking customers and investors, thus improving Tesla’s chancesof succeeding. Tesla shares its powerful vision through multiple channels to maximize its reach and create high expectations for the company. Elon Musk plays a central part in the communication strategy. Musk published 2 Master plans. 1 every 10 years. Elon Musk’s TED talks have over 9 million views. followers on Musk’s Twitter, more than the 10 largest automakers combined. 2 of views on the official YouTube Channel.
  • 24. 24 Creating a community of believers Tesla is a community-driven company. Just like Apple it sparks fascination for its products and its brand to create a community of early adopters. Tesla encourages its customers to interact with each other and with the brand to spread the word of its world-changing mission. Tesla leverages its community of users to create marketing campaigns. In 2017, it set up a contest in which users were able to submit their own commercial video clip for the company. Hundreds of videos were posted and 10 of them were selected. Half of them were about Tesla’s vision. Tesla doesn’t sell its products, it sells a vision and turns customers into believers. It doesn’t need to spend much on marketing and its advertising budget per car sold is 40x less than traditional carmakers. Tesla advertising budget/car$6 Crowdsource marketing Sources: Teslarati, Tesla
  • 25. 25 Traditional model 325K That’s the number of pre-orders taken for the Model 3 in the week following its introduction. $325M have been deposited. More than just fans, Tesla believers help finance car production. The company launches pre-order campaigns to collect funds, adapting the crowdfunding strategy to the car manufacturing industry. Tesla’s model Produce first Sell After Selling before producing: crowdfunding on steroids Sell First Produce After in future implied sales making it the largest crowdfunding campaign in history. $14Bn Amounting to Sources: Tesla, FABERNOVEL Calculation
  • 26. Just like Amazon, Tesla invests in its long-term vision rather than looking to generate margin. Because it keeps increasing CAPEX and R&D, Tesla has always had negative free cash flow, betting on future returns when production will be at scale. The moment the person leading a company thinks numbers have value in themselves, the company’s done. The moment the CFO becomes CEO— it’s done. Game over. Elon Musk Tesla, CEO “ ’’ Following a long-term thinking discipline Sources: Statista, Tesla
  • 27. 27 Managing investors in its quest for a sustainable future Because investors believe in Tesla’s long-term vision and future growth, they have always been bullish on the company’s future. Tesla is valued as a technology company rather than an automaker by investors and has received multiple loans from the US government because of its focus on sustainable energy. Musk himself invests most of his revenues into its ventures. $465M Government loans (2010) 10% Equity investment (2010) $50M Equity investment (2010) Tesla is the first American automaker to go public since Ford in 1956. 1st Tesla is the highest valued automaker in the US.1st $60bn Valuation of Tesla April 2017 Notable investments Market Capitalization Sources: NASDAQ, Ashlee Vance
  • 28. 28 Attracting the dream team Raj Singh Director Hardware Eng. Ex Director Hardware Eng. @Apple Franz von Holzhausen Sr. Design Exec Ex Director of Design @ Mazda George Blankenship Ex VP Design and Store Development Ex VP Real Estate (Apple Store) @Apple Tesla sells its inspiring vision to attract the best talents, be it corporate superstars poached from competitors or flourishing talents looking fora challenge. Tesla managed to hire the best students directly out of Stanford or the MIT for half the salary they were offered elsewhere. Why? Because they’re not just taking on a job but a mission to save humanity. Some industry high profiles: Gilbert Passin VP Manufacturing Ex VP Manufacturing @Toyota Tesla ranks 6th on attractiveemployers in the US according to LinkedIn. No other automaker makes the top 50. 6th Attracting the brightest minds Space X and Tesla were designed with this vision of motivating a critical mass of talented people to work on inspiring things. “ ’’Peter Thiel - CEO, Palantir Paypal Co-founder (with E.Musk) Sources: LinkedIn, Fortune, Business Insider
  • 29. 29 One vision to rule them all Because it shares such an ambitious vision, Tesla is able to bring on board a whole network of actors that contributes to its success. From investors to customers, different actors create a dynamic and generate a halo of enthusiasm around the products and brand. A virtuous circle for the company. Governments Administrations are more willing to provide loans to Tesla, tax credits to consumers and set new laws for autonomous vehicles. Investors Investors are confident about Tesla’s long-term prospects because they value Tesla as a Tech company. Media The media continually nurture the company's aura and report on the latest developments at no cost. A great PR strategy. Clients Customers agree to pre- pay and wait for their Tesla knowing that they will only be able to get it in 1 or 2 years. Employees Musk sells a compelling vision to attract the best engineers willing to work hard to change the world. Help the world transition to sustainable energy
  • 30. 30 Developing an Industrial system To achieve its ambitious vision and reach product perfection, Tesla has created a complete industrial system from scratch.
  • 31. Larry Page Alphabet Inc., CEO Rooted in Tesla’s philosophy is a strong belief that new technologies can challenge the status quo and achieve things everyone believed impossible. If you’re not doing some things that are crazy, then you’re doing the wrong things. “ ’’ Theorem #2: The status quo is meant to be broken
  • 32. 32 Electric cars have always been seen as underperforming, expensive and unattractive cars. Consumers and automakers alike had strong preconceived ideas about electric cars and thought they’d nevermatch market expectations. Proving that electric cars can combine performance, range, desirability and affordability has been the main motivation forTesla to innovate this past decade. Performance & range • Battery autonomy is too short for long drives and electric cars underperformed at high speed due to lack of braking. • No existing charging infrastructure significantly reduced potential car range. Price • Because of the high cost of batteries (over 40% of total cost), electric cars have always been much more expensive than gasoline car. Desirability • Poor driving experience. • The usual “green” design of electric cars was not attractive, often associated with golf carts. One industrial challenge: making electric cars mainstream Source: The Guardian
  • 33. 33 Reasoning by analogy means replicating experiences and ideas that are widely accepted. To create Tesla, Musk did not reason by analogy and never made assumptions. He used what he calls “First Principles Thinking” to challenge the status quo and solve complex problems. “First Principles Thinking” Yes, batteries are very expensive. How can their price be reduced? What is a battery made of? Where can its materialconstituents be bought at the best price? Analogy = status quo Electric vehicles are not desired because they are less powerful, not as attractive astraditional cars, less convenient. Moreover, the cost of battery manufacturing is too expensive. Applying “First Principles Thinking” to override common beliefs VS When you want to do something new, you have to apply the physics approach. […] First principles is a physics way of looking at the world…what that really means is that you boil things down to the most fundamental truths…and then reason up from there…that takes a lot more mental energy . “ ’’Elon Musk, Tesla, CEO
  • 34. 34 No one had ever tried to combine hundreds of lithium- ion batteries to power a car. Tesla ended up at the cutting edge of technology. And realizing car batteries can actually be much cheaper The battery pack is the most important and expensive component of an electric vehicle. In the early days of the company, Tesla realized that the cost of lithium-ion batteries (the ones powering yourlaptops and other hardware) was decreasing at a rapid pace, and that combining them together could poweran electric car efficiently. The price of small lithium-ion batteries dropped by roughly a factor of 10 between 1991 and 2005. As demand increases, future battery prices are expected to fall. Battery prices are sinking Let’s combine batteries Battery cell Battery modules 444 cells Car battery 16 modules Source: Adapted from Bachman 2005
  • 35. 35 In 2006, Elon Musk released a master plan announcing Tesla’s plan to make electric cars accessible to all, linking all products with a common narrative. In an era where “disruption” is on everyone’s lips, Tesla is using an old development method: start from an expensive product and move down the cost curve to mass market. Outlining a plan to move from luxury to mainstream Roadster Use cash flow to build Use cash flow to build Model S Model X Model 3 109,000 $ 75,000 $ 35,000 $
  • 36. 36 Starting with a Minimum Viable Product: the Roadster In 2008, Tesla launched its first car, the Roadster, a sports electric vehicle. The Roadster targeted rich and early adopter population, and wanted to prove to the world that electric vehicles could be both powerful and sexy. Morethan just a proof of conceptPiggybacking on available technology The Tesla roadster was builtas a proof of concept, reusing available technology. Inside the Roadster, the battery technology was licensed from AC propulsion. The Roadster was built on the Lotus Elise Chassis to save on production cost. A Lotus Elise A Tesla Roadster Remember Nikola Tesla’s AC induction motor? It’s the same one in all Tesla cars! 2,450 Cars sold 3.7 0-100km/h acceleration 371 Km range $100,000 > $200,000 fora Ferrari It was bought by rich technology enthusiasts, like Larry Page (Google’s CEO) and generated the initial revenues needed to move to step 2 of the plan. The Tesla Roadster was the first proof that a performing and appealing electric vehiclecould exist. Desirability
  • 37. 37 Henry Ford Ford Founder To reach the quality, price and production scale he envisioned for his Model T, Henry Ford built “River Rouge”, a production complex that integrated all the necessary skills and elements to build his cars. This strategy was theorized as verticalintegration, and after decades of success, was abandoned by most industrials. Tesla is bringing it back into fashion, integrating production and locating it on American soil. Back to basics! If you want it done right, do it yourself! “ ’’ Theorem #3: Integration is the way to perfection
  • 38. 38 Tesla: Integrating production to match its ambitions Integrated Production • Tesla made an early shift to integration of key components in its Fremont factory (seats, high-voltage cables, displays, fuses, and other smaller systems). • A large part of Tesla’s suppliersare based in the San Francisco Bay Area or have opened factories there to meet Tesla’s needs. Tesla launched the first vertically integrated car company since Ford’s River Rouge plant’s heyday in the 1920s. Launching a car company is already a big challenge, why would Tesla try to do it on its own? Rethinking Organization • All teams (design, assembly, engineering) work in the same factory in constant interaction. • Tesla created dataflows across departments, making sure everyone has access to all the information they need to do their job. But why integrate? Sharing information faster Launching a new product presents a team with thousands of small decisions and working with foreign suppliers makes sharing this information complex. E.g. Tesla had the engineering team walk into the factory gathering feedbacks from workers every day. Accelerating learning cycles Integrating enables faster cycles of learning and improvement. E.g. Tesla made over 50 changes per week to the same car model. Bringing frontier tech to market When you build something yourself, you develop a deeper understanding of your product, and it enables you to build tech that is not available on the market. E.g. Tesla’s ludicrous mode (fullacceleration)is a result of its internal research in safety fuses. Sources: Wired, Greg Reichow (ex VP of production)
  • 39. 39 Building the best cars on the market. And they’re electric. 1st Safest car in history (2013) 540km Max range of 2017 Model S 2.3sec 0-100km/h (faster than most Ferraris) Tesla has a very high expected growth forits deliveries in 2018. The company must increase sales by 300% from 2017 to 2018 to deliveron its pre-orders. Even at full production capacity, this growth seems impossible to reach. The Best Its Model S was voted the ”best car ever” by various consumer reports Model S 2012 1st The best-selling electric car and the best-selling luxury car in the US in 2016 Performance & Range
  • 40. 40 Facing a new challenge: producing a car for the masses To deliveron its pre-orders, the company must increase production by 300% from 2017 to 2018. Even at full production capacity, this growth seems impossible to reach. Model 3 35,000$ With its Model 3, Tesla has finally achieved its latest ambition: build a mass-market electric car. But now it has to deliver all these pre-ordered cars. And that seems virtually impossible. Price Sources: Tesla, Bloomberg
  • 41. 41 Automating factories to gain in production scale Just like Ford in its time, Tesla is reinventing the organization of production in its own factory to decrease production time and cost. Tesla envisions a lean oriented production, with a seamless flow of people, material and information. One method: Automation • Tesla heavily relies on machine automation and acquired market leader Grohmann and startup Perbix to integrate the needed skills. • On one assembly line, Tesla can build different models. • Thanks to software, Tesla makes huge savings. When a traditional carmaker needs 100 cars to pass crash tests, Tesla needs only 1 in real conditions, the 99 previous tests are virtualized. One goal: Efficiency Tesla’s original goal is to make factories more efficient by a factor of We’ve realized that the true difficulty and where the greatest potential lies is in building the factory. Elon Musk Tesla, CEO 10to100 “ ’’ Sources: Tesla, Bizjournals, Ashlee Vance
  • 42. 42 Building the largest factory in the world to ensure battery supply Tesla is growing at a tremendous pace and if it meets its sales target of 500,000 cars per year from 2018, it shall consume 100% of today’s global lithium-ion batteries production. In addition, the same batteries are used inside Powerwalls and Powerpacks. No automaker plans to sell this volume of electric cars, so battery providers don’t want to scale up production. For Tesla, scaling its own production will be necessary, for independence, performance as well as - and mostly – for scale reasons. In 2016, Tesla started building a solar powered Gigafactory in Nevada to scale itslithium-ion battery production, in partnership with Panasonic. 2x Worldwide battery production capacity will thus be doubled by 2020. 35% Plans to decrease battery cells cost by 35%. $5Bn Cost of the factory. 100(4) Musk estimates 100 Gigafactories can make the world to sustainable energy. He said having received orders for 4 more than Tesla’s. 95x The size of a football field 100% Solar powered Sources: The Verge, Tesla, Electrek
  • 43. 43 Jeff Bezos Amazon, CEO Like Amazon, instead of focusing on a supposed “core Business”, Tesla integrated the whole car usage value chain with an ecosystem of products and services to better serve its customers. There are two ways to extend a business. Make an inventory of what you are good at and extend from your skills out. Or determine what your customers need and work backwards, even if it requires learning new skills. “ ’’ Theorem #4: There is no market, only customers
  • 44. 44 Tesla: expanding along the customer’s journey Buy Sales Use Servicing Use Insurance Tesla is disrupting the automotive retail market completely. Cars are traditionally sold through dealerships which, according to Musk, rely on prohibitive maintenance prices to make money. Apple Store-like shops Tesla has a direct sales model, and doesn’t sell through dealerships but through its own stores located in affluent malls. Its stores were designed by George Blankenship, the mind behind Apple Stores, and provide an exceptional experience to Tesla customers (digital displays, videos, design studio). The car is delivered to your home in a concierge fashion. Integrated maintenance Because they are electric, Tesla cars require 70% less maintenance than average gasoline cars. Most maintenance issues are minor and can be done remotely. Tesla setup the Tesla Mobile service, a maintenance team that repairs your car at home. Integrated insurance? Tesla has started selling car insurance (in partnership with insurers) with its vehicles in Asia. From Musk’s own sayings, this is part of an overall vision to one day include insurance in the price of the car. Sources: KeeRessources 2017, Elon Musk
  • 45. 45 The main limitation factorfor electric car sales was the poorrange of cars, due to the performance of the batteries and the lack of charging infrastructure. Instead of relying on the existing and growing charging infrastructure, Tesla is building its own Supercharger network. Building a charging infrastructure to ensure the best customer experience A global network of Superchargers: • 10,000 Superchargers worldwide (2018). • Mainly on highways and outside of cities. • Quick charging: from 10% to 80% in less than 40 minutes: 3 times faster than average. … and local destination chargers • At home: Tesla wall connectors to charge your car in your garage. • On the go : destination chargers, in partnership with hotels or restaurants. Tesla plans to have 15,000 destination chargers by 2018. Tesla cars serve as the first customers to legitimate the investment to build this charging infrastructure. Until 2016, Tesla owners could charge their car for free at superchargers. As the network grows, owning a Tesla becomes more convenient and reduces barriers for Tesla sales. One goal = improve customer UX ConvenienceDemand More chargers More Tesla cars Source: Tesla
  • 46. 46 The acquisition of SolarCity in 2016 gave Tesla the opportunity to offerfull-scale electricity services to its clients. With the same focus on design, Tesla is building a series of renewable energy products for yourhome to allow you to go off-grid. Creating a new energetic standard to empower customers Solar panels (2006) SolarCity started with offering installation, leasing and maintenance services of Solar panels for individual houses and businesses in the US. In 2014 it acquired Silevo to produce its own panels. Powerwall (2014) The sun doesn’t shine all day so Tesla built the Powerwall: a home energy storage to store solar energy and back-up power for down-times. Solar roof (2016) Tesla introduced solar roof tiles that can power individual homes. The tiles have great design and cover the whole roof. Energy Conversion Energy Storage Combining its different products, Tesla customers can produce their own energy, store it and use it to power their home and their car (with a dedicated plug). They can finally go off-grid. Energy Consumption Sources: Tesla, Ashlee Vance
  • 47. 47 Becoming a utility to scale energy production and storage In addition to its B2C offering, Tesla is building a network of batteries and solar farms for communities, allowing them to convert and store massive amounts of solar energy and making them less dependent on the traditional grid. Little by little, Tesla is starting to look like a utility company. Tesla sells and setsup solar farms for communities for energy generation purposes. In 2014, Tesla introduced the Powerpack, huge battery stacks that can be combined to answer the energy storage needs of communities. A Utility Tesla combines solar farms or wind farms with its Powerpacks to offer integrated energy solutions. + = In 2017, Tesla built the largest battery system in the world to ensure electricity supply in South Australia and a 13 MWh solar farm in Hawaii to improve reliability of electricity on the island and reduce its dependence on fuel. After hurricane Maria, Tesla sent Powerpacks to Puerto Rico and offered to rebuild the island’s electric grid from scratch. Energy Conversion Energy Storage Source: Tesla
  • 48. 48 Getting rid of boundaries between markets: a new industrial system by Tesla Like Ford in his time, Tesla heavily relies on the integration of the whole value chain to build the best cars in the market. But Tesla goes one step further by providing services all along the usage chain of the car to give its customers the best experience. In Tesla’s world, there are no boundaries between industries. Production valuechain Usage value chain Battery production Energy products production Car production Car and energy products sales Community energy production Charging Insurance Media Individual energy production & consumption Servicing Second- hand sale Traditional Car maker Tesla
  • 49. That grew way bigger than expected 500,000 Cars pre-ordered +70% Growth rate in 2016$7Bn Revenues in 2016 Model Y (…2020) N°1 installer of domestic solar panels in the US 33,000 employees Introducing new models Roadster 2Semi truck In less than 15 years, Tesla has become a major player on the automotive and energy markets. A growth once thought only achievable by pure software companies. N°1 Seller of electric cars in the US 2003Born in Sources: Tesla, CSI Market, Electrek
  • 50. 50 Building a Smart Network More than a product company, Tesla is starting to look more and more like a transportation and energy network orchestrator.
  • 51. Applying the secret recipe of Silicon Valley startups, Tesla is including software in all its products, making them incredibly more efficient and unlocking new market-defining features. Marc Andreessen a16z Managing Partner In short, software is eating the world “ ’’ Theorem #5: Software is at the core of everything
  • 52. 52 Beyond driving the car, software controls all aspects of the Tesla cars’ operation and experience. There are no buttons to be seen inside the car, as all features can be controlled from the giant central screen, or remotely from the user’s phone. A huge change from traditional cars where pieces of software are used for usage-specific functionalities. Building the whole car around software From the powertrain to the warning chimes in the car…the level of integration that the software has into the rest of the Model S is really impressive. Tesla is a benchmark for what we do here. TJ Giuli Former Head of Software at Ford “ ’’ Operating System Wheel Engine Sensors Usage-specific software Sensors Wheel
  • 53. 53 Enabling continuous improvement of cars Traditional products are on theirway to obsolescence as soon as they leave the factory. Software-powered products can be updated while already in the hands of the customers. Therefore, the features and the experience improve with time. Products are in perpetual beta mode. Updates are about the experience but also about the core features of the car: • The braking system • The energetic efficiency • The top speed • Self-driving capabilities Multipleupdate motivations: Cars can be updated to: • push a new feature planned on the roadmap, • fix a malfunction: no need to do a recall, • answer users’ requests. Indeed, numerous users suggest new features to Tesla on its forum or directly on Twitter. Experience & core feature updates: Source: Breaking Smart
  • 54. Tesla integrated the maintenance of its own cars. Because they are software-powered, Tesla cars can be monitored in real-time and checked even before issues emerge. Most maintenance issues are minor and can be done remotely. Teslaset up the Tesla Mobile service, a maintenance team that repairs your car at home. Softwareto detect problems Software enables the detection of car obsolescence for parts needing replacement. Each part is connected to the car’s central computer, which can proactively suggest maintenance, notify a Tesla maintenance team and guide you to the nearest Service Center. Softwareto repair problems Software enables the remote repair of some issues. Thanks to firmware updates, Tesla can upgrade cars and remotely fix a bug for every Tesla car at the same time. 90% Softwareis a game changer of issues can be identified remotely through software. From fixing cars to predictive maintenance Sources: Tesla
  • 55. 55 Pushing the car software further, Tesla is developing Autopilot: an artificially intelligent system aimed at making autonomous cars real, allowing them to fully drive themselves. How does it work? See 8 panoramic cameras, 12 ultra-sound sensors and a radar gather data about the car’s environment. Tesla chose not to use expensive LIDAR technology to reach autonomy. Will this bet prove a good choice? Understand Tesla Vision, the software behind Autopilot, uses artificial intelligenceto understand its environment detecting lane lines, traffic flows, fixed and moving objects (pedestrians, cars, etc.), traffic lights and road signs. Act Once the environment is understood, the artificial intelligencetakes a driving decision like a regular driver would. Autopilot: towards autonomous cars
  • 56. To gather maps and driving data, the core assets to develop autonomous cars, Tesla has a strong advantage over its competitors. Most of its cars are embedded with connectivity and cameras, gathering data to improve autonomous software as drivers take their cars for a ride. Tesla benefits from network effects, as better software and data will help sell better cars, which serve as data collectors, and so on… Improving cars thanks to data network effects More data collected Increase value of cars More Tesla cars Level 3 The driver still controls the car but can lower his vigilance level on the highway (lane control, cruise control…). Level 4 Autonomy develops beyond highways. The driver is almost passive (in 2 years according to Musk). Level 5 Full autonomy. There’s no steering wheel nor pedals. = Autonomy Level Better AI Source: Bloomberg
  • 57. Autonomous cars: a true disruption for the world The replacement of the horse by a gas engine following Benz’s discovery and Ford’s industrial prowess completely changed ourworld. The replacement of the driver by software promises to have an impact of similar magnitude on our economy. Giving us back free time Making the world smaller Saving millions of lives Redefining our infrastructures 12.2 days per year will be given back to the average driver, opening up a huge market for in-car entertainment. Regular cars gave birth to suburbs, holidays away, hypermarkets and long-distance logistics. Similarly, autonomous cars and trucks will reshape our perception of distance. More than a million people die every year in car crashes. 90% of them could be saved with autonomous cars. Cars defined the shape of our infrastructures and cities. Autonomous cars will do it again. Sources: AAA foundation for traffic safety, The Guardian A CAR A CAR A CAR A CAR 19th century 20th century Today Tomorrow
  • 58. In the networked world, [the three most desirable things] are connections, connections and connections. Venkatesh Rao Breaking Smart “ ’’ As described in one of our previous studies, most of today’s out-performing companies (GAFA, Uber, Airbnb…) are structured as platforms, a special type of network that thrives by connecting a multitude of individuals, corporations and institutions to exchange goods, services, information or money with one another. Tesla has started its mutation into an energy and transportation platform by connecting all pieces together. Theorem #6: Networks are the new assets
  • 59. All Tesla carsare connected and share the same decentralized operating system. Tesla has created a network of connected and soon-to-be autonomous cars. The company has a central view of its network of cars and the data they produce: geolocation, driving patterns, availability, charging locations, usage rate… Tesla: creating a connected car network TESLA CAR TESLA NETWORK (OS) TESLA OWNER
  • 60. 60 In its Master Plan part Deux, Musk announced his intention to turn Tesla into a mobility company. He unveiled his big plan to change the automotive industry: a platform allowing Tesla owners to rent their soon-to-be autonomous cars to individuals that need a ride. “When autonomous technology is ready you will also be able to add your car to the Tesla shared fleet just by tapping a button on the Tesla phone app and have it generate income for you while you're at work or on vacation.” (Master Plan part Deux) The next step: turning its car network into a transportation platform TESLA CAR TESLA OWNER TESLA USER DEVICE (SMARTPHONE) TESLA NETWORK (OS)
  • 61. 61 Even if Tesla is selling its latest car ata record $35K price tag, it remains unaffordable to most citizens. Building the Tesla Network allowsanyone to benefit from an autonomous electric car without having to own one. Rider(s) Pays for ride Autonomous ride Idle Tesla car Transfers money to car owner Takes a cut Gives ride data A new pool of addressable customers The Tesla network is a complete change in business forTesla and a booster in its vision to make the world transition to sustainable energy. Instead of only selling cars, Tesla willprobably generate revenues on car usage by taking a commission, opening up yet another new business opportunity for the young carmaker. From carmaker to matchmaker Serving new customers with a new business model 3$ That’s the projected price of an autonomous car ride. Source: FABERNOVEL Calculation
  • 62. 62 A new era for fleet owners: autonomous cars as an investment A study published by the University of Virginia projected thatin a 100-square mile radius over the city of Austin, Texas, you would need 32,000 autonomous taxis to take a 10% market share of all rides in the area. If this future plays out, the US alone will likely need 29M robotaxis, operating across the country, most likely owned as fleets spelling a huge opportunity for Tesla. On-demand car platforms like Uber and Lyft have been around for quite a while now but still haven’t made the world transition from car ownership to car access. Autonomous on-demand cars promise to challenge the market equilibrium, making it so cheap individuals wouldn’t need to own theircars, opening a new era for fleet owners, and a huge market opportunity forTesla. Most of this revenue would be converted into margin: • Electric cars have less moving parts, and run on solar-produced energy, reducing maintenance and operational costs. • Autonomous cars make 90% less accidents, making insurance way cheaper. • No driver to pay. For 35K upfront, a car owner can generate 30K margin over 2 years: a lucrative investment. One ride: ~$3. -- Time/ride 30 min ~ 30 rides/day à revenue: $90/day à Revenue/car/year: $32,850/year $65K* That’s the revenue generated by a rented autonomous car in 2 years. *Sources: FABERNOVEL Calculation, University of Virginia, SeekingAlpha, RethinkX 29M That’s the number of autonomous cars needed to replace all cars in the US
  • 63. Creating a smart energy network Tesla is creating a network of energy devices and infrastructure. By connecting solar panels to batteries (buffers) and to the grid through the internet, Tesla is creating a smart energy network, gathering data about its production and consumption and managing flows in real-time. POWERWALL INDIVIDUAL / SMALLBUSINESS SOLAR PANEL POWERPACK COMMUNITY / CORPORATION TESLA NETWORK (OS)
  • 64. 64 Towards distributed utility Tesla’s Powerpacks and solar farms can be connected to a micro-grid system that makes it possible to store extra energy during the day, and use it at night. Production and storage is adapted in real-time according to the community’s needs. What if the same could be done between individuals? Today Tomorrow? GridLogic is a solution for communities to manage their energy network thanks to a micro-grid between solar energy and traditional energy. DemandLogic is an intelligent managementsoftwarewhich can reduce business’ peak demand and provide backup power during breakdowns. We’ll never be out of power again! Tesla is slowly allowing peer-to-peer energy sharing. You can already charge your car with a charger installed in a restaurant or hotel. What if you could soon charge your car with a stranger’s Powerwall when far from home? And what if you could sell your extra energy to neighbors? That’s the smart grid dream. Consumption and production of energy on KawaiIsland Source: Tesla
  • 65. 65 Tesla is building a distributed energy and transportation infrastructure In a world with limited resources and a fast-growing population, optimization becomes key to preserve the planet and the human species. Networks have long been the best structure to optimize flows. Connecting them multiplies the benefits and offers a new model to think about energy and transportation infrastructures. POWERWALL INDIVIDUAL / SMALLBUSINESS SOLAR PANEL POWERPACK COMMUNITY / CORPORATION TESLA NETWORK (OS) TESLA USER TESLA CAR DEVICE (SMARTPHONE) TESLA PRODUCT OWNER TESLA PRODUCT OWNER
  • 66. 66 Magnetic Resources are shared and excess capacities redistributed. Teslagenerates revenue from usage of others’ assets and not only from sales. Real-time Resources are optimized and allocated in real-time at the price optimum. Infinite Additional users can be served at no marginal cost (one car can serve multiple users) and network effects start kicking in, widely increasing Tesla’s growth potential. Intimate Thanks to data, the experience of each user can be personalized (Tesla Profile). Unlocking four crucial competitive advantages As explained in our GAFAnomics Season 2 study, networks benefit from 4 competitive advantages making them way more efficient than 21st century linearvalue chain structures. Thanks to its network-to-be, Tesla is unlocking these “superpowers”, opening up a new chapter of its history. 4 network competitive advantages Soon-to-be unlocked by Tesla Why isn’t Tesla opening its network right now? Because in the network economy, the most important thing to thrive is reaching liquidity: a state where there is enough volume of supply and demand for transactions to startsparking. In Tesla’s case it means enough autonomous cars on the road to ensure a reliable transportation service. Waitingfor liquidity Explaining Tesla’svaluation Network orchestrators outperform all other types of companies (asset builders, service providers or technology creators) on profit and revenue growth. More that the electric and autonomous car hype, this expected long-term financial performance explains investor’strust in the Tesla stock even though the company is in a miserable financial state. Source: GAFAnomics S2, FABERNOVEL
  • 67. 67 Uploading The Future By proving its vision is realistic, Tesla has paved the way for a brand new future: it has accelerated the world’s transition to sustainable energy.
  • 68. 68 Tesla still faces many hurdles Production delays Tesla Model 3 is late on schedule, and Tesla faces problems on factory automation leading investors to start doubting the company’s ability to deliver on its promises. Employee retention Factory workers increasingly criticize working conditions and hundreds have been laid off in the past year. Competitors poach key executives that don’t agree with Musk’s strategic choices. Increased competition Tech giants (Google ahead), carmakers, suppliers and innovative startups have entered the race for autonomous software and electric cars. The space is becoming increasingly crowded and competitive. As it is growing and succeeding in its mission to accelerate the world’s transition to sustainable energy and transportation, Tesla is facing increasingly tough challenges from all sides but Elon Musk is still as confident about his venture. I may have been optimistic with respect to the timing on some of these things, but I didn’t over-promise on the outcome. I have done everything I said I was going to do. Elon Musk Tesla, CEO “ ’’ Low on cash Tesla is said to be burning $8,000 per minute; more than $1Bn per quarter. It could exhaust its cash reserves by next August. With already really high revolving debt, Tesla could have a rough time financing its growth and keeping investors’ trust. Sources: LesEchos, Wired
  • 69. 69 Even its vision to save the environment is questioned Many researchers are questioning Tesla’s electric revolution. Each stage of an EV’s life has environmental impacts, and while they aren’t as obvious as carbon emission, building electric vehicles can be damaging to the environment too. According to some researchers, building an electric car generates more carbon emission than building a gasoline car, mainly because of battery production. Tesla is already recycling batteries at the Gigafactory. When at full production scale, it will drive up recycling efficiencies and reduce Tesla’s impact on the environment. 60% Tesla saves 70% of CO2 emissions that would have been necessary to extract the equivalent rare metals. 60% of each battery pack recycled by Tesla in the US. Aiming for 100%. 70% CO2 is not gone yet A pollution shift? Lithium-ion batteries include rare metals that only exist in tiny quantities and are complex to extract, damaging the environment. Similar materials are needed forsolar panels. Rare metals are the new oilFrom polluting consumption to polluting production Tesla is trying to tackle the issueBut it’s still better than the old world e National Laboratory (ANL the components, made largely tic, of the battery-electric and he vehicle body and chassis made otal vehicle weight for both gaso- urnham 2012). ing difference between gasoline s the production of the lithium- producing the battery come from h as lithium, cobalt, copper, and materials into finished metals, and he parts of the battery. Finally, ed and installed in the car, there ns from the assembly. cycle assessments are the global ilding the infrastructure (such as pment) required to do all of the and the emissions from transpor- manufacturing. We not only expect on a per-vehicle basis but also that e same in gasoline and electric cars. y-electric cars we modeled were available on the market today. —similar, say, to the Nissan LEAF t those actual vehicles—because FIGURE 7. Life Cycle Global Warming Emissions from the Manufacturing and Operation of Gasoline and Battery-Electric Vehicles Midsize Gasoline Car Midsize 84-mile BEV Full-size Gasoline Car Full-size 265-mile BEV 0 100 200 400 300 51% reduction 600 500 OperationBattery Manufacturing Vehicle Manufacturing 53% reduction LifeCycleGlobalWarmingEmissions (gramsofCO2epermile) Notes: We assume that the midsize vehicles are driven 135,000 miles over their lifetimes and the full-size vehicles 179,000 miles. The difference in the two According to the Union of Concerned Scientists, an electric car still generates less CO2 over its lifetime. Sources: Tesla, CleanTechnica
  • 70. 70 And there’s still a long way to go Tesla is partly a car company, an energy company and a software company. Yet, comparing Tesla to traditional players reminds you that bridging the gap to the future will be no easy task. 10,000,000 76,230 Number of cars sold (2016) Share of solar energy in global power generation (2016) 6,651,000 98,7% Other sources 1,3% Solar Energy Sources: Statista, International Energy Agency
  • 71. Elon Musk Tesla, CEO Winner or not, Tesla has already changed our future The impact that Tesla will have is fairly small in and of itself. It will change people’s perception perhaps, but it will not in and of itself change the world. But if large numbers of people are choosing to buy the Model 3, […] then that’s what will prompt car companies to invest real money into electric vehicle programs of their own, and indirectly, by spurring competition, Tesla can be the catalyst for a multi-order of magnitude shift of the entire industry towards electric. “ ’’
  • 72. 72 Tesla: making electric the new sexy By proving to the rest of the world that electricvehicles could be sexy, efficient and meet a strong consumer demand, Tesla succeeded in sparking the electric revolution. +260% Growth of electric vehiclesover the last two years in China. Demand for electric vehicles is expected to boom Carmakers aiming at full-electric car park All carmakers are building electric vehicles, and some of them are promising to build electric versionsof all their models: more and more new carmakers are joining the party, especially Chinese ones. 2040 By 2019 By 2022 By 2022 Tesla opens its patents In 2014, Tesla opened all its patents “for the sake of the Open Source movement”. Tesla hoped to motivate other carmakers to build electric vehicles, and therefore increase demand for its battery production. Governments take action Most governments are subsidizing the development of electric cars with grants and tax rebates. China, France and the UK promised to forbid gasoline car sales by 2040. Sources: Bloomberg News Energy Finance
  • 73. 73 v In tomorrow’s automotive value chain, autonomous technology will become a standard. Moreover, controlling the car’s OS makes it possible to offer mobility services and control how people access services from the car. Therefore, in tomorrow’s automotive value chain, the first player to build a compelling autonomous car will have a tremendous competitive advantage over its competitors. That’s why everyone is working on it, with partners that have skills they lack. Accelerating the rise of autonomous cars Source: Quartz
  • 74. 74 Entrenching the shift from car ownership to mobility 90% One car, one owner One car, multiple users Of vehicles could be replaced by autonomous taxis. 95% Average idle time of a car in the US. Because of connectivity (car or smartphone), car ownership and car usage have become distinct. New players like Uber have started the shift from car ownership to mobility. Fully autonomous electric vehicles will reduce the cost of mobility way below the cost of car ownership. Carmakers launching mobility services GM launched Maven in 2016, a car- sharing on-demand service. Users can rent a Chevrolet and pay by the hour. Daimler bought MyTaxi and merged with other ride-hailing startups to create an Uber competitorin Europe. Ford bought Chariot, a SF-based commuter ride-sharing by mini-van. The near end of the personal car era Sources: Fortune, MCKinsey&Co
  • 75. 75 And blurring boundaries between industries As the car industry transforms into the mobility industry, traditional players are moving beyond theircore business and developing theiractivities all along the usage chain to capture value at every step of users’ journeys. Daimler invested heavily in ChargePoint, an electric charging station network. Expandingto supportingservices BMW invested in JustPark, an app that helps drivers find available parking spaces from private and business owners. Volvo bought valet parking startup Luxe to improve its customers’ overall driving experience. In 2017, Dutch oil company Shell purchased New Motion, and electric network of charging stations in western Europe. Will energy companies accelerate the transition to sustainable energy? Charging networks are the new Eldorado In late 2017, BMW, Daimler, Ford and Volkswagen joined to create a high-power charging network for electric vehicles called “ionity” which will build and operate 400 charging stations across Europe by 2020. GM is investing in parking lots for its on- demand car rental service Maven.
  • 76. 76 Tesla is changing industries beyond automotive and energy The advent of Tesla’s autonomous and electric cars, combined with its energy products and its network approach to infrastructures is changing industries as we know them. 2nd order consequences Direct impact on competition 3rd order consequences Indirect impact on competition
  • 77. 77 And other players are reinventing our future as well Many disruptors share common traits with Tesla: a strong vision, impeccable execution and a structural impact on adjacent industries. No industry is safe.
  • 78. Nikola Tesla Inventor Let the future tell the truth, and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I have really worked, is mine. Want to grab your share of the future? Then go and build it. “ ’’
  • 79. 79 6 theorems to guide you in your quest for the future The status quo is meant to be broken A bold vision sets a business in motion Software is at the core of everything Networks are the new assets There’s no market, only customers Integration is the way to perfection Traditional companies have the brands, the assets and the knowledge to conquertheir share of the future. Here are 6 theorems, inspired by the best entrepreneurs of the industrial and digital ages, that will help you do so.
  • 80. 80 For a private presentation, please contact: meet_paris@fabernovel.com What are you waiting for ?
  • 81. 81 Amaury Botrel Art Director DESIGN - Kevin Echraghi Senior Project Analyst Tom Morisse Research Manager RESEARCH - Benoit Talabot Partner & Creative Director Joachim Renaudin Project Analyst Credits Fiona Grunberg Art Director Audrey Da Cruz Art Director COMMUNICATION - Marina Dislich Communication Manager FrédériqueLemonnier Communication Manager Zineb AkharrazTorikian Communication Director
  • 82. 82 Who we are We are a “digital native” organization of a new type, nourished by a unique culture and incomparable talents. We gather wide and cutting-edge capabilities –in strategy, software, design and data marketing – boosting our clients’ competitiveness. Our offices From our offices in Paris, San Francisco, Shanghai and Lisbon we work with clients all around the world to help them define and develop new opportunities. What we do We transform feareddisruptions into business opportunities. We craft impactful user experiences that benefit our clients and their customers. We build agile prototypes to test and develop strong strategic assets. And we play a prominent role with a sustainable impact, in the best ecosystems. At startup speed. @FABERNOVEL facebook.com/FABERNOVEL FABERNOVEL.com We are FABERNOVEL ANEW WORLD NEEDS NEW SOLUTIONS
  • 83. 83 A full stack and digital native company to identify levers for competitiveness Stéphane DISTINGUIN Founder & CEO FABERNOVEL stephane.distinguin@fabernovel.com Cyril VART Executive VP FABERNOVEL cyril.vart@fabernovel.com Leila TURNER CEO FABERNOVEL INNOVATE leila.turner@fabernovel.com Dominique PIOTET CEO FABERNOVEL in the US & PARISOMA dominique.piotet@fabernovel.com Habib GUERGACHI CTO FABERNOVEL habib.guergachi@fabernovel.com Alexis GODAIS CEO FABERNOVEL CODE alexis.godais@fabernovel.com Kevin GENTIL-CANTIN CEO FABERNOVEL DATA & MEDIA kevin@fabernovel.com Yassine BELFKIH CEO FABERNOVEL DATA & MEDIA yassine@fabernovel.com Antonin TORIKIAN CEO FABERNOVEL INSTITUTE antonin.torikian@fabernovel.com Nuno RIBEIRO CEO FABERNOVEL in Portugal nuno.ribeiro@fabernovel.com Nicolas Braun COO FABERNOVEL TECHNOLOGIES nicolas.braun@fabernovel.com Patrice NORDEY CEO FABERNOVEL in Asia patrice.nordey@fabernovel.com
  • 84. 84 Facebook, The Perfect Startup (2012) 6 365k views on Slideshare Amazon, The Hidden Empire (2011) 918k views on Slideshare ••• Three digital engines to reshape and dominate retail mazon.com THE HIDDEN EMPIRE Linkedin,The serious Network (2013) 197k views on Slideshare And more. GAFAnomics®, New Economy New rules (2014) – 312k views on Slideshare GAFAnomics®, 4 Superpowers… (2015) – 316k views on Slideshare See also… Uber, The Transportation Virus (2016) 138k views on Slideshare
  • 85. MEDIA INQUIRIES | medias@fabernovel.com