rtmark
LearnBonds.com

Nikola Tesla and Michael Faraday Both Make Good Namesakes for an EV Firm

Elon Musk SolarCity Inc (SCTY) Tesla Motors Inc (TSLA)

Tesla Motors Inc CEO – Elon Musk – revealed that he could have named his firm (Tesla) Faraday in its early days. He said this during an interview at an energy industry conference that took place on Wednesday at the Tesla factory in Fremont, California.

Elon Musk Tesla Motors Inc (TSLA)

The mystery behind the name

The name ‘Faraday’ here refers to the inventor of the electric motor Michael Faraday – a scientist. Instead, Musk said he named the firm after the inventor and electrical engineer Nikola Tesla, and ‘Faraday’ would have been his second choice for a name.

The name ‘Faraday’ though is not unheard of, and will definitely ring a bell with anyone following the electric car industry. Irony is that a new electric car startup has named itself ‘Faraday,’ and aims at competing with Tesla.

A billionaire Chinese tech entrepreneur is backing Faraday Future, and is planning to make several electric cars including an electric sedan at a factory under construction in Nevada. Tesla is also building its massive battery factory in the same state.

Faraday Future is based in Los Angeles, and there has been a lot of skepticism about it. But, this has not affected the investors’ enthusiasm anyhow, and they have pledged $1bn to build the factory. It is possible that the firm would have its focus on selling electric cars to the consumers in China – a difficult market to break into. Even Tesla has struggled to make place for itself in the region.

How it all started?

In the starting days, Musk and his team had to do some name-shopping because the ownership of the trademark for Tesla was with someone in Sacramento, told Musk. A lunch back in 2003 between Musk and Tesla’s current CTO JB Straubel served as the genesis for the creation of Tesla.

At that time, Straubel, who was working on batteries and electric cars at Stanford University, mentioned a firm called AC Propulsion that was making a prototype electric sports car back then, and was based in Southern California. After sometime, Musk and Straubel met with the company executives.

Tesla Motors Inc even borrowed some of the technology from AC Propulsion’s electric sports car called the ‘tzero’ for its first car – the Roadster. During the Wednesday interview, Musk said “They [AC Propulsion] deserve a lot of credit for Tesla.”

Can FF topple Tesla

Meanwhile, Faraday Future is gaining momentum fast. The firm is just a year old, but still is confident enough to challenge Tesla. Its FFZERO1 concept car is already in motion, as suggested by the recent news, indicating that the firm is moving very fast in several ways.

Previously, FF’s Global VP of Manufacturing said, “We are moving extremely quickly for a project of this size. Our aim is to complete a program that would normally take four years and do it in half the time, while still doing it right.” The speed with which the firm has emerged on the scene and gone into production has been amazingly high.

Tesla has set a lot of standards in respect to EVs, and it seems as if Faraday Future is well aware of those. Buyers now expect higher level of commitment from electric powered cars that goes beyond environmental impact, and the credit for this goes to Tesla. This means that luxury, good looks and less emissions are not the only requirements for a high-end EV, but excellent performance is also mandatory.

The EV world is constantly changing, and any firm seeking to compete with Tesla Motors Inc needs to find ways to be more innovative than the Musk led firm. And, Faraday could be one such firm. The firm showed an astounding FFZERO1 prototype to the world at the CES last year, and its aesthetics were simply amazing.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

X

Leading Social Trading Platform with 0% Commission

Leading Social Trading Platform with 0% Commission

Leading Social Trading Platform with 0% Commission

TRADE WITH ETORO

75% of investors lose money when trading CFDs.

Leading Social Trading Platform with 0% Commission
TRADE WITH ETORO

75% of investors lose money when trading CFDs.

HTML Snippets Powered By : XYZScripts.com