COB300 Tesla Case - Team Seven 

 
 
 
 
July 24th, 2020 
 
 
 
 
 
 
 
 
 
 
Gretchen Angerman - anger2ga@dukes.jmu.edu  
Mitchell Langford - langfomd@dukes.jmu.edu 
Claire Leidinger - leidinac@dukes.jmu.edu 
Con Shine - shinecp@dukes.jmu.edu 
Emma Soper - soperee@dukes.jmu.edu 
Zach Tillery -tillerzm@dukes.jmu.edu 
Austin Wheeler - wheel3ja@dukes.jmu.edu 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Executive Summary 
Tesla Summary:​​In the last 17 years since Tesla Inc. was founded, it has become one of the 

predominant players in the fight towards a sustainable future, its goal being; to create a car that is not 

only affordable and luxurious but also propels the rest of the world away from fossil fuels. While this 

task is hefty, Tesla CEO, Elon Musk, has been an outspoken figure for the company on innovation 

and his audience has helped bolster Tesla’s popularity. Tesla is not just an electric car manufacturer, 

they also have a stake in creating sustainable power storage solutions such as their very own lithium 

battery and solar panels. 

Options:​The Business Case presented three alternative actions. Alternative One will continue current 

production levels and further penetrate the markets Tesla is currently present in. Alternative Two will 

discontinue the Model Y as it will cannibalize the Model S and X. This alternative will add a 

Gigafactory in Berlin to assist with increased manufacturing of the Model 3 in the European markets. 

Alternative Three includes designing the CyberTruck II, to be sold in areas with a predominantly 

lower purchasing power such as South America and Africa. Where the CyberTruck II will be offered, 

Tesla will build a Gigafactory to facilitate production.  

Conclusion:​Tesla will continue with its current plans to offer the Model 3, Model S, and Model X to 

markets that they currently serve in the US, Europe, and China. In addition Tesla will continue with 

their plans to introduce the Model Y and the CyberTruck I in the respective markets. They will focus 

their investments in further penetrating the same markets with the models listed above by investing in 

service stations all around Europe. Tesla will design and develop a smaller pickup truck, the 

CyberTruck II, focused towards government consumption in the South American markets, 

specifically, Brazil.  

 
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Case Introduction 

Management:​One issue in creating new strategic plans for Tesla is that they have to keep their 

current short-term goals secret, to stay competitive. This means that we had to focus on satisfying their 

long-term organizational goals while creating a plan that would be enacted in the meantime, which 

would hopefully benefit both their ability to grow financially and reach out to the global market.  

Finance:​In completing the financial statements, there were inherent discrepancies between the 

accounts on the spreadsheets provided and Tesla’s financial statements. Due to the uncertainty of the 

COVID-19 situation, predicting future demand and internal decisions is challenging. As a growing 

company that is setting the industry standard, comparing ratios with companies that are competing on 

different aspects has been troublesome.  

Marketing:​To achieve Tesla’s ultimate goal of selling affordable sustainable cars, they will need to 

lower the prices of their cars considerably. This, however, is not possible due to the direct 

contradiction it has with the current segments that they sell to who value prestige and environmental 

sustainability. In order to work within the segment, Tesla will have to use a mix of new and old media, 

and experiential marketing. 

Operations:​In regards to production, Tesla manufactures most of their parts themselves but obtains 

their raw materials through vendors. This allows for Tesla to closely monitor the quality of each 

component which will lead to a higher quality end product, which ultimately benefits Tesla in the 

long-run. One trend that we noticed is that Tesla’s production process is vertically integrated, allowing 

them to cut down the costs and therefore increasing their gross margin.  

 
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Management  
Corporate Level Strategy:​Tesla’s proposed strategy is risk-avoiding as the current economic climate 

that COVID-19 has created will not allow for greater risks to be taken on at this time. In order to 

achieve their corporate level strategic goals, Tesla will be partaking in both a growth and stability 

strategy. Implementing this growth strategy will give Tesla the opportunity to generate higher revenue 

by continuously penetrating the same markets it is currently active in. The author of the case study, 

Frank Rothaermel, articulates that in 2018, “the Model 3 was the most-sold EV worldwide”. Not only 

did the Model 3 lead EV sales, but the Model’s S and X followed shortly behind (Rothaermel, 2020). 

This demonstrates how Tesla is currently dominating the EV market, which alludes to exceptional 

growth potential for the company in years to come. Tesla will follow a stability strategy by improving 

the ways their products are produced and sold worldwide in the markets they are already present in. 

The stability strategy should begin in the new Shanghai plant by increasing the production of the 

Model 3. According to Dana Hull of Bloomberg L.P., this plant was a saving grace to Tesla’s third 

quarter sales, which stayed stable even though there was a seven week shut down due to COVID-19. 

The manufacturer delivered more than an estimated 82,000 vehicles last quarter when the projections 

were much lower due to fears around the virus. In fact, Jeffery Osborn, a researcher at Cowen Inc., 

reported that “At this point both the Model Y” (in production in California) “and China built cars are 

ramping up,” because Elon Musk himself predicted his orders coming out of the Fremont Plant would 

become his top-seller (Hull, 2020). The growth aspect of the strategy will arise by introducing the 

CyberTruck II to the Brazillian market as an addition to government fleets, and later expanding to the 

working and upper middle class residents of these areas. Tesla adding this model into their line will 

help diversify their current portfolio, which will ultimately lower risk for the corporation in the 

long-run and also open them up to become a leader and dominate in an up and coming market.  
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Porter's Five Industry Competitive Forces 

Competitive Rivalry​is strong because there are a small number of firms that account for a large 

majority of revenue. Those firms involved have high revenue streams to help back research and 

development to provide better features for a lower cost (Lewin, 2005). There are many other vehicle 

options which makes the cost low for customers to switch between manufacturers.  

Bargaining Power of Tesla’s Customers​i​s moderately high even though they dominate a niche 

segment of the automotive market. Tesla does not have a reliable reputation or steady revenue stream 

built up yet, therefore they must cater themselves to the consumer so they can continue operation.  

Bargaining Power of Tesla’s Suppliers​has a history of payment issues with suppliers, in 2018 Tesla 

asked their suppliers for some of their cashback to help them turn a profit (Whitley, 2018). These issues 

may cause their current suppliers to back out or stop new suppliers from selling to them. Overall though, 

Tesla’s Gigafactory is proposed for manufacturing their own components and hardware Tesla has 

shown that they are less reliant on suppliers than other EV manufacturers.  

Threat of Substitutes​is still growing, especially since gas-powered vehicles have dominated the 

automotive industry and have a reputation for being the vehicle of choice for transportation. As easier 

and cheaper substitutes become more readily available, consumers may lean away from Tesla. 

The Threat of New Entrants​​is relatively low. The cost to enter the electric vehicle industry is 

extremely high with the design and production of a new vehicle that can directly compete. Tesla is highly 

recognized and renowned by both consumers of the products and consumers not directly in the Market.  
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Global Road Map​:T

​ esla is operating in the automotive markets of the United States, Europe, and 

China. An article by the International Energy Agency (IEA), states, “Around 45% of electric cars on the 

road in 2018 were in China - a total of 2.3 million - compared to 39% in 2017. Europe accounted for 

24% of the global fleet, and the United States 22%” (“IEA”, 2019). These statistics illustrate the 

significant presence that EV’s will continue to have. To reach 95% of the world's potential market, Tesla 

should emphasize reaching areas of the world that it currently does not invest in, particularly, South 

America which presents a great opportunity for expansion. In a document published by Statista, Brazil is 

the second leading country in motor vehicles produced in Latin America, and the number one country 

of light vehicles sold (Statista, “Automotive Industry”). A potential barrier into the Brazilian market is 

that automobile manufacturers there are likely to resist due to the subsidies in place for the production 

of petrol (Rochabrun, 2019). Despite this resistance, they’ll ultimately benefit as Brazil’s large 

population will provide access to a virtually untapped market of consumers. Brazil is expected to have 

the largest PEV market within the region in the next coming decade (“​Why Cashing in on Lithium in 

South America Won’t Be Easy”, 2018)​. An article by the Inter-American Development Bank (IDB), 

details how Latin American communities are more apprehensive towards EV’s due to less exposure. IDB 

states, “Public procurement of electric governmental fleets is another way to increase public awareness of 

EVs, as well as a way of leading by example” (​Gelvez et al., 2015​). By marketing the CyberTruck II 

towards the Brazilian government, Tesla has the ability to reach more parts of the world by supplying 

them with vehicles while also informing consumers in less likely markets about the benefits of an EV 
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model through government support. As public awareness increases so could Tesla’s focus on the regular 

consumer. 

 
Finance 
Five Year ProForma Statements:  
 
 

 
 
 
 
 
 
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Executive Overview (CFO Report)  

 
● While there are minimal improvements in Tesla’s ratios, net profit has broken zero for the first 
time ever in 2021. One glaring issue in Alternative One is whether or not Tesla has become 
complacent. In order to stay competitive, Tesla needs to stay up to date with innovation. Part of 
what is so appealing about the company is their willingness to take risks and succeed with such 
risks.  
● While Tesla stills falls behind the industry averages in many of the ratios, Alternative Two helps 
Tesla move in the right direction to prevent downfalls they have had in the past. Through this 
alternative, Tesla will finally be able to turn a positive profit for the first time in the company's 
life. This alternative also creates a positive ROE indicating that the alternative brought a positive 
“value” to the company.  
● Similar to the other alternatives, with Alternative Three Tesla is still falling behind by 
comparison to industry averages. This implies that there is still room for improvement overall. 
However, one positive as previously stated, would be Tesla is finally seeing a positive net profit 
margin, even if it is only .71% by 2022. This is still an increase in comparison to their historically 
negative net profit margins. 
 
Financial Analysis:  
● In general for Alternative One, the ratios tend to improve from 2019 to 2022. There is a 
noticeable difference between negative equity in 2018 of -21.59% and 3.85% in 2022. One large 
issue is that their operating cycle is 81.54 in 2022 which is six times larger than the industry 
average.  
● Leading up to the implementation of Alternative Two, Tesla had not been able to turn a profit, 
after implementation Tesla’s net profit margin grew from -3.15% in 2019 to 0.46% in 2022. 
Along with this Tesla was able to have a positive ROE growing form -11.71% in 2019 to 1.57%. 
While this is still considerably below the industry average it is a huge gain for Tesla and their 
shareholders. 
● Overall with Alternative Three, there tends to be an increase in the Ratios. Similar to Alternative 
Two, prior to implementation, Tesla was not able to turn a profit when analyzing the net profit 
margin from 2019 to 2022, there was an increase from -3.15% to .71%, which barely surpasses 
the net profit margin evaluated in Alternative Two. Return on assets was another place in which 
we were able to see an increase from negative to positive over the years. In 2019 the return on 
assets was -2.61% and by 2022 it was able to increase to .63%. 
 
Competitive Analysis:  
With Alternative One Tesla still has ratios that are comparatively much worse than competitors. What 
does help is that they continue to dominate in the stock market, compared to other auto companies their 
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share prices are much higher and continue to be so during the coronavirus pandemic, except for when 
the stock took it’s initial hit. 
 
For Alternative Two, while still falling behind many of their competitors in key ratios such as debt to 
equity, receivables turnover, and return on assets, Tesla is able to turn a higher gross profit margin than 
their competitors. 
 
Under Alternative Three, Tesla still continuously performs negatively as opposed to the industry 
averages whether it be over or under. The best example of this would come from the operating cycle 
ratio, as the industry average is 12.8 days, and Teslas ratio here is 80.3 days.  
 
Benefits/Detriments: 
Alternative   Benefits   Detriments 

1  ● ROE increases by 9.88%   ● Increase in costs for fixed assets 

● The net change in cash for 2020 - 22 is larger than the last  ● Substantial gain in accumulated deficit 
two years.  ● Not reaching potential new markets outside 
● Time Interest Earned is in the positive by 2022 in  China, Europe, and the US 
comparison when it was at -0.47 in 2018. 
● Receivables turnover declines and stays consistent  

2  ● Times Interest Earned increased by 1.69%  ● Operating cycle almost 7x higher than the industry 
● Growth in current ratio towards industry average  average 
● Net profit moves positive after years of being negative   ● Fixed asset turnover is still much lower than the 
● ROE increases by 13.28%   industry average. 
● Return on Assets moves from negative to positive ● Net Profit Margin still below industry average by 
2.58%

3  ● Net profit margin increases by 5.66%  ● ROE 14.19% lower than industry average 
● Receivables turnover decreased by 8.84 days between   ● Significant increase in total liabilities due to long 
2018- 2022  term debt being taken out to build factory 
● Sales increased by 63.10% from 2019-2022  
● Return on equity moves from positive to negative 
 
Overall Recommendation:​We decided to go with a blend of Alternative One and Alternative Three 
mainly because they have the largest net income, higher times earned ratio to meet debt obligations, and 
the best ROE by 2022. We also believed that the combination of Alternative One and Three would be 
beneficial in the long run because Tesla is introducing more differentiation into their product line with 
the creation of the Model Y and the CyberTrucks, which will appeal to a wider audience unlike 
Alternative Two, where it drops their plans to manufacture the Model Y due to potential 
cannibalization. This blend also supports Elon Musk's mission of making electric vehicles more 
accessible and more affordable to the world to push the objective of environmental sustainability.  
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Marketing Exhibit 1 
Car Model  Target Segment(s) Description  Potential for Cannibalization 

Model 3  Model 3’s are four door sedans with a capacity of five people, it is currently the  The potential remains small, but it could 
most affordable option in Tesla's product line ("Tesla Model 3", 2020). While  cannibalize Model S sales to some extent if 
being the cheapest, an article from Hedges and Company stated that the average  some people opt for the Model 3 with full 
income of a Model 3 owner is $128,140, roughly $25,000 less than the average  upgrades over a base Model S. A fully 
income of a Model S owner ("Tesla Model 3 Demographics: Income, Age,  upgraded Model 3 comes in at only about 
Gender, and More", 2020). Hedges and Company also stated that the average  $56,000 leaving it still $24,000 less than the 
ownership age of the Model 3 is 46, however with the lower cost and lower  Model S starting price. The potential for 
average household income from owners, an assumption can be made that this  cannibalization of Model 3 sales in the future 
Tesla model can be marketed to a younger demographic ("Tesla Model 3  from the Model Y also exists but is not likely 
Demographics: Incom, Age, Gender, and More", 2020). The Pew Research  to be very large; Model 3 starting price is 
Center shows that Facebook is the largest social media platform used across all  $12,000 less than the Model Y, and Model 3 is 
segments (Hanley, 2019). With this information in mind, Model 3 could be  a sedan, and the Model Y is a SUV crossover. 
widely marketed on Facebook and other social media platforms to attract more 
consumers. Segments include Young and Influential, Urban Achievers, and 
Urban Elders ("Segment Details'', 2020). We believe that the international 
target market characteristics parallel the US segments. Government incentives 
in China and many European countries such as Norway, where EV purchases 
are exempt from the country's 25% value-added tax, will make Tesla more 
competitively priced. These incentives will allow Tesla to appeal to a larger 
market internationally (Balzhauser, 2017). According to Statista, Tesla’s Model 
3 was the highest selling EV in Europe, with roughly 95,000 sales in 2019 
(Wagner, 2020).  

Model S  Since only a 4-door sedan is not preferable for families with children. With  Very low potential for cannibalization of 
quick acceleration and more performance driven this vehicle would be used by  other product lines, but it faces some 
someone that likes a thrill ("Model S.", 2020). An article by the Consumer  cannibalization risk itself from Model 3. If it 
Report states that the Model S can cover 373 miles on a full charge, which is  did cannibalize other models, it would likely 
one of the largest ranges of all EV's. ("Consumer Reports'', 2020)This is the  be the Model X because of the similar starting 
second most expensive Tesla product meaning would most likely be purchased  price, but again this is likely minimal because 
by someone falling in a higher income bracket. Most likely segments Upper  one is a sedan, and the other is an SUV. 
Crust, Big fish small pond, and Upward bound ("Segment Details'', 2020). 
With the intention of this model being marketed more towards thrill seeking 
individuals and not a family vehicle, this Model would be conveniently 
marketed on Facebook and social media as the potential buyer is looking for 
luxury as opposed to a family vehicle. As described in an article by Hedges and 
Company, a majority of Tesla owners do not have children ("Tesla Model 3 
Demographics: Income, Age, Gender, and More”, 2020). This statistic further 
outlines why this model can be largely marketed toward thrill seeking, 30 year 
old, couples, and individuals.  

Model Y  The Model Y holds up to seven people and is a midsize four door SUV  The Model X is the premier SUV that Tesla is 
crossover, the driver of this vehicle can go anywhere within 316 miles ("Model  offering to its consumers; this market could 
Y", 2020). Because this model boasts its capability to go off-roading through  be cannibalized by the offering of the new 
mud, rain, and ice, and has the ability to fold down the seats inside in order to  crossover SUV Model Y. These products are 
carry large items, such as luggage and equipment, it would be useful for  within the same price points and offer similar 
someone looking to travel a lot and to save on gas at the same time. This Model  features. The Model Y also has higher 
offers adventure potential as the EV is sustainable for the environment and can  performance compared to its Model X 
withstand various terrains, and could be marketed towards individuals and  counterpart making it a potential competitor 
couples with an adventurous and free lifestyle. Most likely segments are  to the Model S. This performance along with 
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Campers & Camos ("Segment Details", 2020). As the average cost is lower than  the increased space and features make the 
the other models it would probably be best to market towards upper middle  Model Y more desirable.  
class 30 to 40 year olds. It is less likely to be marketed towards families; as to not 
cannibalize Model X buyers. Segments can include Crusin' to Retirement, 
Beltway Boomers, and Urban Elders ("Segment Details", 2020). An article by 
Statista points out that once the Shanghai Gigafactory is built, it will be much 
cheaper to produce the Model Y abroad ("Cyber Truck", 2020) (Richter, 2019). 
With this in consideration, it is important to further target the Model Y in the 
Chinese EV market and to continue being the number one model sold.  

Model X  The Model X is a 6-8 person luxury SUV that prioritizes occupant safety and  The risk of cannibalizing other models' sales is 
comfort, these features will most likely draw in wealthier families that want to  low. It could compete with the Model S 
show off their wealth while also keeping their children and themselves safe  because of its similar starting price, but this is 
("Model X Tesla", 2020). These will primarily be located in more wealthy  unlikely or going to be marginal because one 
suburban areas. These families are willing to spend more money on these  is an SUV and the other a sedan. It faces some 
vehicles, however, they must provide all the necessary characteristics ("Tesla  potential cannibalization from the soon to be 
Owner Demographics: Income, Age, Gender, and More", 2020). Families  delivered Model Y. The risk of 
utilizing this Model are likely to share about their positive (or negative)  cannibalization from the new Model Y in our 
experiences with friends and families on Facebook. This social media activity  assessment is low because someone buying an 
can be beneficial to Tesla as families will be marketing the benefits of this family  SUV that starts at roughly $79,990 is 
oriented model to other families who may be apprehensive about the idea of a  different from the person that is looking at a 
family, and luxury vehicle.   SUV that is starting at $50,000. The Model Y 
is also an SUV crossover and not a full sized 
SUV like the Model X. The Model Y's price 
point puts it in competition with cars such as 
an Audi Q7, which is a high end luxury 
vehicle, but the Model X's price point means 
it competes with Range Rovers and other 
ultra-luxury SUVs. 

CyberTruck I  Incredibly durable all terrain truck, that prioritize passenger protection.  CyberTruck is vastly and physically different 
Extremely high towing capacity as well as being incredibly versatile for any job  from the other models offered by Tesla. The 
necessary ("CyberTruck Tesla", 2020). Will be primarily used by trade labor  CyberTruck also is aimed at a completely 
professionals as well as those who could primarily benefit from its pure tracking  different target market to previous models. 
capabilities. Will most likely be located in more rural or farming areas where the  With this in consideration, there is a low 
use of a truck is more necessary. Consumers are going to be more likely to shop  chance of the CyberTruck cannibalizing a 
around longer and compare it to its internal combustion engine counterparts.  different model. 
Less likely to be on social media or other media platforms. Most likely segments 
include Toolbelt Traditionalists, Country Strong, Country Squires (Claritas).  

CyberTruck II  The CyberTruck II has similar characteristics to the first CyberTruck model in  There is the potential that CyberTruck II 
that it has a high towing capacity and is very versatile for all environments.  could cannibalize CyberTruck I because it 
According to the Case Study, it differs in that it will be a more compact and less  has a lower cost. This potential, however, is 
expensive version in order to reach lower purchasing power areas such as South  lowered because of the appealing features 
America and Africa. This product will most likely reach lower income  CyberTruck I has. CyberTruck II is much 
individuals without children because it is a single cab with two seats. Will be  more likely to have a lower range per charge 
used primarily in rural areas by farmers and by product distributors. Possible  and will probably only be a single cab truck, 
market segments could include governmental and international organizations  this means that there will be less room and 
that need a vehicle to go into conflict areas that will protect the occupants  thus less desirable than the original 
inside (bulletproof glass and durability).  CyberTruck I. 
 
 
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Marketing Exhibit 2: Sales Forecasting and Cannibalization 

Assumptions 

1.) Sales on the Model S dropped ~ 6.85% from 2016-2018 after the release of the Model X, since 
nothing is changing in this alternative it is reasonable to assume that this trend will continue 
(Demandt, 2020). 
○ This applies to Scenario One (2020, 2021, 2022) and Scenario Two (2020, 2021, 
2022) 
2.) While the Model 3 is in a different target market than the Model X and Model S it is 
reasonable to conclude that since they are all Tesla vehicles they will cannibalize the sales of 
one another. However this will not be a substantial difference so we are predicting a 3% 
cannibalization rate.  
○ This applies to Scenario One (2021, 2022) and Scenario Two (2021, 2022) 
3.) Tesla claims that they will deliver over 500,000 cars in 2020 this is largely in part due to 
upcoming release of the Model Y. Tesla states that the Model Y is the most efficient car to 
manufacture and the market excitement around the vehicle makes it an eager release for 
consumers (Cheromcha, 2020) . This factor gives us the assumption that the Model Y will 
have a cannibalization factor of around 5% over the other Tesla products.  
○ This applies to Scenario One and Two  
4.) Since the CyberTruck I does not come onto the market until 2021 their sales will not 
cannibalize Tesla’s other products in 2020. We estimate a cannibalization rate of around 2%. 
○ This applies to Scenarios One and Two  
5.) We do not expect very much cannibalization from CyberTruck II since it will mostly be sold 
in markets we are not currently accessing. We estimate an increase of around 3%. 
○ This applies to Scenario Three
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Marketing Exhibit 3 
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1. For Scenario One, since the Model 3 is within 

the price range of all of the direct competitors, we 
decided to keep the price the same. This decision 
helps Tesla remain the most affordable option 
within the target market without compromising 
performance features. 

2. For Scenario One, because the Model S is 

significantly lower priced then the direct 
competitors, we decided that Tesla should raise the 
price of the base Model S to start at $80,000. This 
price would keep Tesla as the most competitively 
priced alternative while also being competitive with the Porsche Mission E concept car that won’t be available until 2021.  

3. In Scenario One, since the Model X is competitively priced to the alternatives, we decided to keep the price the same. While Tesla 
will not benefit on revenue per car they will continue to push cars with their superior features.  

4. In Scenario One, while the Model Y hasn’t officially been released to the market yet the starting prices of the vehicle making the 
Model Y a strong competitor for the other vehicles in the target market.  

5​ . For Scenario One, our target market for the Tesla CyberTruck I is more blue collar workers who value performance and job 
related features over unnecessary comfort features. This leads us to believe that we should lower the base model price to $35,000 for 
2021 so that it is more accessible to that market.  

6. ​In Scenario Two, Tesla will be dropping the production of the Model Y, as it has the potential to cannibalize the Model S and 
Model X. Because of this, Tesla should plan to slightly increase the prices of the Model S and Model X by $3000. As a result of the 
discontinuation, potential customers of the Model Y will look for a different model to purchase. By increasing the price of the Models 
S and X will give Tesla more of a financial gain. 

7. In Scenario Two, there will also be an increase in the production of the Model 3, in the European market as a result of the 
introduction of the Berlin Gigafactory in 2021. With this in consideration, the price of the Model 3 will decrease in the year 2022 as 
production of this model in Europe will be easier and there will be more inventory in the area. Lowering the Model 3 price in Europe 
will also help it be more competitive. 

8. The changes in Scenario Two will not be taken into effect until 2021, because of this, 2020 will see a price adjustment factor of 0%.  

9. Scenario Three presents the opportunity for Tesla to begin production of the CyberTruck II, which will be sold in South America 
or Africa, at a lower cost compared to the CyberTruck I. Tesla should increase the price of the CyberTruck I in the United States 
Market, since it will be offering a lower end truck in other parts of the world. Since no new vehicle will be introduced until 2022, then 
there will be a price adjustment factor of 0% for 2020 and 2021. 2022 will see an increase in the price adjustment factor by 12% 
because we will be bumping up the starting price of the CyberTruck I, the introduction of the CyberTruck I to African and South 
American governments will lead to an increase in Tesla sales worldwide.  

Marketing Exhibit 3 (continued) 

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Marketing Exhibit 4 
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  Campaign 1  Campaign 2  Campaign 3  Campaign 4 

Year  2020-2022  2020-2021  2020-2022  2021-2023 

Car Model  Model 3  Model S  Model Y   CyberTruck 1 

Target Segment(s)  China  Europe, 35-50 years old,  Europe, America,  Rural/Suburbs United 
higher income bracket  25-35, young  States, Toolbelt 
and social sphere, no  professionals  Traditionalists, Country 
children/older children,  Strong, Country Squires, 
couple/individual  Farmers ages 35-60 (USDA 
NASS, 2017), America 

Theme  Loyalty program  Luxury, performance  Adventure  Performance 

Promotional Mix  Referral Program  Digital / Viral Campaign  Digital/ Viral  Guerilla Marketing/Viral 
Campaign  Campaign 

Media  Advertise on Tesla  Youtube, Twitter  Instagram, Youtube  Facebook, Twitter, and 
Website  (Influencer Marketing)  LinkedIn ("Statista Research 
Department", 2016) 

Message and Type of  If you refer a friend  Lifestyle/Psychographic  Using Travel bloggers,  Surprise/Excitement appeal; 
Appeal  to buy a Tesla they  Appeal; short  and influencers to show  bring a CyberTruck into a 
would get $500 off  advertisement will  off the Tesla Model Y  small town and let locals 
their Tesla and the  display a high-end  can bring you places  drive it (hidden cameras 
referer would also get  lifestyle that one would  that you never have  inside) 
$500 off their next  obtain with a Tesla  been before, while 
Tesla purchase  Model S on Elon Musk's  doing it in such a 
twitter account. An  luxurious way 
average tweet has a range 
of interaction between 
50,000 to 200,000 
hearts("elonmusk", 
2020) 

Projected Reach  150,000  200,000 - 300,000  200,000  250,000 

CPM  $0  $0  $6.50  $6.60 

Total Cost  $0  $50,000 (cost of making  $130,000  $165,000 

ad) 
 
 
 
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Operations 
Exhibit One 
Company name and Description of Product(s) and/or Service(s): Tesla 
Model S  Model Y  Model 3 Model X  CyberTruck Solar Roof/Panels 
Company’s business model: ​Tesla follows a three pronged approach of direct selling to increase the 
speed of product development, servicing to meet customer demand, and building a supercharger 
network to increase the adoption rate for electric cars (Zucchi, 2019). 
Goals: “​To accelerate the advent of sustainable transport by bringing compelling mass market electric 
cars to market as soon as possible” (Musk, 2013).  
Order qualifiers: R​ eliable chargers to charge the vehicle, the car is durable and will serve the 
customer for the long term. Tesla is equipped with high end advanced safety features, as some high 
performance cars put less emphasis on safety.  
Order winners: ​Direct customer service, the repair people come to the customer, not the other way 
around. System updates wirelessly. Electricity costs are lower than gas so the customer saves more 
money in the long run. 
Competitive advantage(s): D ​ ue to the implementation of vertical integration Tesla will have a 
competitive advantage in the cost of their products. Tesla produces most of their parts, which can be 
used in multiple models. Tesla maintains control of their production because they do not rely heavily 
on many suppliers. Tesla creates a system that is hard to imitate due to advanced software and lack of 
suppliers that competitors have access to.  
Organizational strategy (Pick one or a combination):  
Cost Differentiation Focus 
Operations strategy: ​The operations strategy in use is quality based. When optimizing this strategy, 
companies emphasize improving the quality of products while also working on attracting and 
retaining new customers. Tesla is currently planning on expanding their reach in the markets that they 
are already operating in. With a quality based strategy Tesla will be able to serve this current market 
better as opposed to expanding too far and lacking quality where they were already receiving business. 
Tesla will later begin to transform into more of a time based strategy as they strive to reduce the time 
and costs of manufacturing the parts for their various products.  
Does the company’s operation strategy align well with their organizational strategy? 
The organizational strategy and the operational strategy align well because in the future Tesla will be 
working on a more time based strategy to make production more efficient. In relation to the quality 
based operations strategy, it ties together well with the focus organizational strategy because Tesla is 
attempting to make its products stand out more, and penetrate current standing markets further.
 19 

Exhibit Two
Is the company making a product or delivering a service?  Product ​X​Service Both  
Does study of Complexity and Divergence apply to this company? Yes No ​X 
What are the company’s core competencies? How these core competencies are harnessed to be 
successful: ​Tesla’s core competency is being able to manufacture an EV that is sustainable for the 
environment while classifying as a luxury vehicle. As stated in the Case Study, Tesla is the leading 
manufacturer for EV sales globally, and the leader in new EV sales. Tesla is a luxury vehicle brand, 
customers are able to seek the benefits of operating a sustainable vehicle, while also falling into a more 
luxurious setting. While there are other EV’s on the market, they cannot imitate the luxury of Tesla. 
Identify what process type best matches the product/service this company makes/delivers. 
Explain why: C ​ ustomized products are described as, “New products are slight variations of existing 
configurations” and “Similarities of projects allow for streamlined and highly structured developed 
processes.” For Tesla, each new model uses the same EV design and automotive parts but, utilized 
differently to each model.  
What are the product / service characteristics important to the company’s customers? How 
do the product characteristics explained above translate into technical characteristics?  
Customer  Technical  How were these technical characteristics attained? (Connections with 
Wants and  Characteristics  processes) 
Needs 
They want to be  The lithium ion  Tesla currently has five giga-factories where they build cars and batteries. Tesla 
able to go further  battery can be  is on its way to building its own cell batteries with special machines to fit its 
with little cost  charged in the  vertical integration strategy. This means that in all areas of production they 
customer's home for would have control. Currently, however, Tesla gets its lithium from the 
no cost.   Chinese company Ganfeng Lithium (Mckenna, 2019).  
They need to be  All-wheel-drive (dual 
Their engineers look at what needs to be achieved in this case handling and 
able to drive in  motors).   performance on rough terrain. Then they analyze how others have overcome 
the rain, mud, or  this issue which it has and many times and all wheel drive is the best way for 
rough terrain  achieving it. Then they use computer models to design an all wheel drive 
system that will function in the car they plan on building before they make 
prototypes. They will tweak as needed based on prototype testing and readjust 
the design until they have a product that performs to a level that is satisfactory. 
They need the  Front, side, overhead  This is done through crash tests which are done on special courses or indoor 
car to be safe  impact airbags.  facilities that cars can be purposely crashed in to assess survivability. Tesla's 
Security system.  models also are made from a combination of aluminum and 3 different grades 
Seatbelt  of steel ranging from mild to ultra high strength. A sensor laden manikin is in 
pretensioners. (2018  the car when it is crashed to measure the effects of an actual accident. This 
Model X)   process is repeated multiple times. Computer models are also used.  
They want the  All cars are  Teams of engineers spend hours coming up with vehicle concept designs. Tesla 
car to look nice  customizable by the  uses an online portal for customers to order cars that will have their chosen 
customer.   customizations delivered to them.  
 20 

Exhibit Three
Indicate the Dimensions of Quality on which the company is focused. 
  Why is this dimension important, given their industry & target market? 
Aesthetics   The demand for their cars is largely oriented around the prestige the brand holds. Just like a Rolex, 
Tesla’s target consumers see a high price as a sign of superior quality and therefore it is preferable to 
them even if they don’t care about the environmentally healthy aspect of the car. The price of the cars 
is relatively inelastic, meaning that if they were to up their price on any of the cars their average 
consumer would still be willing to purchase due to it being a “status symbol”. They are known for 
their sleek “futuristic” look and often push the envelope of what a normal car style should be.  
Serviceability  Tesla must have robust service capabilities to assist consumers with issues that arise during or after 
their purchase. For the convenience factor of the consumer, Tesla will send an individual to the 
customers home to service their vehicle. This convenience appeals to all segments and target markets as 
it is mendable to fit into the consumer's life.  
Performance/ Special  Performance has been one of the most important criteria for buyers since the invention of the 
Features  automobile. Performance exhibits a sign of quality and provides buyers information on elements of 
the car like safety, gas mileage, and internal space. In addition to performance, special features are 
important because they give an advantage over other vehicles of a similar build, providing more 
incentive for a potential customer to choose Tesla.  
Reliability   Consumers look for vehicles that will last and not need constant repairs. If a car requires frequent 
maintenance, consumers will be dissatisfied, negatively impacting the company. Tesla needs to 
manufacture vehicles that will last consumers and will not need constant repairs. Tesla manufacturing 
must also ensure the charging station is reliable. 
Does the company have any proactive quality assurance plans? ​Tesla has proactive quality measures in regards to the 
safety features of the vehicle. In a brief article written by Craig Trudell for Bloomberg, the authors assert that the Tesla 
Model 3 earned top ratings in 2018 after it’s safety evaluation. The article also states that the Model X and S both received 
five star ratings (Trudell, 2018).  
Does the company have reactive quality assurance plans? Does that include a recovery plan should a customer 
receive poor quality goods and/or services? T ​ esla can also be reactive in terms of assessing quality. In 2015 there was a 
recall of almost 60,000 Model S cars (“Tesla Recall History”, 2018). The 2015 recall luckily came before too much damage 
was done in terms of litigation and settlements, but it does not bode well for the company considering they don’t sell that 
many cars a year. In addition to the 2015 recalls of the Model S, in 2018, Tesla once again had to recall 123,000 Model S cars 
(Eisenstein, 2018).  
Does the company utilize a quality/process improvement methodology, indicate which: 
☐ NA ☐ TQM X​Six Sigma ☐ ISO ☐ Benchmarking ☐ Other: 
 
Provide a specific explanation of how the specific quality methodology relates to the company’s business and how they implement it.  
Tesla utilizes Six Sigma in order to improve their manufacturing process by hiring engineers to work on process efficiency and to 
streamline production so that more value is added to the product and costs are reduced (“Six Sigma, 2018). Tesla also uses high precision 
robots wielded by highly skilled workers to minimize errors and improve automation (Muller, 2018). Due to Tesla’s vertical integration 
business strategy, they will not produce anything that doesn't add value to the product and they make everything in one central location to 
improve efficiency and maximize productivity. Some doctrines that Tesla maintains include, “no unnecessary inventory, limiting motion, 
no downtime, and reducing processing time (Chan, 2016).”  
How has quality assurance (or lack thereof) has affected the company’s success? O ​ ver the life of the company, Tesla 
has undergone several recalls on several different models. In an article written by Melissa Chan for Time, she states that Tesla 
had to recall 2,700 Model X vehicles (Chan, 2016). Even though Tesla takes proactive quality assurance measures through 
safety testing, their quality has still fallen short, and have had to recall vehicles numerous times and for a variety of reasons. 
 21 

Exhibit Four 
Describe the company’s supply chain from supplier selection to distribution of final product(s). 

Tesla has a large number of suppliers, the most important being Panasonic with whom they just recently signed a 
three-year deal with for their supply of lithium batteries (Ouerghi, 2020). Once all of the materials and parts have been 
procured and delivered, they enter Tesla's inventory at one of the factories. At the factory, these components go into 
producing Tesla vehicles. These factories rely on 100% renewable energy. These cars have several features that are order 
specific. When orders are received by Tesla, they develop each vehicle to the consumer's request. The result is slight 
variations between products, but they are all variations of different bodies. The consumer buys the product online, then 
they deliver it to them from their showroom or directly from a factory. 
What implications does each of the alternative solutions have on capacity level, type of resources and 
costs? 

Alternative One: For this alternative, the capacity level would slowly increase over time but stay relatively the same in the 
beginning. The resources used, however, would be obtained from local sources, such as the lithium for the batteries in the 
car which instead would be obtained from Sigma Lithium, which is a plant being built in 2020 (Rostas, 2020).  
 
Alternative Two: Alternative Two presents the option to eliminate the production of the Model Y as it may cannibalize the 
sales of the Model S and X. With fewer Models available, and more focus being placed on the production of the Model S 
and X, with considerations of the Model 3, this will lead to an increase in capacity. Each Tesla model utilizes the same 
resources, by removing the Model Y, there will be more that can be invested in the increased production of the Model S, X, 
and 3.  
 
Alternative Three: Alternative Three focuses on the production of a new cheaper CyberTruck along with the building of a 
new gigafactory. This means that capacity will initially decrease with the release of another product using the same 
resources. However, the capacity will inevitably increase more once the gigafactory becomes fully operational.  
What implications does each solution alternative have on inventory level and type, as well as cost of 
inventory? 

Alternative One: 3.77 billion (2020, Financial Statement) ​***3.55 billion (2019, Financial Statement)*** 
Inventory costs would increase because of the additional costs associated with production of the Model Y. The increased 
inventory costs would result because of parts and intermediate products needing to be stored and managed in addition to 
existing models. The cannibalization of other models resulting in lower inventory costs originating from their production 
would not offset the absolute increase in inventory costs resulting from additional volume of the Model Y, additional 
complexity of storage, procurement, and management of the inventory and all costs associated with these. The relative 
inventory cost will likely increase as well, but when compared to the Alternative Two and Three , this relative difference is 
lower. 
Alternative Two: 3.82 billion (2020, Financial Statement) 
This option would have the largest inventory cost in absolute terms (magnitude) and in relatively (proportion to the 
whole) to overall costs. The higher volume of production anticipated with scaling Model 3 production will offset any cost 
savings associated with purchasing, storing, and managing like parts and finished products. 
Alternative Three: 3.77 billion (2020, Financial Statement) 
This alternative would tie with the first alternative for the lowest inventory costs in absolute terms, in proportion to the 
total cost, inventory costs would be higher than the first alternative. The additional inventory costs associated with the 
CyberTruck II is responsible for this relative increase. Building different products increases inventory cost as a proportion 
of total costs because of the parts needed to be bought and stored and the different intermediate parts requiring storage.  
 
 22 

Exhibit Five 
  Status Quo  Model 3 Scale Up   CyberTruck Re-Design 

Operations  Ramp up production of  By discontinuing the Model Y,  Market towards lower 
Strategy   Model 3 in China, start  Tesla will focus on the  purchasing power of the South 
production of Model Y in  production of the Model S and  American market, specifically 
California factory, continue  X, as well as increased production  Brazil (first for government 
to stay steady with sales of X  on the Model 3 in European  fleets then consumers). 
and S.  Markets.    

Product/  Model 3, Model X, Model S,  Model S, Model X, Model 3   Model 3, Model X, Model S, 
Service Design  Model Y, and CyberTruck I    Model Y, CyberTruck I, and 
CyberTruck II 

Quality  Aesthetics, Servability,  Aesthetics, Servability,  Aesthetics,Servability,Performa

Performance/Special  Performance/Special Features  nce/Special Features, 
Features  Reliability   Reliability  
Reliability  

Capacity  Slowly increase over time but  With fewer Models available, and  Capacity will initially decrease 
stay relatively the same in the  more focus being placed on the  with the release of another 
beginning.  production of the Model S & X,  product using the same 
and ramp up of the Model 3, this  resources. However, the 
will lead to an increase in  capacity will inevitably increase 
capacity.   more once the gigafactory 
becomes fully operational.  

Inventory  The resources used in China  This alternative will result in the  Inventory costs for the redesign 
would be different from  highest inventory costs overall.    of the CyberTruck I, will be 
resources used in the U.S.;  equal to the cost of the status 
different vendors/different  quo.  
wants and needs. 

Distribution   US - Deliver models after  Europe - Export materials  We would need to develop a 
order to show  overseas, distribute from Berlin  distribution network in South 
rooms/consumer  America or outsource this 
function through a local 
company. 

Procurement  For California models,  Economies of scale would  Decrease supply chain cost 
procure batteries from  improve, because of larger  because South American 
Nevada plant.  purchase volume of the same  factory is closer to lithium 
components.  supply in Brazil. Local 
Manufacturers to source parts. 
 
 
 
 23 

Final Recommendation:  
Tesla’s optimal solution is to continue penetrating the markets they currently serve with the 

Model 3, S, and X. They will proceed with the plans to later introduce the Model Y and CyberTruck I 

in these markets and further invest in service stations all around Europe. Tesla will also design and 

develop the CyberTruck II to be sold for mainly lower purchasing power markets in South America.  

From a management perspective, continuing to penetrate the markets Tesla is already present in 

perpetuates their risk-avoiding strategy, which will alleviate some of the fall out that may arise within 

the first few years by introducing production in the Brazilian automotive EV market. As of January, 

the CCJ commission approved a proposed bill that will make the sale of newly manufactured 

petrol/diesel powered cars in January 2030 ​(Carfrae, 2020).​ In order to support this initiative the 

regional ​São Paulo portion of the EDP (the largest electric company in South America) is installing 

around 30 electric charging stations along the highway between Rio and Espírito Santo (Bland, 2020)​. 

This means the existing infrastructure in Brazil will allow for new stations. By also ramping up the 

production at the Shanghai plant, Tesla will be able to create steady growth outside of the United 

States. 

In respect to Finance, the net income is projected to increase by $612 million for Alternative 

One and $524 million for Alternative Three between 2020 and 2022. In terms of shareholder equity, 

ROE is expected to increase 7.22% for Alternative One and increase 6.21% for Alternative Three 

between 2020 and 2022. This means in order to produce a higher projected income, Tesla should 

continue with the status quo which will be relatively risk free while also creating the potential for 

long-term growth by investing outside of the U.S. 

As for Marketing, Tesla is leading the EV market and is setting the precedent for its 

competitors to follow. While Tesla has the competitive advantage currently, the alternatives selected 
 24 

will help them attract more customers to build long-term relationships with. In order to justify the 

ramp up in production of Model 3’s in China, Tesla must bring in new customers. That is why they 

will create their loyalty program which will give a discount to new customers who refer a friend that 

also buys a Tesla (they will also receive a discount).  

Tesla’s operations quality control, while important, should become non-negotiable. Because 

of recent call-backs and issues with their systems, Tesla could be in danger of losing what is so very 

appealing about their brand; that is, they can charge astronomical prices because of their perceived 

high quality. If that quality suffers and their name continually gets dragged through the dirt, it will 

affect their customer quality meaning their value overall as a company will decrease. In order to 

preserve that quality they will continue to improve their processing time and utilizing all the talent that 

they have available to them. 

While Tesla has accelerated past their competitors in the EV market, they should continue to 

raise the bar that automakers aspire to, so they can remain the leader in the sustainability industry. The 

alternative course of action selected will help to propel their success farther by reaching different parts 

of the world while continuing to build strong and lasting relationships with their consumers.  

 
 
 
 
 
 
 
 
 
 
 
 
 
 25 

Bios and Photos: 

 
My name is Gretchen Angerman and I am from Pittsburgh, Pennsylvania. I am currently 
a rising Senior, majoring in Marketing at JMU. Along with my academics, I am a 
member of the Women in Business club, as well as Borderline which is JMU’s 
snowboarding and skiing club. In my free time I enjoy going on hikes with my friends, 
  painting, and participating in workout classes at UREC.   

My name is Mitchell Langford and I am from McLean, Virginia. I am a Junior finance 

major with a minor in economics in the College of Business at JMU. I am the 
community service Philanthropy Chair for my fraternity and an ambassador for GIVE. 
In my free time I enjoy doing outdoor activities such as fishing, hiking, and camping. I 
am also involved in intramural sports as well as volunteer organizations at JMU. 
 

My name is Claire Leidinger and I am from Ashburn, Virginia. I am currently a rising 

Junior, majoring in Computer Information Systems with minors in Environmental 
Information Systems and Honors Interdisciplinary Liberal Studies. In addition to my 
academics I am a member of Student Ambassadors, serving as a campus tour guide to 
  prospective students and families. 

My name is Con Shine and I am from Mclean, Virginia. I am majoring in management 

at JMU and in my junior year. This spring was my first semester at James Madison. I am 
a part-time real estate agent but try to focus my time on my studies. I enjoy traveling, 
spending time outdoors, and talking to people.  
 

My name is Emma Soper and I am from Blacksburg, Virginia. I am currently a rising 

Junior Business Management major at JMU. I am also minoring in Computer 
Information Systems because of my interest in cyber security. I like to stay involved on 
campus by participating in clubs University Program Board (UPB) and Saferides. In my 
  
freetime I love to spend time with friends, family, and my new puppy Delilah.  

My name is Zach Tillery and I am from Powhatan, Virginia. I am currently a rising 

Junior, majoring in Computer Information Systems with a minor in Computer Science. 
My involvement on campus includes being treasurer for Club Dodgeball along with 
being a member of Student Ambassadors. I also work as an Operations Supervisor at 
 
UREC and spend a lot of my time there.  

My name is James Wheeler, but you can call me Austin. I am a rising Junior double 
majoring in Finance and Economics with a minor in Honors Interdisciplinary Liberal 
Studies. In addition to my academics, I am a member of the Men’s Club Soccer team. 
This coming fall I will be a FROG, guiding the first years through their transition to 
college. In my free time I like to play cornhole and listen to music with my friends. 
 
 26 

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 28 

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 29 

 
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Appendix 

 
 
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