Tesla is an American all- electric-automobile manufacturer that started in the year 2003. Tesla has been on a growth splurge for the past decade. Tesla Motors was formed in order to develop an electric sports car. Funding for Tesla was obtained from a variety of sources, most notably Elon Musk the current co-founder and CEO at Tesla, who contributed towards the new venture and served as chairman of the company, beginning in 2004.
The company's first car, the Tesla Roadster, was introduced in the year 2008 showcasing the capabilities of an all-electric car. The Roadster used the body shell of the Lotus Elise sports car and came with an all-electric battery pack that claimed to deliver a range of 200 miles (around 320km). The electric motor used in the vehicle was powered by lithium-ion cells—often used in laptop-computer batteries—that could be recharged from a standard electric outlet.
Model S Sedan
The next launch by Tesla was its first completely in-house developed car - the Model S sedan in 2012, with the Model X SUV in 2015. Tesla stopped production of the Roadster to concentrate on its new Model S sedan, which was acclaimed by automotive critics for its design and performance. The Model S Sedan carried its batteries underneath the floor, which gave extra storage space in the front of the car and overall improved the handling because of its low center of gravity.
Tesla Model 3
In April 2016, Tesla made the world premiere of a near-production prototype of Model 3. Elon Musk assured during its reveal that the base variant of the Model 3 will start around $35,000 (nearly INR 22 Lakhs). It also has the Model S/X’s Ludicrous mode and will be equipped with full self-driving hardware. Model 3, was unveiled in 2017 and is currently in high demand, with a waiting period of around 12 months. The most affordable Tesla, Model 3, was unveiled in 2017 with a waiting period of around 12 months.
Expansion in the Global Market
Elon Musk has put a timeline for the electric car to set its foot in India. In a recent interaction with the students from IIT Madras, the Tesla CEO said the car may enter bumpy Indian roads by 2020. Elon Musk has also confirmed the arrival of Tesla cars in India in a year's time. Moreover, he has been moving back and for this for a couple of years and is unable to take the next big step. Tesla currently offers 0 car available for sale in India. However, the upcoming Tesla Cars that are expected to launch in 2019/2020 include Model X, Model Y, Model S, Model 3.
It will now get easier to find electric car insurance now when the EVs hit the streets. The majority of mainstream insurance companies now get the electric car insured. The process might be quite similar to that of regular insurance. In case of an accident, you can make a car insurance claim and cover all the losses. Also, in case of an accident you have something known as a roadside assistance car which will ensure you are never stranded in times of difficulties. However, you also have the option of No Claim Bonus (NCB). It is a discount offered on the Own Damage (OD) premium for not claiming on your car insurance during the policy period.
This means that for each claim-free year, the NCB can be earned up to a maximum of 50% over a span of 5 years. This is often regarded as the best way to reduce one’s cost of Own Damage premium at the time of car insurance renewal.