Tesla Motors, Inc., is incorporated in the state of Delaware on July 1, 2003. The Company designs, develops, manufactures and sells high-performance fully electric vehicles and advanced electric vehicle powertrain components. It owns its sales and service network and has operationally structured its business in a manner that it believes will enable it to rapidly develop and launch advanced electric vehicles and technologies. The Company believes its vehicles, electric vehicle engineering expertise, and operational structure differentiates it from incumbent automobile manufacturers. It is the first Company to commercially produce a federally-compliant highway-capable electric vehicle, the Tesla Roadster, which combines a market-leading range on a single charge with attractive design, driving performance and zero tailpipe emissions. Its Tesla Roadster offers impressive acceleration and performance without producing any tailpipe emissions. The Tesla Roadster's proprietary electric vehicle powertrain system is the foundation of its business and, with design enhancements, will also form the basis for its Model S sedan, its Model X crossover, as well as future vehicles. In addition to developing its own vehicles, the Company provides services for the development of electric powertrain components and sells electric powertrain components to other automotive manufacturers. It has provided development services and powertrain components to Daimler AG (Daimler) for its Smart fortwo and A-Class electric vehicles. It has recently announced the receipt of two purchase order for the development of a full powertrain system for B-Class Mercedes Benz vehicle from Daimler. The Company sells and services its Tesla Roadster though its company-owned sales and service network in the North America, Europe and Asia.