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AZ Tech Beat | December 10, 2019

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Tesla Motors’ stock jumps as they announce patent sharing philosophy

Tesla Motors’ stock jumps as they announce patent sharing philosophy
Ryan Loebe

Tesla Motors, an American car company that designs, manufactures, and sells electric vehicles, recently saw an increase in their stock price due to an announcement made by Tesla’s CEO Elon Musk about their philosophy of patent sharing.

Tesla Motors’ stock rose Monday morning after last week’s announcement of their new open source philosophy to their patents. Tesla’s stock opened Monday morning at $206.31 and soared to $224.61 by day’s end. “Tesla Motors was created to accelerate the advent of sustainable transport,” said Elon Musk, CEO of Tesla, in a blog post on Tesla’s official website. The reason behind Tesla taking down their wall of patents is to encourage a streamlined effort to produce more electric cars.

“Tesla will not initiate patent lawsuits against anyone who, in good faith, wants to use our technology,” expressed Musk.

Other car manufacturing companies that have intentions to delve into the electric car scene now have the technology and patents at their disposal to further the electric car industry. Musk believes that, “the world would all benefit from a common, rapidly-evolving technology platform,” because, “some car companies produce no zero emission cars at all,” said Musk.

The announcement of Tesla’s new patent philosophy is coupled with the media’s coverage over the past few months of Tesla’s plans to build two new gigafactories in the southwestern United States region. Texas, New Mexico, Arizona, and Nevada are considered to be frontrunners in the race for the first gigafactory. The tech community is anxiously awaiting the announcement of the location of Tesla’s highly anticipated gigafactory that would bring around 6,000 new jobs to the area.

The state of Arizona put together a comprehensive package that boasts several advantages compared to its competition, such as Arizona is a right-to-work state, zero corporate income tax, and an incentives package that rivals the likes of Texas’ and Nevada’s impressive incentive packages.

Tesla Motors has put its stamp on the car industry by becoming the worldwide leader in electric car technology. Tesla’s impending announcement of their new gigafactories and their restructured patent philosophy have all contributed to Tesla Motors’ recent economic success.

For AZTB’s past coverage of Tesla Motors click here

Contributions from Tesla Motors, Forbes, Biz Journals, and Yahoo Finance