Tesla's Motors' prospects for becoming a 21st-century auto powerhouse have as much to do with its Silicon Valley culture as with its technology, CEO Elon Musk told investors.
During a video recording prepared in advance of Tesla's initial public offering, which could come as early as next week, Musk touted the combination of the company's auto industry and Silicon Valley roots as a key competitive advantage.
"We're closer to an Apple or a Google than we are to a GM or a Ford," Musk said, adding that Tesla doesn't suffer from a slow, bureaucratic culture. "There will not be anybody that will bring technology to market faster than Tesla."
The forthcoming Model S electric sedans will be as high-tech as they come, equipped with a 17-inch touch-screen computer and a design inspired by slick consumer electronics, he said. "The best way to add value to a product is to make it really good-looking and appealing."
Telsa Motors plans to raise an estimated $178 million by going public, with a valuation of over $1.4 billion, according to reports. It's a sign of how electric transportation has shaken up the auto business and created an opportunity for young companies to crack into the auto industry with new technology.
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