Outside of the upcoming Cybercab launch, Tesla has also been pushing forward with an “advanced technology fab” in Austin and plans for the next generation of Optimus robots to be built at Gigafactory Texas in Austin. Tesla’s factory near Austin employed about 22,000 people as of last year, making it the second-largest private employer in the area.
Meanwhile, competitor Rivian Automotive Inc. ranked No. 68 on the list, noted for its “process innovation.” The California-based EV maker, which has a notable presence in the Austin metro area, is preparing to release its next vehicle, the R2 — a five-seat, midsize electric SUV aimed at the mass market.
Tesla wasn’t the only Austin tech company recognized. Oracle Corp. placed higher at No. 10. The cloud tech giant was recently reported to have dropped plans with OpenAI to expand an artificial intelligence data center in Texas. Like Tesla, Oracle was recognized for product innovation.
In its methodology, Fortune explained that product innovation evaluates a company’s products and services, covering aspects such as design, usability and uniqueness. To score this, a company’s IP portfolio was analyzed, and the opinion of experts and potential customers was considered. Process innovation consists of an analysis of all processes, including sourcing, production, marketing, sales and support.
Some of the other names on the list include Alphabet, Microsoft and Apple as the highest-ranked companies. Another one of Elon Musk’s companies made the list, with SpaceX appearing at No. 57. Other Texas-based companies in the top 100 included Exxon Mobil, AT&T, Hewlett Packard Enterprise and Caterpillar.