Tesla will move its headquarters to Texas, Elon Musk says

“I am excited to announce that we’re transferring our headquarters to Austin, Texas,” CEO Elon Musk mentioned Thursday during a Tesla shareholders meeting.

The electrical automobile firm is at the moment based mostly in Palo Alto, California, close to its unique headquarters in San Carlos, and its first manufacturing unit, in Fremont. Musk mentioned Thursday that there’s a “restrict to how huge you’ll be able to scale within the Bay space.”

He cited housing affordability and the lengthy commutes it may possibly create as hurdles for its present location, and mentioned the Austin manufacturing unit is 5 minutes from the airport and quarter-hour from downtown. The median residence worth in Palo Alto is $3.3 million, in accordance with, whereas the median residence worth in Austin is $588,000.

Musk himself said in December that he moved to Texas, and one in all his different firms, SpaceX, is creating an enormous rocket system generally known as “Starship” in South Texas.
Tesla sees jump in third quarter production
Regardless of the transfer, Musk mentioned Tesla (TSLA) plans to proceed to “considerably” develop in California.

“This isn’t a matter of, type of, Tesla leaving California,” he mentioned. He added that the corporate meant to extend output from its Fremont and Nevada factories by 50%.

Tesla couldn’t be reached for added remark Thursday evening. The corporate doesn’t usually have interaction with conventional information media.

Again in Might 2020, Musk mentioned in a sequence of tweets that Tesla would move the company’s headquarters to Texas or Nevada. That got here after a dispute between Musk and Alameda County, California, officers over the protection of Tesla’s Fremont manufacturing unit attributable to the coronavirus pandemic.

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