Tesla to move headquarters to Texas, says Elon Musk

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“I am delighted to announce that we are moving our headquarters to Austin, Texas,” CEO Elon Musk said Thursday at a meeting of Tesla shareholders.

The electric car company is currently based in Palo Alto, Calif., Near its original headquarters in San Carlos, and its first plant, in Fremont. Musk said Thursday there was a “limit to how tall you can reach in the Bay Area.”

He cited the affordability of housing and the long commutes it can create as obstacles for its current location, and said the Austin plant is five minutes from the airport and 15 minutes from the downtown. The median price of homes in Palo Alto is $ 3.3 million, according to Realtor.com, while the median price of homes in Austin is $ 588,000.

Musk himself said in December that he had moved to Texas and that one of his other companies, SpaceX, was developing a massive rocket system known as the “Starship” in South Texas.
Tesla sees production increase in Q3
Despite the move, Musk said You’re here (TSLA) plans to continue to expand “significantly” in California.

“It’s not a question, in a way, that Tesla is leaving California,” he said. He added that the company intends to increase production by 50% at its factories in Fremont and Nevada.

Tesla could not be reached for further comment Thursday evening. The company does not generally engage with traditional news media.

In May 2020, Musk said in a series of tweets that Tesla would move the company’s headquarters to Texas or Nevada. This came after a dispute between Musk and officials in Alameda County, California, over the safety of the Tesla factory in Fremont due to the coronavirus pandemic.

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