Elon Musk’s Tesla Abandons California, Sets Up HQ in Texas
Elon Musk’s electric vehicle maker Tesla has announced that it is officially moving its headquarters from Palo Alto, California, to Austin, Texas.
CNBC reports that during Tesla’s recent 2021 annual shareholder meeting, company CEO Elon Musk announced that the company’s headquarters is officially moving from Palo Alto, California to Austin, Texas. Speaking at Tesla’s vehicle assembly plant under construction just outside of Austin, Musk announced the move.
However, the firm will retain a presence in California despite the HQ move. “To be clear we will be continuing to expand our activities in California,” Musk said. “Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it’s jammed.”
Musk added: “It’s tough for people to afford houses, and people have to come in from far away….There’s a limit to how big you can scale in the Bay Area.” – READ MORE