Elon Musk announces of moving Tesla’s headquarters to Austin, Texas
By MYBRANDBOOK
Tesla is moving its headquarters from Silicon Valley to Texas, where the electric carmaker is building a plant, Chief Executive Officer Elon Musk told investors.
Musk said at an annual shareholders meeting, "I'm excited to announce that we're moving our headquarters to Austin, Texas. Just to be clear, though, we will be continuing to expand our activities in California."
He said Tesla sales are growing strongly, and that the company is ramping up deliveries despite shortages of computer chips and other components.
Musk aims to increase production at its plant in Fremont, California, by some 50%. But that plant is hitting its limits on how much more it can handle. "When we first went in there it was like a kid in his parents' shoes; tiny us and this giant factory. Now, it's like a spam can. We are hitting the sides of the bowl," Musk said of its inaugural plant in Silicon Valley.
The cost of living in Silicon Valley is high for workers, Musk said, with home prices putting them out of reach for workers who often wind up with long commutes. The Tesla CEO has clashed with regulators in California, and is among high-profile tech figures that personally left the state for places with lower income taxes and less regulation.
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