Electric car-maker Tesla is moving its headquarters from Palo Alto, California to Houston, Texas, its co-founder Elon Musk has announced at the annual shareholders’ meeting, citing limits to expanding the company in the Bay Area.
“I’m excited to announce that we’re moving our headquarters to Austin, Texas,” Musk announced to enthusiastic applause on Thursday, at the annual shareholder meeting. It was streamed live online from the assembly plant currently under construction outside Austin.
“It’s tough for people to afford houses, and people have to come in from far away,” he said of the current headquarters in California. “There’s a limit to how big you can scale in the Bay Area.”
Tesla was founded in Silicon Valley in 2003, and moved its home office from San Carlos to nearby Palo Alto in 2010. The company’s major factory is in Fremont, on the opposite side of the bay.
“Just to be clear, we will be continuing to expand our activities in California,” Musk added. “As I 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 himself has already relocated to Texas, blasting California’s policies and Covid-19 mandates in a December 2020 speech while noting that Tesla and SpaceX – both of which he runs – were among the last manufacturers left in the state.
“There used to be over a dozen car plants in California, and California used to be the center of aerospace manufacturing,” he said at the time. “My companies are the last two left. I want to emphasize, so, that’s a very important point to make.”
High costs of doing business and housing have driven many major companies from Silicon Valley to other places. Big tech companies Oracle and Hewlett Packard also moved to Texas last year.
The ‘Giga Texas’ factory outside Austin is expected to produce its first vehicles by the end of 2021, with volume production starting next year.
Musk said that it takes longer to build the factory than to ramp up production once it’s operational. It is supposed to make Model 3 and Model Y cars, as well as “definitely” the Cybertruck and the upcoming all-terrain-vehicle (ATV), which is still on the drawing board.
For more stories on economy & finance visit RT’s business section
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
NERF Rival Kronos XVIII-500 Blaster, Breech-Load, 5 Rival Rounds, Spring Action, 90 FPS Velocity, Green (Amazon Exclusive)
$5.49 (as of May 18, 2024 20:34 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
USAOPOLY TAPPLE® Word Game | Fast-Paced Family Board Game | Choose a Category & Race Against The Timer to be The Last Player | Learning Game Great for All Ages (1 Pack)
$18.99 (as of May 18, 2024 20:34 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Ravensburger Disney Lorcana TCG: Illumineer's Quest - Deep Trouble for Ages 8 and Up
$59.99 (as of May 18, 2024 20:34 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
BONAOK Wireless Bluetooth Karaoke Microphone, 3-in-1 Portable Handheld Mic Speaker for All Smartphones,Gifts for Girls Kids Adults All Age Q37(Rose Gold)
$19.99 (as of May 18, 2024 20:34 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
