Tesla chief Elon Musk informed buyers on Thursday that the main electrical automobile maker is shifting its headquarters from Silicon Valley to Texas.
“I’m excited to announce that we’re moving our headquarters to Austin, Texas,” Musk stated at an annual shareholders assembly.
“Just to be clear, though, we will be continuing to expand our activities in California.”
Musk stated Tesla gross sales are rising strongly, and the corporate is ramping up deliveries regardless of shortages of pc chips and different elements.
Tesla goals to extend manufacturing at its plant in Fremont, California, by some 50 p.c, based on Musk.
But that plant is hitting its limits on how rather more it might probably deal with, he stated.
“When we first went in there it was it like a kid in his parents’ shoes; tiny us and this giant factory,” Musk stated of its inaugural plant in Silicon Valley.
“Now, its like a spam can. We are hitting the sides of the bowl.”
He famous that the price of dwelling in Silicon Valley is greater for employees, with residence costs placing them out of attain for employees, who typically wind up with lengthy commutes.
Musk has clashed with regulators in California, and is amongst high-profile tech figures who personally left the state for locations with decrease revenue taxes and fewer regulation.
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