Elon Musk says Tesla will move headquarters to Austin, Texas
BNN Bloomberg
Tesla Inc. Chief Executive Officer Elon Musk said the company will move its corporate headquarters to Austin, Texas, where a brand new factory for the Model Y and forthcoming Cybertruck is nearing completion.
Tesla Inc. Chief Executive Officer Elon Musk said the company will move its corporate headquarters to Austin, Texas, where a brand new factory for the Model Y and forthcoming Cybertruck is nearing completion.
Musk made the announcement Thursday during Tesla’s shareholders meeting from the Austin plant site.
Tesla has been based in Palo Alto, California, the leafy Silicon Valley suburb that is home to Stanford University and several venture capital firms, since its founding in 2003. But as the electric-vehicle manufacturer has grown from scrappy startup to the world’s most valuable automaker, Texas -- centrally located between the two coasts -- has become its center of gravity in the U.S.
Musk moved to Texas himself to focus on two big priorities for his companies: SpaceX’s new Starship vehicle, under development on the Gulf Coast near Brownsville, and Tesla’s Gigafactory in Austin. Texas has no personal income tax, while California imposes the highest personal income levies in the nation on its wealthiest residents.
Musk, the world’s richest person according to the Bloomberg Billionaires Index, moved his private foundation to Texas in December.
Texas is Tesla’s third-biggest market in the U.S. after California and Florida, though years of opposition from auto dealers means it can’t sell its electric cars directly there.
