SAN FRANCISCO – Tesla chief Elon Musk told investors yesterday that the leading electric vehicle maker is moving its headquarters from Silicon Valley to Texas.
“I’m excited to announce that we’re moving our headquarters to Austin, Texas,” he said at an annual shareholders’ meeting.
“Just to be clear, though, we will be continuing to expand our activities in California.”
He said Tesla sales are growing strongly, and the company is ramping up deliveries despite shortages of computer chips and other components.
The firm aims to increase production at its plant in Fremont, California, by some 50%, said Musk.
However, he added, the facility is hitting its limits on how much more it can handle.
“When we first went in there, it was it like a kid in his parents’ shoes: tiny us and this giant factory,” he said of Tesla’s inaugural plant in Silicon Valley.
“Now, it’s like a Spam can. We are hitting the sides of the bowl.”
He noted that the cost of living in Silicon Valley is higher, with home prices putting them out of reach for employees, who often wind up with long commutes.
Musk has clashed with regulators in California, and is among the high-profile tech figures who personally left the state for places with lower income taxes and less regulation. – AFP, October 8, 2021
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