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Monday, January 24, 2022

Tesla Officially Moves Headquarters From Silicon Valley to Texas

AUSTIN, Texas – Tesla says it has officially moved its corporate headquarters from Silicon Valley to a larger factory under construction outside Austin, Texas.

The company made the announcement late Wednesday in a filing with US securities regulators. CEO Elon Musk said at the company’s annual meeting in October that the move was coming.

The filing said the relocation from Palo Alto, Calif., to what Tesla called the “Gigafactory” on Harold Green Road near Austin, was done Wednesday.

In a US regulatory filing late last year, Tesla said it has about 71,000 employees worldwide. The company’s news release in 2020 said that approximately 10,000 work at its Palo Alto headquarters and 10,000 are employed at its factory in Fremont, California.

It was not clear whether all of the headquarters staff would need to be transferred. A message was left on Wednesday seeking comment from Tesla, which has disbanded its media relations department.

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Wedbush analyst Daniel Ives said in October that he expects some of Palo Alto’s 10,000 employees will not want to leave the Bay Area, but says a larger number will because of Austin’s lower cost of living. He said he thinks Tesla will give many people the option to stay, but expects the move to be 40% to 50%.

“The tax incentives down the road, we believe, will be massive when you compare taxes versus California,” Ives said. “It’s much cheaper and easier to get employees in Texas.”

CEO Elon Musk talks with Alameda County, Calif., health officials about a move he has made since reopening the factory in Fremont at the start of the coronavirus pandemic last year.

Musk has said that he has moved his residence from California to Texas, where there is no state personal income tax.

World Nation News Deskhttps://www.worldnationnews.com
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