Tesla to move headquarters from California to Texas

Tesla CEO Elon Musk announced at a shareholder meeting Thursday that the Tesla headquarters will move from Palo Alto, California, to Austin, Texas.

Why it matters: Tesla isn’t the first tech company to leave California. Oracle and Hewlett-Packard Enterprise moved their headquarters from Silicon Valley to Texas in December 2020.

The big picture: Musk said the company plans to increase production in its California facility despite the relocation, which will take time to reach full production.

Musk cited housing affordability and commutes among reasons for the move. “To be clear we will be continuing to expand our activities in California,” Musk said Thursday. “Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it’s jammed.”Musk decamped to Texas from California in December 2020.

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