Share
Tesla says it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside of Austin, Texas.
The company made the announcement late Wednesday in a filing with U.S. securities regulators. CEO Elon Musk had said at the company’s annual meeting in October that the move was coming.
Move to ‘Gigafactory’ in Austin, Tx
The filing said the relocation from Palo Alto to what Tesla calls a “Gigafactory” on Harold Green Road near Austin was done on Wednesday.
In U.S. regulatory filings at the end of last year, Tesla said it had about 71,000 employees worldwide. Company news releases in 2020 said about 10,000 work at the Palo Alto headquarters and 10,000 are employed at its factory in Fremont, California.
It wasn’t clear if all of the headquarters employees would be required to move. A message was left Wednesday seeking comment from Tesla, which has disbanded its media relations department.
Analysts Expect Many California Tesla Workers to Relocate
Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto won’t want to leave the Bay Area, but says a large number will, due to Austin’s lower cost of living. He said he thinks Tesla will give many the option of staying, but expects 40% to 50% to make the move.
“The tax incentives down the road, we believe, will be massive when you compare taxes versus California,” Ives said. “Getting employees is much cheaper and easier in Texas.”
CEO Elon Musk hinted at making a move ever since a spat with Alameda County, California, health officials over reopening the factory in Fremont last year at the start of the coronavirus pandemic.
Musk has said that he has moved his residence from California to Texas, where there is no state personal income tax.
RELATED TOPICS:
Trump Calls Musk’s Formation of New Party “Ridiculous” and Confusing
19 minutes ago
Fresno DUI Driver Slams Into CHP Motorcycle, Tow Truck on Highway 99
7 hours ago
Russia Downs 120 Ukrainian Drones Overnight, Defense Ministry Says
7 hours ago
Israel Sends Delegation to Qatar for Gaza Talks Ahead of Netanyahu Trip to US
7 hours ago
Musk Announces Forming of ‘America Party’ in Further Break From Trump
7 hours ago
Death Toll From Texas Floods Reaches 59, Including 21 Children
7 hours ago
California’s Politics Drifts Right While New York’s Leans Left
8 hours ago
How Trump’s ‘Big, Beautiful Bill’ Will Make China Great Again
1 day ago
What’s Caitlin Clark Worth to the WNBA? A Lot More Than Her $78,066 Salary.
1 day ago
TikTok Building New Version of App Ahead of Expected US Sale, the Information Reports
9 minutes ago
Categories

TikTok Building New Version of App Ahead of Expected US Sale, the Information Reports

Hamas Government Office Rejects US Accusation of Involvement in Gaza Aid Site Attack

Death Toll From Texas Floods Reaches 78, Trump Plans Visit

Trump Calls Musk’s Formation of New Party “Ridiculous” and Confusing

Fresno DUI Driver Slams Into CHP Motorcycle, Tow Truck on Highway 99

Russia Downs 120 Ukrainian Drones Overnight, Defense Ministry Says

Israel Sends Delegation to Qatar for Gaza Talks Ahead of Netanyahu Trip to US
