San Francisco:
Tesla chief Elon Musk told investors on Thursday that the major electric automobile maker is moving its headquarters from Silicon Valley to Texas.
“I’m excited to announce that we’re moving our headquarters to Austin, Texas,” Musk stated at an annual shareholders meeting.
“Just to be clear, though, we will be continuing to expand our activities in California.”
Musk stated Tesla sales are developing strongly, and the enterprise is ramping up deliveries in spite of shortages of laptop or computer chips and other elements.
Tesla aims to enhance production at its plant in Fremont, California, by some 50 %, according to Musk.
But that plant is hitting its limits on how significantly more it can deal with, he stated.
“When we first went in there it was it like a kid in his parents’ shoes; tiny us and this giant factory,” Musk stated of its inaugural plant in Silicon Valley.
“Now, its like a spam can. We are hitting the sides of the bowl.”
He noted that the expense of living in Silicon Valley is greater for workers, with home rates placing them out of attain for workers, who typically wind up with lengthy commutes.
Musk has clashed with regulators in California, and is amongst higher-profile tech figures who personally left the state for locations with reduce revenue taxes and significantly less regulation.
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