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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