Elon Musk pronounces Telsa headquarters to maneuver to Texas

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Elon MuskElon Reeve MuskElon Musk announces Telsa headquarters to move to Texas Why electric F-150s will not help the climate Russian film crew beats Tom Cruise in race to shoot first movie in space MORE informed shareholders on Thursday that Tesla’s headquarters shall be shifting to Austin, Texas, citing the excessive price of housing in California’s Bay Space the place the corporate is at the moment situated.

“We’re taking it so far as doable, however there’s a restrict how huge you may scale it within the Bay Space,” Musk mentioned in accordance with The Associated Press. “Simply to be clear, although, we shall be persevering with to increase our actions in California. This isn’t a matter of leaving California.”

Elon made this announcement whereas talking from Tesla’s manufacturing plant in Austin, the AP reported. Regardless of this transfer, Musk mentioned Tesla nonetheless deliberate on increasing operations in Fremont, California, hoping to spice up output by 50 %.

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“Mr. Musk’s announcement highlights but once more the urgency for California to handle our housing affordability disaster and the numerous different challenges that make it so troublesome for firms to develop right here,” Jim Wunderman, head of the enterprise advocacy group Bay Space Council, mentioned.

Final 12 months, Musk revealed in an interview that he had personally relocated to Texas attributable to what he known as a complacency in Silicon Valley.

“If a crew has been successful for too lengthy, they do are likely to get somewhat complacent, somewhat entitled, after which they don’t win the championship anymore. California has been successful for too lengthy,” Musk informed Wall Road Journal Editor-in-Chief Matt Murray.

The AP famous that Tesla’s transfer follows related strikes made by Silicon Valley firms like Oracle Corp. and Hewlett Packard Enterprise, with each shifting to Texas because of the excessive price of dwelling in Silicon Valley.