Story at a glance
- Tesla CEO Elon Musk announced Thursday that the company will relocate its headquarters.
- The Austin facility will be approximately five minutes from the airport and 15 minutes from the downtown area, Musk said.
- But Musk added that the company is not leaving the Golden State altogether.
Tesla CEO Elon Musk announced Thursday that the company will relocate its headquarters from Palo Alto, Calif., to Austin, Texas.
Musk said at the annual shareholder meeting that there is a “limit to how big you can scale in the Bay area,” noting that affordable housing and commute times played a role in the decision, CNN reported.
“It’s tough for people to afford houses, and people have to come in from far away. … There’s a limit to how big you can scale in the Bay Area,” Musk said, per CNBC.
The Austin facility will be approximately five minutes from the airport and 15 minutes from the downtown area, Musk said.
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But Musk added that the company is not leaving the Golden State altogether, announcing production expansions at facilities in both Fremont, Calif., and Nevada.
“To be clear, we will be continuing to expand our activities in California,” Musk said. “Our intention is to increase output from Fremont and Giga Nevada by 50 percent. If you go to our Fremont factory it’s jammed.”
The world’s second richest person, according to Forbes, previously registered his distaste for certain policies in California, including some related to COVID-19 restrictions, CNBC reported. Musk recently personally relocated to Austin. The outlet reported that the move additionally enabled Musk to lower his personal tax burden while achieving a closer proximity to the SpaceX launch site in Boca Chica, Texas.
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