Tesla said it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside Austin, Texas.
The company made the announcement late Wednesday in a filing with US securities regulators. CEO Elon Musk said at the company’s annual meeting in October that the move was imminent.
Records show the relocation from Palo Alto, California, to what Tesla the “Gigafactory” call on Harold Green Road near Austin was made on Wednesday.
In a US regulatory filing late last year, Tesla said it had about 71,000 employees worldwide. The company newsletter for 2020 says about 10,000 people work at the Palo Alto headquarters and 10,000 people work at the company’s factory in Fremont, California.
It is not clear if all headquarters staff will be asked to move. A notice was left on Wednesday seeking comment from Tesla, which has disbanded its media relations division.
Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto to be reluctant to leave the Bay Area, but said a large number will be due to Austin’s lower cost of living. . He said he thinks Tesla will give more people the option to stay, but expects 40% to 50% to make the move.
“We believe the tax incentives will be huge when you compare taxes to California,” Ives said. “It is much cheaper and easier to hire employees in Texas.”
CEO Elon Musk hinted at making a move since a spat with Alameda County, California health officials over reopening the Fremont factory last year at the start of the coronavirus pandemic. .
Musk said he moved from California to Texas, where there is no state income tax.
