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Tesla announced that it has officially relocated its headquarters from California’s Silicon Valley to Texas.
“On December 1, 2021, Tesla, Inc. relocated its headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas 78725,” the automaker announced on Wednesday in a filing with the US Securities Exchange Corporation.
CEO Elon Musk had said at the company’s annual meeting in October that the change was imminent. Tesla had also used Austin as the date line in press releases since October.
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Elon Musk, founder of SpaceX and CEO of Tesla Inc., comes to the Axel Springer Awards ceremony in Berlin on December 1, 2020. Tesla Inc. will be added to the S&P 500 index in one fell swoop on December 21, a move that (Liesa Johannssen-Koppitz / Bloomberg via Getty Images / Getty Images)
“In the Bay Area, size is limited. In Austin, our factory is about five minutes from the airport and 15 minutes from downtown, ”Musk said earlier this year.
Musk will also save approximately $ 2.5 billion in capital gains taxes by moving his residence and business from California to Texas, Business Insider reported.
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An analyst for Wedbush, an LA-based investment firm, said he expects some of the Palo Alto employees won’t want to move but, given Austin’s lower cost of living, expects 40 to 50% to make the move.
“We believe future tax incentives will be massive when you compare taxes to California,” said Daniel Ives in October. “Getting employees is a lot cheaper and easier in Texas.”
Elon Musk, CEO of Tesla Motors, introduces the Falcon Wing Door of the Model X electric sport-utility vehicle at a presentation in Fremont, Calif., The United States, on September 29, 2015. REUTERS / Stephen Lam / File Photo
The Austin Gigafactory is a 2,100 acre facility that is expected to employ 5,000 people. It opens this year and plans to build Cybertruck and other models at the facility.
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The new location also moves closer to the launch site of SpaceX, Musk’s aerospace company based in Boca Chica, Texas.
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