Tesla Chief executive Elon Musk has announced that company headquarters will move to Texas from California. He shared the update during the electric carmaker’s annual shareholders’ meeting in Austin.
Elon Musk explained several reasons for the move. He said that the shareholders its Californian factory in Fremont was “jammed”. He said, “There’s a limit to how big you can scale it in the Bay Area. In Austin our factory is like five minutes from the airport, 15 minutes from downtown.”
California was a difficult place for his employees to find affordable housing. However, this technology entrepreneur has had a fractious relationship with California. That’s why the company planned to increase output from its California and Nevada factories by 50%.
The billionaire entrepreneur tweeted: “Tesla will now move its HQ and future programs to Texas/Nevada immediately.” He also shared, “This is not a matter of, sort of, Tesla leaving California.”