Tesla to move HQ from Silicon Valley to Texas

Tesla chief Elon Musk announced on Thursday that Tesla is planning to shift its headquarters from Silicon Valley to Texas. He addressed the employees in his company’s annual meeting and announced that Tesla is all set to relocate soon. The 50-year-old billionaire moved to Texas in December and is developing a big car and battery manufacturing complex in the state.

He said at an annual shareholders meeting, “I’m excited to announce that we’re moving our headquarters to Austin, Texas. This is not a matter of, sort of, Tesla leaving California.” “Just to be clear, though, we will be continuing to expand our activities in California.

Musk said Tesla sales are rapidly increasing, and the company is facing shortages of computer chips and other components. The company’s motto is to expand production at its plant in Fremont, California, by around 50 percent, he added.

Meanwhile, Tesla produced approximately 241,300 electric vehicles in the third quarter even with the global deficiency of computer chips during the pandemic. According to AP, Tesla’s sales from July to September have increased with a whopping 227,000 sales worldwide. Tesla is not alone when it comes to leaving Silicon Valley. Previously many nations such as Oracle, Toyota Motor, and HP moved their headquarters from the San Francisco Bay area.