Tesla headquarters no longer located in California, makes move official: 'Much cheaper'
Tesla's move was announced in a Securities Exchange Corporation filing
Check out what's clicking on FoxBusiness.com.
Tesla revealed it officially moved its headquarters from California’s Silicon Valley to Texas.
"On December 1, 2021, Tesla, Inc. relocated its corporate headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas 78725," the automaker announced Wednesday in a filing with the U.S. Securities Exchange Corporation.
CEO Elon Musk had said at the company’s annual meeting in October that the move was coming. Tesla had also used Austin as the dateline in press releases since October.
ELON MUSK SLAMS BERNIE FOR DEMANDING WEALTHY PAY 'FAIR SHARE’: 'YOU'RE STILL ALIVE'
Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020. Tesla Inc. will be added to the S&P 500 Index in one shot on Dec. 21, a move tha … (Liesa Johannssen-Koppitz/Bloomberg via Getty Images / Getty Images)
"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," Musk said earlier this year.
Musk will also save about $2.5 billion in capital gains taxes by moving both his residence and business out of California to Texas, Business Insider reported.
BERNIE SANDERS DISSES ELON MUSK’S WEALTH, SPACE PLANS AS HE CALLS FOR ‘PROGRESSIVE’ TAXES
03 September 2020, Brandenburg, Grünheide: Elon Musk, Tesla boss, comes to the construction site of the Tesla Giga Factory. In Grünheide near Berlin, a maximum of 500,000 vehicles per year are to roll off the assembly line from July 2021 - and accord …
An analyst for Wedbush, an LA-based investment firm, said that he expects some of the Palo Alto employees to not want to move, but expects 40% to 50% to make the move due to Austin’s lower cost of living.
"The tax incentives down the road, we believe, will be massive when you compare taxes versus California," Daniel Ives said in October. "Getting employees is much cheaper and easier in Texas."
Tesla Motors CEO Elon Musk introduces the falcon wing door on the Model X electric sports-utility vehicles during a presentation in Fremont, California, U.S. September 29, 2015. REUTERS/Stephen Lam/File Photo
The Gigafactory in Austin is a 2,100-acre facility that is expected to employ 5,000 people. It will open this year and plans to build Cybertruck and other models at the facility.
CLICK HERE TO READ MORE ON FOX BUSINESS
The new location also moves it closer to the launch site of SpaceX, Musk’s aerospace company, which is located in Boca Chica, Texas.