Tesla Relocates Headquarters from Silicon Valley to Austin, Texas

Elon Musk, CEO of Tesla [Photo by AP Yonhap News]

[Asia Economy Reporter Byunghee Park] The American electric vehicle company Tesla is relocating its headquarters from Silicon Valley, California to Austin, Texas.

Tesla CEO Elon Musk announced the headquarters relocation plan at a shareholders' meeting held in Austin, Texas on the 7th (local time), CNBC reported on the same day.

However, Musk emphasized that regardless of the headquarters move, the production scale of electric vehicles at the Fremont assembly plant in California will continue to increase.

CNBC stated, "Texas has actively attracted companies by offering tax incentives," adding, "Tesla has become one of the major tech companies moving its headquarters to Texas, following Oracle and Hewlett-Packard."

Musk himself moved his residence from Los Angeles (LA), California to near Austin, Texas last year. He is continuing to expand his business in Texas. Tesla is building the Gigafactory, an electric vehicle production plant, in Austin, and plans to develop the coastal town area of Texas, where the SpaceX rocket launch site is located, into a new space industry city.

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