Elon Musk Tells Shareholders Tesla To Relocate Headquarters To Austin, Texas – CBS Dallas / Fort Price

AUSTIN, Texas (CBSDFW.COM) – Tesla says it’s going to relocate its headquarters from Palo Alto, California, to Austin, Texas, although the electrical automotive maker will maintain increasing its manufacturing capability within the Golden State.

CEO Elon Musk gave no timeline for the transfer late Thursday, Oct. 7 when he addressed the corporate’s shareholders at Tesla’s annual assembly.

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Musk famous that price of housing within the Bay Space has made it powerful for many individuals to develop into householders and that interprets into lengthy commutes. Final yr, tech big Oracle Corp. determined to maneuver its headquarters from Silicon Valley to Austin, saying the transfer would give its staff extra flexibility about the place and the way they work.

“We’re taking it so far as doable, however there’s a restrict how huge you may scale it within the Bay Space,” he stated. “Simply to be clear, although, we shall be persevering with to increase our actions in California. This isn’t a matter of leaving California.”

Musk confused he plans to increase the corporate’s manufacturing facility in Fremont, California, the place Tesla’s Mannequin S and Mannequin X automobiles are constructed, in hopes of accelerating its output by 50%.

The announcement drew cheers and applause from a small viewers at Tesla’s manufacturing plant in Austin, the place Musk delivered his remarks, which had been webcast dwell.

Musk touted the corporate’s document automobile deliveries this yr, whereas noting that world supply-chain disruptions which have led to a scarcity of pc chips stay a problem.

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“It seems like we’ve got a very good likelihood of sustaining that into the longer term,” he stated. “Mainly, if we get the chips, we will do it.”

In consequence, manufacturing of Tesla’s angular Cybertruck pickup isn’t more likely to start earlier than the tip of 2022, Musk stated, estimating that the corporate would attain “quantity” manufacturing on the automobile in 2023.

“We ought to be by way of our severest provide chain shortages in ’23,” he stated. “I’m optimistic that would be the case.”

Tesla stated final week that it delivered 241,300 electrical automobiles within the third quarter even because it wrestled with the scarcity of pc chips that has hit the whole auto business.

The corporate’s gross sales from July by way of September beat Wall Road estimates of 227,000 gross sales worldwide, in response to information supplier FactSet.

Third-quarter gross sales rose 72% over the 140,000 deliveries Tesla made for a similar interval a yr in the past.

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Up to now this yr, Tesla has offered round 627,300 automobiles. That places it on tempo to soundly beat final yr’s complete of 499,550.

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