Elon Musk, the CEO of Tesla, said on Thursday that the company wants to relocate its headquarters from Palo Alto, California, to Austin, Texas, where it is developing a huge vehicle and battery production facility.
The meeting was held outside Austin, near the city’s airport, at Tesla’s vehicle assembly facility, which is now under construction beside the Colorado River.
Regardless of the headquarters relocation, the business intends to ramp up operations at its California factory.
In an annual meeting held in the Texas car factory, Musk said, “I’m excited to announce that we’re moving our headquarters to Austin, Texas.”
“To be clear, we will be continuing to expand our activities in California,” Musk said. “Our intention is to increase output from Fremont and Giga Nevada by 50 percent. If you go to our Fremont factory, it’s jammed.”
Despite this, the plant in Fremont, California is “jammed,” and it is difficult for people to buy homes in California, he added.
Musk owned SpaceX rocket company has a launch at the southern tip of Texas plus there is an electric-car market plant to be launched and to keep an eye on both Musk himself has moved from California to Lone star state in December.
Musk shares a tense relationship with California at times, threatening to relocate Tesla’s headquarters and future programmes to Texas during a dispute over the shutdown of Tesla’s Fremont facility due to COVID-19, for example. He showed out a design of a cowboy-style belt buckle inscribed with “Don’t Mess With T” – the T in the manner of the Tesla logo – at the conference. The slogan is based on a long-running and well-known anti-littering programme in Texas called Don’t Mess with Texas.
Tesla’s board of directors approved an executive pay plan for Musk that involves significant stock rewards based on the automaker’s market value improvements and other financial goals. According to InsiderScore, he could gain more than $20 billion this year if he sells options that expire in 2021.