Billionaire Elon Musk Tends To Move Tesla HQ From California To Texas.

Tesla Inc (TSLA.O) Chief Executive officer Elon Musk said on Thursday the electric carmaker plans to move its headquarters from Silicon Valley's Palo Alto, California to Austin, Texas, where it's erecting a massive auto and battery manufacturing complex.

Tesla joins Oracle, Hewlett Packard Enterprise and Toyota Motor (7203. T) in movingU.S. headquarters to Texas from California, which has fairly high levies and living costs. While Silicon Valley also is a hive of development of new ideas and companies, Texas is known for cheaper labor and less strict regulation.

"I am agitated to advertise that we are moving our headquarters to Austin, Texas,"Musk told the company's periodic meeting, held in the Texas auto plant.

"This isn't a matter of, sort of, Tesla leaving California,"he said, saying it plans to increase affair from its main California plant and Nevada plant by 50.

The Fremont, California plant nevertheless is" jammed"and it's tough for people to go houses in California, he said.

Billionaire Elon Musk himself moved to the Lone Star State from California in December to concentrate on the electric- auto maker’s new factory in the state and his SpaceX rocket company, which has a launch point in the southern tip of Texas.

Musk had a rocky relationship at times with California, hanging to move Tesla headquarters and future programs to Texas during a row over the check of Tesla’s plant in Fremont, California due to COVID-19, for case.