Tesla has announced through CEO Elon Musk that it will move its headquarters from Palo Alto, California to Austin, Texas, reports the New York Post.
“I am pleased to announce that we are moving to Austin, Texas. To be clear, however, we will continue to expand our operations in California, “said Elon Musk.
The company is looking to increase its production and because expansion opportunities are limited in Palo Alto, without taking into account the high cost of living, Tesla has decided to take this step.
The move will also be beneficial for employees, who will have more means of communication close to the new location. The Austin factory will be five minutes from the airport and 15 minutes from downtown.
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