The transfer of Tesla headquarters from California to Texas is now complete
The transfer of Tesla's headquarters from California to Texas is now complete
The move was announced by the electric vehicle manufacturer in a filing with the Securities and Exchange Commission of the United States on Wednesday.
On December 1, 2021, Tesla, Inc. announced that it would relocate its corporate headquarters to Gigafactory Texas, which would be located at 13101 Harold Green Road in Austin, Texas 78725.
According to Elon Musk, the move will bring Tesla closer to its sister company, SpaceX, and is part of his larger departure from the San Francisco Bay Area. Tesla began using the city of Austin as the dateline for press releases in October.
The fact that Musk is relocating his residence and business from California to Texas is one possible explanation for the move. Musk stands to save an estimated $2.5 billion in capital gains taxes by doing so.
However, despite Tesla's new manufacturing facility in Texas, franchise laws prevent the company from selling cars directly to customers, as it does in the vast majority of other states.
The Gigafactory in Austin, which will be used to manufacture the Cybertruck and other electric vehicles, is expected to employ 5,000 people on its 2,100-acre site. It is expected to open at the end of this year.
On Monday, Musk promised an update on the much-anticipated Cybertruck's availability in January, which has been delayed several times.
As he put it on Twitter, "this year has been such a supply chain nightmare, and it's not over yet!" A revised product roadmap will be provided on the upcoming earnings call, says the CEO.
