Elon Musk directs shareholder Tesla to move its headquarters to Austin, Texas – CBS Dallas/Fort Worth

Texas News Today

Austin, Texas (CBSDFW.COM) Tesla says it will move its headquarters from Palo Alto, California to Austin, Texas, but the electric vehicle maker will continue to expand its manufacturing capacity in the Golden State.

CEO Elon Musk did not disclose a timeline for the move when he addressed Tesla shareholders at Tesla’s annual shareholders meeting on Thursday, October 7.

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Musk said housing costs in the Bay Area make it difficult for many people to own a home, leading to long commutes. Last year, technology giant Oracle Corp. decided to move its headquarters from Silicon Valley to Austin. The move will give employees more flexibility in where and how they work.

“We take it as much as we can, but there’s a limit to how big we can get it in the Bay Area,” he said. “But for the sake of clarity, we continue to expand our activities in California. It’s not a matter of leaving California.”

Musk emphasized plans to expand the company’s plant in Fremont, California, where Tesla’s Model S and Model X cars are manufactured, in hopes of increasing production by 50%.

The announcement sparked cheer and praise from a small audience at Tesla’s manufacturing plant in Austin. There Musk commented on the live webcast.

Musk boosted his record vehicle deliveries this year, noting that global supply chain disruptions that led to shortages of computer chips remain a challenge.

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“It looks like there’s a good chance we’ll keep it in the future,” he said. “Basically, once you’ve got the tip, you can do it.”

As a result, production of Tesla’s Square Cybertruck pickup is unlikely to begin until late 2022, Musk said, and the company predicts that it will reach “mass production” of the vehicles in 2023.

“We have to address the most serious supply chain shortfall in 23 years,” he said. “I’m optimistic when that happens.”

Tesla said it delivered 241,300 electric vehicles in the third quarter, despite dealing with a shortage of computer chips affecting the entire automotive industry last week.

From July to September, the company’s sales exceeded Wall Street’s estimated worldwide sales of 227,000, according to data provider FactSet.

Third-quarter sales were up 72% compared to Tesla’s 140,000 deliveries a year ago during the same period.

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So far this year, Tesla has sold about 627,300 vehicles. This will certainly be higher than last year’s total of 499,550.

Elon Musk directs shareholder Tesla to move its headquarters to Austin, Texas – CBS Dallas/Fort Worth

Source Link Elon Musk instructs shareholder Tesla to move its headquarters to Austin, Texas – CBS Dallas/Fort Worth

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