Elon Musk said Tesla will relocate its corporate offices to Austin but will continue to expand in California as well.
in Los Angeles. He said recently that he plans to cash in on many of his Tesla stock options soon. Taxes are much lower in Texas, both for businesses and individuals.from Silicon Valley to Texas. Oracle founder Larry Ellison sits on Tesla’s board of directors.
Musk last year expressed deep disenchantment with the Golden State. During a standoff with authorities over his plans toin Fremont amid stay-at-home orders aimed at containing the spread of COVID-19, he tweeted, “Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately.”
Manufacturers across the state complain about California’s living costs, business costs, taxes, bureaucratic red tape and what are decried as onerous regulations. But Tesla has enjoyed billions in subsidies from the state and the federal government and gets state tax breaks from the California Alternative Energy and Advanced Transportation Financing Authority.
In 2010, Tesla bought a defunct General Motors/Toyota assembly plant in Fremont. In late 2019 the company opened an assembly plant in Shanghai, and it currently is building assembly plants in Austin and Brandenburg, Germany.
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