Tesla officially moves from California

AUSTIN, Texas (AP) — Tesla says it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside of Austin, Texas.

The company made the announcement, late Wednesday, in a filing with US securities regulators. CEO Elon Musk had said at the company’s annual meeting, in October, that the move was coming.

The filing said the relocation from Palo Alto to what Tesla calls a “Gigafactory” on Harold Green Road near Austin was done on Wednesday.

In US regulatory filings, at the end of last year, Tesla said it had about 71,000 employees worldwide. Company news releases in 2020 said about 10,000 work at the Palo Alto headquarters and 10,000 are employed at its factory in Fremont.

It wasn’t clear if all of the headquarters employees would be required to move. A message was left, Wednesday, seeking comment from Tesla, which has disbanded its media relations department.

Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto won’t want to leave the Bay Area, but says a large number will, due to Austin’s lower cost of living. He said he thinks Tesla will give many the option of staying, but expects 40% to 50% to make the move.