Feb. 23, 2023–Tesla Chief Executive Elon Musk and state governor Gavin Newsom announced that Tesla’s global engineering headquarters will be located in California, Reuters reports.
The new headquarters will be located in Palo Alto, California, inside “a former Hewlett Packard building.”
Musk stated that the move was “a poetic transition from the company that founded Silicon Valley to Tesla.”
The company recently moved its corporate headquarters from Palo Alto, California to Austin, Texas in December 2021, where a new car factory is now located.
Musk recently also moved from Los Angeles to the state of Texas, and has criticized California for “overregulation, overlitigation,” and “overtaxation.”
Although Texas is known for lax regulation, it lacks California’s position as the state with the most EVs, as well as the tax incentives used to support Musk’s company as it grew.
California, too, is a “global hub of technology,” as Reuters points out, with engineers from Tesla’s first factory in California remaining in the state.
Seth Goldstein, an analyst at Morningstar, said the choice of location made sense, as it would “attract top talent.”
