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Be the first with the news that moves the market- Electric vehicle maker Tesla (TSLA) said Wednesday it will build a new engineering headquarters in California
- The new facility will be outfitted in Palo Alta, California, in space previously leased by Hewlett-Packard
- Tesla will recruit new employees to staff the facility, primarily engineers as it focuses on research development and artificial intelligence
- The company’s corporate headquarters will remain in its current location in Austin, Texas
- Tesla Inc. is up 1.1 percent, trading at US$199.55 at 3:50 p.m. ET
Electric vehicle maker Tesla (TSLA) said Wednesday it will build a new engineering headquarters in California.
Tesla CEO Elon Musk made the announcement Wednesday morning alongside California Governor Gavin Newsom.
The new facility will be outfitted in Palo Alta, California, in space previously leased by Hewlett-Packard.
“This is a poetic transition from the company that founded Silicon Valley to Tesla,” Musk said during the announcement, which was broadcast live.
The company’s corporate headquarters will remain in its current location in Austin, Texas. It moved to Texas from California in 2021 because of a more favourable tax situation.
Tesla currently has two massive factories in the Lone Star State.
The new location will see the company recruit new employees, primarily engineers, as it focuses on research development and artificial intelligence.
Musk has previously been critical of California’s business practices.
California has more zero-emission vehicles on its roads and highways than any other U.S. state. Almost 1.4 million zero-emission vehicles have been sold across the Golden State, which is also home to 55 manufacturing companies that focus on that technology.
“What defines the trend lines of the world and how is California, in particular, a state that prides itself on being on the leading and cutting edge of the discovery of new ideas and innovation, how do we take advantage of those trend lines,” Newsom said during the news conference.
Tesla Inc. (TSL) is up 1.1 percent, trading at US$199.55 at 3:50 p.m. ET.
