Elon Musk says Tesla is moving to Texas

Texas, Oct 08: Tesla will move its headquarters from Palo Alto, California to Austin, Texas, the company's chief executive Elon Musk told an annual shareholders meeting on Thursday.

"I'm excited to announce that we're moving our headquarters to Austin, Texas," Musk told those in attendance, who welcomed the news with cheering and applause.

Musk stressed however that this was not Tesla leaving California and that the company would continue to expand the main plant in Fremont, California, Musk added.

According to Musk, housing costs in the Bay Area was prohibitively expensive for potential homeowners, which meant lengthy commutes for employees.

Tesla's CEO gave no timeframe for move.

Source: DW