The American electric vehicle company Tesla announced in a document submitted to the US Securities and Exchange Commission (SEC) on Wednesday that the company has officially moved from California to Texas. The document reads: On December 1, 2021, Tesla moved its corporate headquarters to the Texas Gigafactory at 13101 Harold Green Road, Austin, Texas, 78752.
This move will shorten the distance between Tesla and its brother company SpaceX and is also an important sign of the company’s CEO Elon Musk’s “breakup” with the San Francisco Bay Area. Tesla started using Texas time in press releases as early as October this year.
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One of Tesla’s reasons for relocating its headquarters may be to help Musk save $2.5 billion in capital gains taxes that may be paid to California. Although it has already produced cars in Texas, Tesla still cannot sell cars directly to residents of the state under the franchise law.
Austin’s Gigafactory covers an area of 2,100 acres and is expected to employ 5,000 employees. After it is put into production, it plans to produce Cybertruck pickups and other models. The factory will open this year. Musk promised on Monday that Cybertruck, which has been postponed several times, will be listed in January next year.