- Tesla is now officially a Texas company, according to a regulatory filing Wednesday.
- The move is part of CEO Elon Musk’s ongoing breakup with the Golden State.
- Musk stands to save an estimated $2.5 billion in moving his life and business to Austin.
It’s official: Tesla is now a Texas company.
The electric automaker announced the move on Wednesday in a filing with the US Securities Exchange Corporation.
“On December 1, 2021, Tesla, Inc. relocated its corporate headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas 78725,” it said.
The shift brings Tesla closer to its sister company, SpaceX, and is part of CEO Elon Musk’s big breakup with the Bay Area. Tesla first began using Austin as the dateline in press releases in October.
One likely contributing factor behind the move is the fact that Musk stands to save an estimated $2.5 billion in capital gains taxes by moving his residence and business from California to Texas.
In spite of Tesla’s new manufacturing presence in the Lone Star State, franchise laws prohibit the company from selling cars directly to customers, which it does in most other states.
The Gigafactory in Austin is expected to employ 5,000 workers at the 2,100-acre facility, where it plans to build the Cybertruck and other models. It’s set to open this year.
On Monday, Musk promised an update to the much-delayed Cybertruck’s availability in January.
“Oh man, this year has been such a supply chain nightmare & it’s not over!,” he tweeted. “I will provide an updated product roadmap on next earnings call.”