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Tesla said it will relocate its headquarters from Palo Alto, California to Austin, Texas, but will continue to expand the electric automaker’s production capacity in Golden State.
CEO Elon Musk did not give a timetable for the move late Thursday when addressing the company’s shareholders at Tesla’s annual meeting.
Musk He pointed out that the cost of housing in the Bay Area makes it difficult for many people to own a home, which translates into long trips. Last year, tech giant Oracle Corp. decided to relocate its headquarters from Silicon Valley to Austin, saying the move would give its employees more flexibility in where and how they work.
“We’re taking it as far as possible, but there’s a limit to how big you can scale in the Bay Area.” he said. “To be clear, we will continue to expand our operations in California. This is not a question of leaving California.”
Musk stressful he It plans to expand the company’s factory in Fremont, California, where Tesla’s Model S and Model X cars are made, in hopes of increasing production by 50%.
The announcement garnered applause and applause from a small audience at Tesla’s manufacturing facility in Austin. Musk delivered her live broadcasts.
Musk He noted that while the company touted record vehicle deliveries this year, global supply chain disruptions that led to computer chip shortages remain a challenge.
“It looks like we have a good chance of continuing that in the future” he said. “Basically, if we get the chips, we can.”
As a result, production of Tesla’s angular Cybertruck pickup is unlikely to begin before the end of 2022. Musk He said the company predicts it will reach “volume” production on the vehicle by 2023.
“We must have weathered our most serious supply chain shortages in 23” he said. “I’m optimistic that this will be the case.”
Tesla said last week that it delivered 241,300 electric vehicles in the third quarter despite grappling with the shortage of computer chips that hit the entire auto industry.
According to data provider FactSet, the company’s sales from July to September exceeded Wall Street’s estimate of 227,000 sales worldwide.
Third-quarter sales were up 72% from Tesla’s 140,000 deliveries in the same period a year ago.
Tesla has sold about 627,300 vehicles so far this year. That puts the pace to solidly beat last year’s total of 499,550.
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