Musk Says Tesla Will Move Headquarters To Austin, Texas

Tyler Durden's Photo
by Tyler Durden
Thursday, Oct 07, 2021 - 11:02 PM

Tesla is moving its headquarters to Austin, Texas, from Silicon Valley, CEO Elon Musk said Thursday during the company's annual shareholder meeting in the Austin area, where the company is building a factory. He stressed that Tesla will continue to expand in both California and Nevada, saying “we will continue to expand our activities in California. This is not a matter of Tesla leaving California. Our intention is to increase output from Freemont and giga-Nevada by 50%.”

As part of the overhaul, Musk unveiled what appears to be Tesla's new logo: "Don't Mess With Tesla."

Some other highlights from the meeting courtesy of Bloomberg:

  • Elon Musk said that the Shanghai plant is now outproducing the Fremont plant.
  • Musk hopes the chip shortage will abate, saying the year has been a "constant struggle" with the supply chain, but said there is also a shaip shortage, which was logistically challenging.
  • Tesla has no plans to offer a dividend, which is something several retail investors had asked about.
  • Musk repeated his call for a carbon tax

One investor asked if Tesla would start issuing a dividend. To which Musk responded: “When a company offers dividends, it’s kind of cresting the hill. They’ve run out of things to invest in internally. We’ve not run out of things to invest in by a long shot.”

Musk also addressed Cybertruck production, saying it will start at the end of next year, with volume production in 2023. “Hopefully we can also produce the Semi and new Roadster in 2023.”

Ironically, Musk stressed that his goal is to make Tesla cars as affordable as possible but is seeing cost pressure in the supply chain, so they had to increase prices temporarily.