(NBC) Tesla CEO Elon Musk says the electric car maker will relocate its headquarters from Palo Alto, California, to Austin, Texas.
Musk gave no timeline for the move late Thursday when he addressed the company’s shareholders at Tesla’s annual meeting.
Musk stressed he plans to expand the company’s factory in Fremont, California, where Tesla’s Model S and Model X cars are built, in hopes of increasing its output by 50 percent.
The future move comes after Tesla announced last summer Travis County would be the site of its new gigafactory.
Just this month, the automaker ramped up hiring for the factory, posting hundreds of new available jobs.
Austin Mayor Steve Adler released a statement after the announcement, saying, “We welcome Tesla home!”
Texas Gov. Greg Abbott also welcomed Musk and Tesla on social media, saying, “The Lone Star State is the land of opportunity and innovation. Welcome.”
Tesla follows other large California companies like Oracle, looking to plant roots in Texas. Oracle announced in December 2020 it was moving its corporate headquarters from California to Austin.
Samsung is also weighing the city of Taylor, Texas as a potential location for its new $17 billion semiconductor plant.