“It’s tough for people to afford houses, and people have to come in from far away,” Musk said of the company’s facilities in Palo Alto, Calif.
Tesla CEO Elon Musk announced Thursday that the company will relocate its headquarters from Palo Alto, Calif., to Austin, Texas.
Musk said at the annual shareholder meeting that there is a “limit to how big you can scale in the Bay area,” noting that affordable housing and commute times played a role in the decision, CNN reported.
“It’s tough for people to afford houses, and people have to come in from far away. … There’s a limit to how big you can scale in the Bay Area,” Musk said, per CNBC.
The Austin facility will be approximately five minutes from the airport and 15 minutes from the downtown area, Musk said.
But Musk added that the company is not leaving the Golden State altogether, announcing production expansions at facilities in both Fremont, Calif., and Nevada.
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