And say goodbye to that sweet sweet tax revenue - Tesla

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Looks like Tesla is moving its Corporate Offices from California to Texas.
From TechCrunch:

Elon Musk announces Tesla to move headquarters to Austin
Tesla CEO Elon Musk said the company would be moving its headquarters from Palo Alto, California to Austin, Texas, a city that has recently seen a flood of tech companies and remote workers. Musk announced the news at the 2021 Tesla, Inc. Annual Meeting of Stockholders, which took place at the Tesla Austin gigafactory, rather than in the Bay Area as it did in previous years.

Musk also said Tesla would be continuing to expand activities in California, increasing its output at its Fremont gigafactory by 50%, although he didn’t elaborate on how he would achieve such a ramp up in production. The factory is currently able to produce about 500,000 Model 3 and Model Ys per year and another 100,000 Model S and Model X per year.

Yeah - they are keeping their factory in California.  They already have the sunk costs of the building and equipment so why not.  The headquarters is a different beast entirely.  The profits that Tesla makes are taxed by the state where the head office is located.  Boeing did this to Seattle in September, 2001 as they were getting screwed by the city of Seattle.

Wonder when/if California will wake up.  The State made a buttload of money in the dot.com revolution.  Now, they are stifling the very businesses that will be the basis for the next revolution.

Not if.  When.

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This page contains a single entry by DaveH published on October 7, 2021 8:05 PM.

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