Tesla moves headquarters from California to Texas

Tesla is moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk says. Lebeaucarnews reports.

Regarding the plant underway in Austin, he noted that it would take some time to reach full production even after it's completed.

Doing so enabled Musk, who is also CEO of aerospace company SpaceX, to reduce his personal tax burden and be closer to a SpaceX launch site in Boca Chica, Texas. California levies some of the highest personal income taxes in the country on its wealthy residents, but Texas has no personal income tax.

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