SAN FRANCISCO -Tesla Inc Chief Executive Elon Musk said on Thursday the electric carmaker plans to move its headquarters from Silicon Valley's Palo Alto, California to Austin, Texas, where it is building a massive car and battery manufacturing complex.
"This is not a matter of, sort of, Tesla leaving California," he said, saying it plans to increase output from its main California factory and Nevada factory by 50%. Musk had a rocky relationship at times with California, threatening to move Tesla headquarters and future programs to Texas during a row over the closure of Tesla’s factory in Fremont, California due to COVID-19, for instance.
"They've got a lot more work to do on governance. Just changing the term is just an artifact of a larger governance issue," William Klepper, a professor at Columbia Business School, said.
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