Tesla has relocated its headquarters from California to Texas, and further expanded its California base, instead of giving up on the area.
Elon Musk announced at Tesla’s shareholders meeting last week that the company will be relocating its headquarters from California to Texas, which fulfills his promise a year ago, and showcases his dissatisfaction towards the pandemic prevention measures of the government of California. However, Musk also mentioned that Tesla will not fully depart from California, but will instead continue to expand in the area.
Musk has indeed told the truth, according to a certain real estate publication in the San Francisco Bay area, as he has acquired a piece of land that measures at 325,000 ft2 (approx. 7.38 acres), which is located at Palo Alto where Tesla had departed from, with the owner being tech giant Hewlett Packard (HP).
This piece of land will be used for the expansion of production lines at the existing Fremont plant if it is paired with the California plant expansion mentioned by Musk, where the capacity for the California plant would rise by 50%, making the land acquisition a reasonable strategy.
The particular piece of land sits within the Stanford Research Park, which also helps to entice executive talents for Tesla.
Another piece of interesting statistic indicates that the land acquired by Tesla occupies about 10% of usable land in the entire real estate market of Palo Alto, which coincides with what Musk said about the company changing its perspective instead of leaving California.
(Cover photo source: Google Map)