Tesla’s 2021 Annual Shareholder Meeting took place at the Austin Gigafactory earlier this week on October 7th. We’ll dive into all their latest updates later on in the read, but first, we’ll focus on their biggest change. CEO Elon Musk took the opportunity at the meeting to share that headquarters will be moving. Instead of a base in Fremont, California, Tesla will soon call Austin, Texas its home.
What Inspired Elon Musk to Move His Headquarters?
At the Shareholders Meeting, Elon Musk provided a statement about Tesla’s move. He said the following on the matter:
“I’m excited to announce that we’re moving our headquarters to Austin, Texas.” The crowd apparently celebrated this news with the Tesla CEO by offering up a round of applause. He then continued on: “To be clear here, we will be continuing to expand our activities in California. This is not a matter of Tesla leaving California. Our intention is to actually increase output from Fremont and from Giga[factory] Nevada by 50%.”
He said ultimately, the California space was starting to make him feel like “spam in a can,” alluding to having outgrown it. He also commented on the expensive living costs in the area and how this affects Tesla’s staff. “It’s tough for people to afford houses and a lot of people have to come in from far away. We’ve taken it as far as possible but…there’s a limit to how big you can scale it in the Bay Area.”
He thinks Texas will offer the company and staff better opportunities. “Here in Austin, our factory’s like five minutes from the airport, 15 minutes from downtown, and we’re going to create an ecological paradise here because we’re right on the Colorado River. It’s gonna be great.”
Still, the move might also have something to do with Elon Musk’s Twitter spat with an Assemblywoman. He seemed to confirm at least part of this through a recent tweet.
Other Major Updates from the Shareholders Meeting
Although their move was the most notable update from the Shareholders Meeting, Tesla revealed some other things of note as well. For example, the Model 3 apparently claimed the title of the best-selling premium vehicle globally of all premium vehicles in 2020. They also addressed their continued research and development into sustainable energy. Namely, Elon stated: “The fundamental pillars of sustainable energy future are basically solar and wind– those are the primary– stationary batteries and electric transport, and if you have those three, then you have a sustainable energy future as long as the sun is shining.”
You can watch Elon Musk speak on the archived live stream from the official Annual Shareholders Meeting. It’s a lengthy video, just under 2 hours, and the speaking starts about 14 minutes in. Interestingly, Tesla disabled all comments on the video.
Check it out: