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TESLA, INC.

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Tesla officially moves headquarters from California to Texas

12/01/2021 | 05:17pm EST

AUSTIN, Texas (AP) — Tesla says it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside of Austin, Texas.

The company made the announcement late Wednesday in a filing with U.S. securities regulators. CEO Elon Musk had said at the company's annual meeting in October that the move was coming.

The filing said the relocation from Palo Alto, California, to what Tesla calls a “Gigafactory” on Harold Green Road near Austin was done on Wednesday.

In U.S. regulatory filings at the end of last year, Tesla said it had about 71,000 employees worldwide. Company news releases in 2020 said about 10,000 work at the Palo Alto headquarters and 10,000 are employed at its factory in Fremont, California.

It wasn't clear if all of the headquarters employees would be required to move. A message was left Wednesday seeking comment from Tesla, which has disbanded its media relations department.

Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto won’t want to leave the Bay Area, but says a large number will, due to Austin’s lower cost of living. He said he thinks Tesla will give many the option of staying, but expects 40% to 50% to make the move.

“The tax incentives down the road, we believe, will be massive when you compare taxes versus California,” Ives said. “Getting employees is much cheaper and easier in Texas.”

CEO Elon Musk hinted at making a move ever since a spat with Alameda County, California, health officials over reopening the factory in Fremont last year at the start of the coronavirus pandemic.

Musk has said that he has moved his residence from California to Texas, where there is no state personal income tax.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Analyst Recommendations on TESLA, INC.
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Financials (USD)
Sales 2021 52 581 M - -
Net income 2021 5 276 M - -
Net cash 2021 10 250 M - -
P/E ratio 2021 226x
Yield 2021 -
Capitalization 1 056 B 1 056 B -
EV / Sales 2021 19,9x
EV / Sales 2022 13,6x
Nbr of Employees 70 757
Free-Float 80,1%
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Mean consensus OUTPERFORM
Number of Analysts 35
Last Close Price 1 049,61 $
Average target price 947,31 $
Spread / Average Target -9,75%
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Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
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