Tesla is moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk announced during the company’s shareholder meeting on Thursday.
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The meeting, which is still in progress as of 5:35 p.m., is taking place at Tesla’s Gigafactory in Austin.
“Just to be clear though, we will continuing to expand our activities in California,” Musk said. “This is not a matter of Texas leaving California. Our intention is to increase output from Fremont and Giga Nevada by 50%. We’re just hitting the sides of bowl. I mean, if you go to our Fremont factory it is jammed.”