Economic engine

It’s official: Tesla moves headquarters into new $1.1 billion Austin factory

It’s official: Tesla moves headquarters into new $1.1B Austin factory

Tesla factory
Tesla's headquarters is officially calling Austin home.  Courtesy of Tesla

In fairly short order, Elon Musk has followed through on his promise to move Tesla’s headquarters to Austin.

Effective December 1, the maker of electric vehicles is based at 13101 Harold Green Rd. — the site of Tesla’s $1.1 billion nearly completed auto manufacturing plant. That’s according to a Tesla filing with the U.S. Securities and Exchange Commission. The factory (with the new headquarters now tucked inside) is near State Highway 130 and State Highway 45, just east of Austin’s city limits.

Until this month, Tesla’s headquarters officially remained in Palo Alto, California, north of San Jose.

In October, Musk made the unplanned — but not unexpected — announcement that Tesla would relocate its headquarters from Silicon Valley to Austin. The announcement came during the company’s annual shareholder meeting, held at the Austin factory.

The factory, situated on 2,100 acres, is expected to employ at least 5,000 people. It’s unknown how many corporate employees will work from the relocated headquarters.

Musk, CEO of Tesla, had foreshadowed the corporate move. Last year, Musk threatened to shift Tesla’s headquarters to Texas or Nevada after he clashed with Northern California officials over a pandemic-triggered shutdown of the company’s factory in Fremont, California.

Well ahead of the headquarters relocation, Musk moved from California to Texas himself. It’s unclear where Musk lives now, although some media outlets have listed his residence as Austin and others have reported he has settled down along the Gulf Coast. Musk’s SpaceX business operates a rocket-launching site in Boca Chica, a little over 20 miles northeast of Brownsville.

Musk also has moved his private foundation’s main office from Northern California to Austin. In addition, the LinkedIn profile for Musk’s The Boring Co. now lists Pflugerville as its headquarters. The company, which specializes in underground tunnels for transportation, had been based in Hawthorne, California, a Los Angeles suburb.

Regardless of where in the Lone Star State Musk has set down roots, he’s now by far the richest resident of Texas. His current net worth is around $300 billion. Musk derives much of his fortune from the stock he owns in Tesla, which racked up revenue of $31.5 billion in 2020.

Based on annual revenue, Tesla ranks 100th on the Fortune 500 list of the country’s biggest publicly traded companies. Only two public companies with headquarters in the Austin area are larger than Tesla — Round Rock-based Dell Technologies, at No. 28 on the Fortune 500 with $94.2 billion in annual revenue, and Austin-based Oracle, at No. 80 with $40.5 billion in annual revenue.