Tesla, Inc. is now officially a Texas-based company.
The electric vehicle manufacturer has filed an 8-K form with the U.S. Securities and Exchange Commission, moving its corporate headquarters to 13101 Harold Green Road in Austin, the site of its new $1.1 billion gigafactory.
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When finished this month, the 4.28 million square-foot factory will produce Tesla’s Cybertruck, Model 2, Model Y SUV, and Semi tractor-trailers. It is expected to employ 5,000 people with wages starting at $35,000 annually. Tesla also plans to help in building sustainable solar housing near the factory in southeast Austin.
Tesla CEO Elon Musk announced in October that the manufacturer would move to Texas from its home in Palo Alto, Calif. It wasn’t clear if all 10,000 California employees would be required to move. It's expected that some won’t want to leave the Bay Area, but up to 50% might relocate because of Austin’s lower cost of living. Musk himself has switched his residence to Texas, freeing himself from California's personal income tax.