Tesla CEO Elon Musk has announced the company will be moving its headquarters to Texas.
Musk revealed the move to Austin at the annual meeting of Tesla stockholders on Thursday.
Tesla is presently working on its Gigafactory just east of Austin. The $1.1 billion factory will produce the Model Y electric SUV as well as the Cybertruck. Production is expected to begin by the end of the year.
Austin Mayor Steve Adler said he is not certain where the new headquarters will be located, but he noted that Tesla has excess land at its Gigafactory.
Adler said he expects Musk will help Austin in building housing near the factory in southeast Austin. The company has already announced a project that would build a sustainable solar community.
Tesla's announcement comes less than a year after software giant Oracle announced that it was moving its corporate headquarters from California to Austin. A number of other tech giants, including Apple, Facebook, Google and Amazon, have also expanded operations in Central Texas. Samsung has also said it is considering two Texas sites for a $17 billion chip manufacturing facility. One is near its existing Austin operations and one is in Williamson County, near Taylor.