Tesla Inc TSLA CEO Elon Musk said on Wednesday that the automaker was moving the company’s global engineering headquarters to Palo Alto, California. An opening ceremony with California Governor Gavin Newsom was held on the same day.
What Happened: The event was live-streamed by Tesla on Twitter on Wednesday evening.
Musk said the company was building a better future for humanity in Palo Alto. He said Tesla had 48,000 employees in California, and it was the biggest manufacturing employee by a factor of two.
He praised Tesla’s Fremont, California plant for making an “incredible” number of vehicles.
Musk noted that in the early days, Tesla’s efforts surrounding electric vehicles got plenty of negative press coverage. He said Tesla today was a hardware and software company.
See Also: How To Buy Electric Vehicle (EV) Shares
Why It Matters: “We’re inheriting an incredible legacy here," he said, referring to Tesla's move into a building that belonged to software giant Hewlett Packard, which played a key role in establishing Silicon Valley as the technological nerve center of the United States.
“We continue to expand in California,” said Musk. He pointed out that the company was doing $45 million worth of value operations in the California economy each day.
Tesla, however, moved its headquarters to Texas in December 2020. At the time, Musk called out California for its complacency and entitlement.
Tesla began as a long-short startup founded 20 years ago in San Carlos, California. The company said it is currently the state’s largest manufacturing employer.
Musk tweeted that the opening event was “definitely one of the best parties ever in Palo Alto” before the ceremony began.
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