“I am pleased to announce that we are relocating our headquarters to Austin, Texas,” Masks said at the annual shareholders’ meeting.
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“However, to be clear, we will continue to expand our operations in California.”
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Masks said sales of Tesla products were growing strongly and the company was increasing deliveries despite a shortage of computer chips and other components.
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The company aims to expand production at its plant in Fremont, California by about 50%. However, there are limits to expanding the plant, Masks said.
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He noted that Silicon Valley has higher living costs for workers, who are often forced to measure long distances to work due to high housing prices.
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The mask has come into conflict with California state regulators and is one of the technology tycoons who have personally left the state to settle in places with lower income taxes and less regulation.
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