Stock Groups

Tesla to expand presence in Palo Alto despite HQ move to Texas -source By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO A line of Tesla Model S sedans can be seen outside Palo Alto’s headquarters, California on April 30, 2015. REUTERS/Elijah Nouvelage/File Photo

San Francisco (Reuters) – Tesla Inc (NASDAQ:) has agreed to rent office space from HP Inc. (NYSE:) close to the current headquarters of the electric carmaker in Palo Alto (California), according to Reuters.

Tesla’s Palo Alto expansion came after Elon Musk last week announced that his company would move its headquarters from Palo Alto in California to Austin Texas.

Tesla did not have sufficient space for its existing offices. The individual led to Tesla securing an additional site.

The Registry published earlier that Tesla had leased 325,000 sq.ft at 1501 Page Mill Road, from HP Inc. They cited sources familiar with the leasing market.

Musk said that Tesla will continue to expand its California activities, which includes increasing production at Fremont’s auto factory and Nevada’s battery facility by 50 percent.

Musk had stated that the Texas move was caused by a lack of space in Fremont’s factory and high housing prices in California. However, he did not give any details about how many people might move to Texas.

According to Silicon Valley Institute for Regional Studies estimates, Tesla currently has over 12,000 employees within the San Francisco Bay Area, which includes 750 workers in Palo Alto.

Both Tesla and HP could not be reached for comment immediately. HP Inc., the pioneer in Silicon Valley technology, has its headquarters in Palo Alto. However, its spinoff Hewlett Packard Enterprise, (NYSE:), has relocated its headquarters to Texas.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]