The 2021 Tesla Annual Shareholders Meeting is going on right now, and Elon Musk just announced that the electric vehicle company is moving their headquarters out of California. Tesla's new home will be Austin, Texas. Musk made this announcement live from the Tesla Gigafactory in Austin today.
The meeting starts at 5:30 pm ET / 2:30 pm PT and will be available to watch on the official Tesla YouTube channel or in the embed below.
Tesla CEO Elon Musk went on to state that the company is still expanding in the state of California, but the Fremont factory is jam packed. Musk has been spending more time in Texas as development of the SpaceX Starship is taking more of his time, so Tesla's move to the Lone Star state may have been driven by Musk's own desire to be bring his companies closer together.
Musk detailed the massive growth of Tesla over the years, the free cash flow achievements, and also stated that he expects Model Y to become the best-selling car of any kind in the near future. It isn't all sunshine ahead for the high-flying EV company, as the CEO detailed some challenging supply chain issues including chip shortages and increased shipping costs. This lead to Model 3 and Model Y price increases earlier this week.
The question and answer session is still going on in Austin, Texas right now, and some other interesting topics have come up. Musk refuted the Model 2 rumors circulating around the Internet, saying that Model 3 was meant to be the letter E, he also said that the stock is not quite ready for another share split. The Tesla CEO also announced that the company is open to licensing their autonomous driving technology to competitors.
It doesn't appear that there will be any product reveals at today's Tesla Annual Shareholder Meeting, but these events tend to be more focused on finances and corporate governance. Right now, it appears that Tesla is facing supply constraints that are hampering their growth. Folks who preordered Cybertruck and Roadster vehicles will have to wait a bit longer for Musk and company to deliver. Tesla isn't always the most punctual company when it comes to releasing products on time, and the chip shortage is certainly not helping at the moment.