Tesla is moving its headquarters to Texas from California

Tesla Inc plans to move its headquarters from Silicon valley’s Palo Alto to Austin, Texas, Chief Executive Elon Musk said on Thursday.

Tesla is building a massive car and battery complex in Texas.

Tesla joins Oracle, HP and Toyota Motor in moving U.S. headquarters to Texas from California.

California has relatively high taxes and living costs as compared to Texas which is known for cheaper labor and less stringent regulation.

Billionaire Musk himself moved to the Lone Star State from California in December to focus on the electric-car maker’s new plant in the state and his SpaceX rocket company, which has a launch site in the southern tip of Texas.