SAN FRANCISCO, Calif. (KRON) – Has the pandemic made you re-think where you currently live? Have you thought about moving somewhere new?
That’s exactly what Tesla CEO Elon Musk has done.
“If a team has been winning for too long they do tend to get a little complacent, a little entitled and then they don’t win the championship anymore,” Musk said Tuesday in an interview with the Wall Street Journal.
When asked why Tesla relocated, Musk discussed a new Tesla factory outside of Austin, as well as a massive new Starship spacecraft in South Texas.
Musk went on to criticize California and his reason for change.
“California has been winning for a long time, and I think they’re taking it for granted.”
SpaceX, another Musk-led company, has operations in Texas. Musk told the newspaper he’s been working on the move for months.
Musk had threatened to relocate Tesla’s Palo Alto, California, headquarters and future manufacturing to Texas earlier this year during a high-profile spat with county officials over whether Tesla’s San Francisco Bay Area factory should stay closed due to coronavirus restrictions.
Tesla’s stock has exploded this year, rising more than 600%. It closed Tuesday up 1.3% at $649.88.
The company has to finance some big-ticket capital spending this year because it’s building a new factory in Germany and outside of Austin. It’s also gearing up to roll out its new “Cybertruck” pickup and a semi sometime next year.
The company posted a $331 million net profit for the July through September period, its fifth straight quarter of profitability. But as in previous quarters, the company relied heavily on $397 million it earned from selling electric vehicle credits to other automakers so they can meet government fuel economy and pollution regulations.
Tesla could post its first full-year profit when it reports fourth-quarter earnings early next year.
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