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

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SAN FRANCISCO, Oct 12 (Businesshala) – Tesla Inc. (TSLA.O) has agreed to lease office space from HP Inc. (HPQ.N) near the electric carmaker’s current headquarters in Palo Alto, Calif., A person familiar with the matter told Businesshala. .

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Tesla’s expansion in Palo Alto comes even after CEO Elon Musk announced last week that the company was moving its headquarters from Palo Alto, California to Austin, Texas.

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The person said Tesla doesn’t have enough space for its current offices, which forced the company to secure an additional site.

Earlier, real estate news provider Registry reported that Tesla has leased 325,000 square feet at 1501 Page Mill Road from HP Inc., citing sources with knowledge of the leasing market.

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Musk has said that Tesla will continue to expand its activities in California, including increasing production at its car factory in Fremont and its battery plant in Nevada by 50%.

Musk, who said the move to Texas was due to a lack of space at the Fremont factory and expensive housing prices in California, did not elaborate on how many people would move to Texas.

According to estimates by the Silicon Valley Institute for Regional Studies, Tesla has 12,000 employees in the San Francisco Bay Area, including 750 in Palo Alto.

Neither Tesla nor HP were immediately available for comment. Silicon Valley pioneer HP Inc. is headquartered in Palo Alto, but its spinoff Hewlett Packard Enterprise (HPEN) has moved its headquarters to Texas.

Reporting by Hyunju Jin; Editing by David Gregorio

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