Elon Musk, chief executive officer of Tesla Inc, said the company will relocate its headquarters from Silicon Valley's Palo Alto, California to Austin, Texas, where a large car manufacturing plant is being built.
Among the many US companies moving to Texas from California, which has relatively high taxes and living costs, Tesla joins Oracle, HP, and Toyota Motor as well. California is also known for developing new ideas, but Texas is known for its cheaper labor and fewer regulations.
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