SAN FRANCISCO (BLOOMBERG) - Tesla will move its corporate headquarters to Austin, Texas, where a brand new factory for the Model Y and forthcoming Cybertruck is nearing completion. Chief executive Elon Musk announced the move on Thursday (Oct 7) during the electric-vehicle maker's shareholder meeting from the Austin plant. Tesla has been based in Palo Alto, California, the leafy Silicon Valley suburb that is home to Stanford University and several venture capital firms, since its founding in 2003. But the company has grown from scrappy start-up to the world's most valuable automaker and Texas - centrally located between the two coasts - has become its centre of gravity in the United States. Mr Musk said Tesla is not abandoning California, noting the electric-car maker will continue to expand manufacturing in the state and aims to boost production at its vehicle factory in Fremont - and at its Nevada battery plant - by 50 per cent. "We will continue to expand our activities in California. This is not a matter of Tesla leaving California," he said. California Governor Gavin Newsom's office and the state's economic development agency did not immediately respond to requests for comment...