Tesla Motors has announced that it will be setting up shop at a new location in Palo Alto, California. The start-up electric vehicle maker will develop and manufacture EV components — mainly drivetrains — at the new site, and will also move its headquarters from San Carlos to the new location.
Thanks to a $465 million loan from the U.S. Department of Energy, Tesla will setup a new R&D and production facility in the Stanford Research Park in Palo Alto. Tesla’s lease includes a three-building complex, covering 369,000 square feet. The facility was previously occupied by Hewlett-Packard.
“Silicon Valley and the Stanford Research Park are synonymous with innovation and entrepreneurship,” said Tesla CEO and Product Architect Elon Musk. “It’s an ideal place for a new car company trying to rethink many aspects of the traditional automotive business.”
The new facility will initially employ 350 workers, but that figure could be increased to 650. The company’s upcoming Model S will not be produced at the Palo Alto facility, but Tesla is currently looking for a location to produce the EV sedan.
