Moving Down the Road
Electric car maker Tesla Motors and the city of Palo Alto have announced today that Tesla will be moving its headquarter to a renovated building in the Stanford Research Park in Palo Alto (formerly used by Hewlett-Packard and Agilent Technologies). The 369,000-square-foot facility will also be home to Tesla's new powertrain facilities. Roughly 350 employees will work in Palo Alto at first, with enough space to expand up to 650 people.
From the Palo Alto press release:
"Our city is a leader in promoting sustainability and has a strong commitment to green technology. Therefore we're extremely pleased to welcome Tesla to Palo Alto," said James Keene, Palo Alto City Manager. "Stanford, its Research Park, and Palo Alto have always been at the forefront of new technological discoveries and inventions, as well as fostering practices and ideas that increase environmental sustainability. Tesla's move is another indicator that Palo Alto is the place to be for the green tech and alternative energy companies that will help solve the daunting global environmental challenges of the 21st century."
Tesla hopes that the proximity to Stanford University will help it recruit "top engineering talent".
Tesla recently became profitable with a profit of approximately $1 million (on $20 million in revenue) in July, a month during which it shipped 109 electric Roadsters.
The company hopes to launch the Model S electric sedan in 2011 (thanks to a $465 million loan from the DOE).
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