EL PASO, Texas (KTSM) –  Tesla says it has officially moved its corporate headquarters from Silicon Valley to a large factory under construction outside of Austin, Texas.

The company made the announcement in a filing with U.S. securities regulators. The filing said the relocation from Palo Alto, California to a Gigafactory near Austin, Texas.

In U.S. regulatory filings Tesla said it had about 71,000 employees worldwide, about 10,000 working at the Palo Alto headquarters which is now in Texas.

Wedbush analyst Daniel Ives said in October that he expects some of the 10,000 employees in Palo Alto won’t want to leave the Bay Area but says a large number will, due to Austin’s lower cost of living. He said he thinks Tesla will give many the option of staying but expects 40% to 50% to make the move.

“The tax incentives down the road, we believe, will be massive when you compare taxes versus California,” Ives said. “Getting employees is much cheaper and easier in Texas.”

Musk has said that he has moved his residence from California to Texas, where there is no state personal income tax.