Tesla and California reconcile: Tesla reveals Silicon Valley as the location of its engineering headquarters.

Tesla Inc. TSLA, +1.77% revealed a new engineering headquarters at a former Hewlett Packard structure in Silicon Valley late on Wednesday. Elon Musk, the CEO of Tesla, and California Governor Gavin Newsom emphasized the company’s origins in California during their joint appearance. Tesla being a California-based business has always been a source of pride for Newsom. After disputes with state and municipal authorities over 2020 shutdown orders and the Tesla factory in Fremont, Calif., then the only Tesla plant producing EVs, Tesla relocated its headquarters to Texas in 2021. Tesla’s stock increased 1% on Wednesday, but it has fallen 27% over the past year. In comparison, the S&P 500 benchmark lost about 7% of its value. SPX, -0.16%.