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Between now and mid 2022, there is going to be a quantum leap in graphite demand with all these new battery and EV manufacturing sites opening up. It isn't the number of sites but the size. They have gone from mega to giga. And for a lot of this major ramp up period, Chinese mines are going to be closed.

Tesla Inc. 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 Officer Elon Musk announced the move Thursday 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 startup to the world’s most valuable automaker and Texas -- centrally located between the two coasts -- has become its center of gravity in the U.S.

Musk said Tesla isn’t 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%.

“We will continue to expand our activities in California. This is not a matter of Tesla leaving California,” he said.