At the end of March, the company already announced that Tesla was planning another stock split after 2020. However, even then it was clear that the action must be approved by the general meeting scheduled for August 4, which happened. The value of a company does not change as a result of a stock split, but because the value of a company is spread over a significantly larger number of shares, each share has only a smaller stake in the company. This means that the share is automatically worth less.
At the event, Elon Musk explained that Tesla produced three million electric vehicles last week and reaffirmed his goal of delivering about 1.5 million vehicles this year — in 2021, Tesla deliveries are still in the six-figure range. The required battery capacity for 1.5 million vehicles has been provided.
Tesla is also sticking to its goal of producing 20 million vehicles a year by 2030. That would require 10 to 12 factories—Tesla now operates auto plants in Fremont, Shanghai, Grunheide, and Austin—and Gigafactory 1 in Nevada, which makes batteries and components, but not cars.
Factory crackdown could start in the US: A site for another factory in North America could be announced later this year, Musk said. Musk did not indicate the location at the general meeting. However, there have long been rumors of a plant on the US East Coast that Tesla would allow to serve the West, Center and East with one plant each.
Including Gigafactory 2, where Tesla's solar division's PV roofs are primarily made, the additional North American plant will be Tesla's seventh major plant and fifth automotive plant.