Tesla shareholders have approved a three-for-one stock split, a move that will make the company’s stock more accessible to smaller investors.
The preliminary results of the shareholder vote were announced Thursday at the electric car and solar panel maker’s annual meeting at its new plant in Austin, Texas.
At the meeting, CEO Elon Musk also discussed a major expansion of the factory in the future as the company moves toward a goal of producing 20 million vehicles a year. It now produces around 1.5 million a year.
Musk said Tesla could announce another factory this year and expects to have about a dozen in the future. The company currently has assembly plants in Fremont, California; Austin; Berlin, and Shanghai. Musk joked that many had suggested Canada as the location for the next new factory.
The company produced its 3 millionth vehicle in the past few weeks, Musk said.