【《We Chinese in America》Media Editor Tang Zhao, August 10, 2022】Shareholders of U.S. electric car maker Tesla (Tesla) voted on the 4th to split its stock into three shares to attract more retail investors. CEO Elon Musk announced on the same day the expansion target, saying the company will eventually build 10 to 12 factories. (Image Credit: Reuters)

Musk said at Tesla's annual shareholder meeting on the 4th that this year will announce the location of the next factory; he also did not say 10 to 12 factories, whether the existing factories are counted.

After a three-for-one Tesla stock split, the price per share will drop to the $300 range. Tesla did not immediately announce when the stock split would take effect. The stock split was announced in a tweet on March 28. Now it seems that more than four months between the announcement and the shareholders' approval is actually very good. Tesla stock has now rebounded nearly 50% from its late-May lows, outperforming the Nasdaq 100 and S&P 500 by a wide margin.

Tesla stock closed up 0.4% in normal trading on the 4th, at $925.9; it continued to maintain a small increase pattern after the market.

"The timing of Tesla's approval for a stock split is impeccable," said Roth Capital Partners analyst Graig Irwin. "The market appears to be heading in the right direction right now."

Tesla rose 32% in July, its best monthly performance since October last year. The bullish factors that have helped the stock price rise include: the company's last quarter's financial report showed resilience, and the government's climate change bill. The Biden administration's climate bill aims to promote the use of clean energy with a series of tax breaks.

(Source: Los Angeles Times)

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