Tesla shareholder meeting: Musk plans to build a new, sixth Gigafactory

At the Annual General Meeting, Tesla CEO Elon Musk announced the construction of another Gigafactory for the automaker. It will be the sixth such factory in total to begin operations.

Sixth Tesla Gigafactory decided

At the annual shareholders meeting in Austin, Texas, Elon Musk announced the construction of a sixth Tesla Gigafactory. In the long term, Musk could imagine operating a full twelve of these factories in a few years, he said.

The Gigafactory in Shanghai, whose work the South African has praised in the highest terms, is to serve as a model for the new factory. He seems to be much more satisfied with this than with his factory in Grünheide near Berlin, which Musk had described as a gigantic money-burning furnace as recently as June and only recently had to increase the salaries of the angry workforce.

However, Musk did not give any concrete details about the planned location of the new Tesla Gigafactory. However, he said the company plans to announce the location before the end of 2022, and Musk specifically mentioned Canada as a potential site.

Each of the planned factories is to produce 1.5 to 2 million vehicles per year. In the long term, 20 million Teslas are expected to roll off the assembly line each year in 2030. One of the ways in which this is to be achieved is by making production simpler.

Tesla’s stock split is a done deal

Of course, the Annual General Meeting was not only about a new Tesla Gigafactory. A stock split was also voted on and approved – already the second in around two years.

Each existing share is to be converted into three securities. The aim is to make it much easier for employees in particular, but also for small investors, to invest. The main shareholders gave the go-ahead on August 05, 2022, but it is not yet known exactly when the stock split will be implemented.

In the long term, Tesla should become the “most valuable company in the world”, Musk said. On 04 August, the Tesla share climbed to its monthly high of around 921 US dollars, but then sank well below the 900 dollar mark. In addition to Tesla, Google parent Alphabet and Amazon, for example, had also announced corresponding stock splits this year.