By Maria Armental

Tesla Inc. said it would enact a 5-for-1 stock split after a share-price surge over recent months vaulted the electric-vehicle maker to the status of most valuable car company.

Enthusiasm in Tesla's stock has been fueled by four consecutive quarters of profit even in the coronavirus pandemic. Tesla shares rose more than 6% in after-market trading following the announcement.

Tesla's move follows one from Apple Inc., which last month said its board had approved a 4-for-1 stock split, aiming to make the stock more accessible to a broader base of investors.

This article will be updated

(END) Dow Jones Newswires

August 11, 2020 17:52 ET (21:52 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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