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FILE - In this Feb. 2, 2020, file photo, the company logo appears on an unsold 2020 Model X at a Tesla dealership in Littleton, Colo.  A day after its 5-for-1 stock split took effect, Tesla is announcing plans to sell up to $5 billion worth of common shares.  Tesla shares rose over 2% in premarket trading Tuesday, Sept. 1,  after the filing with the U.S. Securities and Exchange Commission. (AP Photo/David Zalubowski, File)

Tesla announces plans to sell up to $5B in new stock shares

Sep. 1, 2020 5:10 PM EDT

DETROIT (AP) — A day after its 5-for-1 stock split took effect, Tesla announced plans Tuesday to sell up to $5 billion worth of common shares. The electric car and solar panel maker said in a filing with securities regulators that it intends to sell up to 10.03 million shares and use the proceeds for...