Electric vehicle maker Tesla Inc. on Friday proposed a stock split at a three-to-one ratio in the form of a stock dividend, according to a regulatory filing.

The proposal will be put to vote on August 4 and if approved, it would be the latest after a five-for-one split in August 2020.

Tesla will also ask shareholders to vote to reduce its board of directors' terms to two years from three. If approved, directors' terms would be staggered over two years.

Following a pandemic-induced rally in the technology shares, Alphabet Inc, Amazon.com Inc and Apple Inc , too, have in the recent past split their shares to make them more affordable.

While stock splits make shares of a company cheaper for its employees and investors, some brokerages already allow customers to buy fractions of individual shares, which makes the benefit of stock splits less exaggerated than in the past.