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Akio Toyoda, Chairman, Toyota Motor Corp.
Yoshikazu Tsuno | Gamma Ravo | Getty Images
Detroit – Toyota Motor The stock is enjoying its best week since 2009 after the company revealed its plans for the next generation of electric vehicles and shareholders voted in favor of its new leadership, including former CEO Akio Toyoda as chairman.
Toyota shares on the New York Stock Exchange on Thursday hit a new 52-week high before closing at $168.18 a share, up 1.6% during daily trading and about 13% this week.
If the shares can hold their current momentum, this will be the stock’s best week since April 2009 when it gained 14.5%. It also marked only its third double-digit weekly gain in more than two decades.
The notable increase in relatively normal inventory follows additional details about the company’s electric strategy, which has previously been criticized by some for not being aggressive enough.
Ahead of its annual meeting on Wednesday, Toyota outlined plans for a new generation of electric vehicles for rival industry leaders Tesla Based in China BYD. The company said it plans to launch its next-generation electric cars starting in 2026, including cars with “solid-state batteries” by 2027 or 2028.
Solid-state batteries can be lighter, have a greater energy density and offer more range at a lower cost than current electric vehicles that contain lithium-ion batteries.
People arrive for Toyota Motor Corporation’s annual shareholder meeting in Toyota City, Aichi Prefecture on June 14, 2023. Toyota is under pressure from large institutional investors until Chairman Akio Toyoda steps down over his half-hearted embrace of electric vehicles.
street | Afp | Getty Images
Takeru Kato, president of the BEV plant, said Toyota is targeting a driving range of 1,000 km (620 miles) for its electric vehicles. He explained that the BEV factory aims to produce about 1.7 million vehicles by 2030.
“The proactive disclosure of a new technology strategy involving next-generation batteries and mega coatings provided a response to the view that it is lagging behind in BEVs. We await the quantitative disclosure of upcoming BEV earnings,” Morgan Stanley analyst Shinji Kakiuchi said Wednesday in a note to investors. .
Following the announcements, Toyota shareholders on Wednesday aligned their vote with the company’s recommendations, including leadership approval and a vote against a shareholder proposal that would require Toyota to review its climate-related lobbying activities.
Shareholders also approved the new company’s leadership and board of directors, including appointing CEO Koji Sato as director and Toyoda — the automaker’s founder’s grandson — as president.
Toyota shares are on the New York Stock Exchange higher about 23% This year, as the auto industry continues to recover from the coronavirus pandemic and supply chain issues that have led to record low levels of auto inventory.
Toyota’s gain puts it in the middle of stocks for Japanese automakers, ahead of or in line with Detroit automakers and behind shares of Tesla, which more than doubled in 2023.
Here’s how stocks of other automakers have fared this year compared to Toyota:
Auto stocks so far this year
* Shares of these companies are traded in the United States as American Depositary Receipts.
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