(Bloomberg) Toyota Motor Corp. stock jumped as much as 1.8% to hit a fresh milestone above 10,000 yen or $90.85 on Tuesday.
The stock jump of Toyota Corp. defies continuing chip shortages in the automobile industry and underscores the automaker’s endeavors to expand electric vehicle offerings.
Toyota announced a share buyback of 250 billion yen in May and expects to return to pre-pandemic earnings this year, which has raised optimism of its stock
The automaker plans to launch two EVs in the US next year and targets 15% of all vehicle deliveries to be fuel-cell powered by 2030.
The company considers moving EV production to the US if demand among Americans continues to expand.
Toyota gains were also replicated among its Japanese peers, with Honda Motor Co. jumping about 1.1% while Nissan Motor Co. surged 1.2%.
Toyota’s stock is now up 26% this year, but analysts expect the company’s stock split in October to weigh on the current price.
7203: TYO is up +1.77%
