- Toyota's shares close at $164.35 on the NYSE, marking their best week since 2009, following future strategy unveiling.
- Akio Toyoda transitions from CEO to Chairman, leading the company towards a new era of electric vehicles.
- The Japanese automaker's ambitious plan includes next-gen EVs with solid-state batteries, aiming for a 620-mile range and production of approximately 1.7 million vehicles by 2030.
In a triumphant week unseen since 2009, Toyota's stock soared after unveiling a bold vision for its future electric vehicle line-up, while Akio Toyoda, a member of the founding family, assumed leadership of the board. Despite a slight 2.3% dip on Friday, the shares closed at $164.35 on the New York Stock Exchange, marking a notable 10.6% increase over the week - a record not seen since shares jumped 14.5% in April 2009.
This surge isn't a common occurrence for Toyota's stable, if not exciting, stock. This is only the third double-digit weekly gain in over two decades. The uptrend this year aligns with the easing of supply chain issues that plagued the auto industry, including Toyota. Furthermore, Toyoda, grandson of the company's founder, recently announced his shift from CEO to chairman after a 13-year tenure.
Under Toyoda's leadership, and despite criticism from environmental groups and investors, Toyota persisted in producing hybrids and plug-in hybrids, including the Prius and Prius Prime. While amplifying investments in electric vehicles, Toyota's executives maintained that these vehicles are part of the solution towards achieving global emission standards and carbon neutrality, but not the whole solution.
In a bold move to silence doubters, Toyota, earlier this week in Japan, granted a rare insight into their future blueprint. Their ambitious plans involve the launch of their next-gen electric vehicles from 2026, aiming to compete with industry giants Tesla and China-based BYD. These include models powered by highly anticipated solid-state batteries by 2027 or 2028, which offer more energy density, lighter weight, and extended range at a lower cost than current lithium-ion battery-powered EVs.
As per Takero Kato, president of Toyota's battery electric vehicle factory, the company targets a 1,000-kilometer or 620-mile range for its EVs and aims to manufacture approximately 1.7 million vehicles by 2030. With the new leadership approved by shareholders, Toyota stands poised on the cusp of an electrifying future, rejecting a proposal for the company to reassess its climate-related lobbying activities.
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