TOYOTA SHARES TOP 10,000 YEN MARK
Toyota Motor Co. stocks on Tuesday eclipsed the 10,000 yen ($91) mark for the first time since its listing on the Tokyo Stock Exchange in 1949 as auto demand continues to recover from the coronavirus pandemic in its key markets, according to Kyodo News report.
Investors snapped up the Japanese automaker shares, which rose nearly 1.8 percent Tuesday to 10,075 yen. Toyota's market capitalization hit an all-time high above 32.8 trillion yen.
Toyota shares had been hitting record highs since last month, staying above 9,000 yen since May 28.
The world's biggest carmaker by volume has been faring well despite the COVID-19 pandemic and a global shortage of semiconductors, with robust demand for its cars seen in China and the United States.
Toyota remains the highest valued company on the Tokyo Stock Exchange. In July last year, however, it was overtaken by Tesla Inc. as the world's top automaker by market capitalization, despite the U.S. electric vehicle maker sales amounting to just a fraction of those by Toyota.
As of Monday, Tesla was valued at some $595 billion, about double Toyota's $298 billion.
The Japanese automaker aims to diversify its lineup of safer and zero-emission vehicles including autonomous, hybrid and electric cars. It has unveiled a target of having electrified vehicles account for about 80 percent of its annual sales by 2030.