updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131On Wednesday, Toyota stock solidified a nearly 15% gain for its best week in 14 years on news of new leadership, EVs, and next-gen batteries.
Toyota Motor Corp (NYSE: TM) is set for its best week since 2009 after the automobile giant revealed plans to produce next-generation batteries for its electric vehicles. The company’s stock also climbed on shareholder satisfaction with the CEO and chairman positions.
On Thursday, Toyota stock hit $169.07, cementing a high not seen in 52 weeks, before shedding some weight and closing at $168.18. According to data from MarketWatch, Toyota stock has climbed nearly 15% in the last 5 days and 18% in the past month. TM has also added 23.14% year-to-date (YTD) and 23.75% in 3 months. The current week is Toyota stock’s best week since 2009 when it jumped by 14.5%.
On Tuesday, Toyota stock also rose 5% on the Tokyo Stock Exchange after announcing electric vehicles and next-gen batteries. The company plans to launch electric vehicles in 2026, with batteries that will rival automakers like Tesla Inc (NASDAQ: TSLA). Toyota also said it would manufacture the vehicles under BEV Factory, a new EV division.
In a recent presentation, BEV Factory president Takero Kato said the company would produce 1.7 million electric vehicles latest by 2030.
Toyota also says it will produce vehicles with solid-state batteries by 2027. The company has reportedly discovered a new way to develop more durable batteries. Toyota is now reviewing battery development for its previous hybrid electric vehicles (HEV) and the standard electric vehicles.
Although expensive, solid-state batteries promise increased efficiency as they charge faster and churn out more energy. They are also unlikely to inflame. Using these batteries for its EVs may considerably raise prices, making the cars more costly than the competition. However, users may enjoy better utility as a full charge could be completed in under 10 minutes, according to Toyota. Kato already noted that Toyota plans a driving range of 1,000 kilometers (621 miles) for the upcoming EVs.
In addition to news on batteries and electric vehicles, shareholders voted to keep former Toyota CEO Akio Toyoda – grandson of Toyota Industries Co. founder Sakichi Toyoda – as chairman of the board. Shareholders also accepted Koji Sato’s position as CEO.
Toyota’s 23% YTD jump trumps gains from auto giants Volkswagen and General Motors, with 15% and 13%, respectively. Regardless, Toyota stock has fallen behind other automakers like Ford Motor and Honda, each up 25% and 40%, respectively. Tesla stock is the largest auto gainer at 108% in 2023.
The auto giant has come under much criticism for its reluctance to compete eagerly with other EV makers. Toyota’s pioneer hybrid Prius model was launched in 1997 when there was little to no competition in that regard. Previously, Toyota said it was not ready to enter the world of EVs, even adding that the public was not prepared for the technology. However, Toyota is now fully in the race as its deeply into battery research. The company announced it would invest $35 billion into electric vehicles, and have 30 models ready by 2030.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Shares of Toyota rose after the company announced next-generation batteries for its electric vehicles and other company plans.
Toyota Motor Corp (TYO: 7203) shares rose more than 5% on the Tokyo stock exchange on Tuesday following the company’s EV announcement. Toyota has confirmed that in 2026 it will launch a range of electric vehicles equipped with next-generation batteries.
As of press time, the company’s stock is at ￥2,174 after adding ￥105 from its previous close of ￥2,069. The stock has climbed over 6% in the last 5 days, 13% in one month, and more than 20% over the past three months. Furthermore, Toyota stock is trading at a nearly 20% jump since January.
Reports say Toyota will develop the vehicles under its BEV Factory, an EV arm it created last month. According to an official Toyota presentation by BEV Factory president Takero Kato, Toyota plans to produce around 1.7 million electric vehicles by 2030. Kato also put each vehicle’s range at 1,000 kilometers (621 miles).
Toyota’s projection for the range is over 43% higher than the Tesla Model S’ 405 miles, currently Tesla’s longest-range vehicle.
In 2021, Toyota announced plans to invest $35 billion in its EV lineup and roll out 30 models by 2030. In the same year, the company also said it would spend $13.5 billion on battery production for electric vehicles. Although Toyota pioneered hybrid vehicles with its Prius model in 1997, the company has been slow to join the all-electric race. In fact, Toyota had expressed that it wasn’t ready and seemed to downplay public acceptance of EVs.
Last year, executive vice president of sales at Toyota Motor North America, Jack Hollis, said the market does not have the “mass movement” Toyota needs. According to him, “the marketplace isn’t mature enough and ready enough.”
Toyota says it has now found a way around creating all-solid-state batteries that solve the durability problem. This discovery is now causing the company to review its conventional HEVs (hybrid electric vehicles), and its battery development for standard electric vehicles.
Solid-state batteries offer more energy and can charge faster. In addition, these batteries are less likely to ignite and may be better preferred than lithium-ion batteries. However, solid-state batteries are very costly to make and are also more prone to cracking.
A Toyota breakthrough with solid-state batteries could change the entire electric vehicle landscape. Pulling off the feat could accelerate its current race against EV giants like Tesla. According to Toyota, an electric vehicle with a solid-state battery could hit a 1,200 km range. In addition, charging could be completed in under 10 minutes. In comparison, the equivalent of Tesla’s Supercharger network is 15 minutes of charging time over a distance of 321 km.
So far, Toyota has not provided any details on the cost. However, since solid-state batteries are expensive to produce, vehicles equipped with these batteries could cost more than the average electric cars in the market today.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.