Akio Toyoda, president and CEO of Toyota Motor Corp.
Kiyoshi Ota | Bloomberg | Getty Images
DETROIT – Toyota Motor stock sealed its best week since 2009 on Friday, as the automaker laid out a robust plan for future all-electric vehicles and company scion Akio Toyoda became leader of the Japanese company’s board.
Shares of Toyota on the New York Stock Exchange closed Friday at $164.35 per share, down 2.3% for the day but still up 10.6% on the week. That 5-day gain is the stock’s best week since April 2009 when shares increased 14.5%.
Such a rally is not typical for the stock. It’s only the third double-digit weekly gain in more than two decades for the relatively well-performing but mundane stock. Shares of the company are up 20% so far in 2023.
The positive uptick this year comes as recent supply chain problems ease for the automotive industry, including Toyota, and after Toyoda, grandson of the company’s founder, announced plans to transition from CEO to chairman after more than 13 years leading the automaker.
Toyoda, who left his post as chief executive on April 1 and was succeeded by Koji Sato, had faced criticism from some environmental groups and investors for not going all-in on EVs and continuing production of hybrids and plug-in hybrids such as the Prius and Prius Prime.
