Toyota Motor’s shares
7203,
rose sharply to a record high, extending the previous day’s gains after the automaker raised its fiscal-year earnings forecast.
Shares were recently 4.9% higher at 3,289 yen after rising as much as 7.3% to a record intraday high of Y3,364 earlier Wednesday morning.
Toyota said Tuesday that it expects net profit to climb 84% to 4.500 trillion yen ($30.42 billion) for the fiscal year ending March as hybrid vehicles lead sales growth. It previously forecast a 61% increase in fiscal-year net profit.
Toyota has been taking what it calls a multipathway approach, which means offering consumers a variety of vehicles, including hybrid-electric and hydrogen-powered cars, as well as electric vehicles.
Overnight, Toyota said it would invest an additional $1.3 billion in its flagship Kentucky facility to support the assembly of a new three-row battery-electric sports utility vehicle for the American market.
Late Tuesday, Toyota also said it would take a minority stake in Taiwan Semiconductor Manufacturing Co.’s
TSM,
manufacturing unit in Japan, a move that helps Toyota secure advanced chips. A shortage of semiconductors had weighed on the production of Toyota and other carmakers worldwide as the global economy recovered from the COVID-19 pandemic.
This story originally appeared on Marketwatch
