Toyota’s stock is experiencing its most successful week since 2009, driven by the company revealing plans for its next-generation electric vehicles and receiving shareholder approval for new leadership. Shares of Toyota on the New York Stock Exchange reached a new 52-week high on Thursday, surpassing $169 per share. If the current momentum is sustained, it will mark the stock’s best week since April 2009, when it saw a 14.5% increase.

DETROIT – Toyota Motor’s stock is enjoying its most profitable week since 2009 due to the company’s announcement of plans for its next-generation electric vehicles and the approval of new leadership by shareholders, including former CEO Akio Toyoda as chairman.

On Thursday, shares of Toyota on the New York Stock Exchange hit a new 52-week high before closing at $168.18 per share, showing a 1.6% increase during intraday trading and approximately a 13% rise throughout the week.

If the shares can maintain their current momentum, this will be the stock’s most successful week since April 2009 when it experienced a 14.5% growth. It will also only be the third double-digit weekly gain in over two decades.

This significant surge in the seemingly ordinary stock follows the release of additional details about the company’s electric vehicle strategy, which has previously faced criticism for being insufficiently aggressive.

Ahead of its annual meeting on Wednesday, Toyota outlined plans to develop a new generation of electric vehicles that would compete with industry leaders such as Tesla and China-based BYD. The company intends to launch these next-generation EVs starting in 2026, featuring highly acclaimed “solid-state batteries” by 2027 or 2028.

Solid-state batteries have the potential to be lighter, possess higher energy density, and provide greater range at a lower cost compared to current EVs using lithium-ion batteries.

Takero Kato, president of BEV Factory, stated that Toyota is aiming for a driving range of 1,000 kilometers (620 miles) for its EVs. BEV Factory plans to manufacture around 1.7 million vehicles by 2030, according to Kato.

“On Wednesday, Toyota’s proactive disclosure of a new tech strategy involving next-gen batteries and giga casting countered the perception that it was lagging behind in BEVs. We await further details on BEV profit,” remarked Morgan Stanley analyst Shinji Kakiuchi in an investor note.

Following these announcements, Toyota shareholders aligned with the company’s recommendations during the meeting. This included approving the new leadership and board, which involves CEO Koji Sato as a director and Toyoda – the grandson of the automaker’s founder – as chairman. Additionally, shareholders voted against a proposal that required Toyota to review its climate-related lobbying activities.

Toyota’s stock on the NYSE has seen a 23% increase this year, as the auto industry steadily recovers from the impacts of the COVID-19 pandemic and supply chain disruptions, which caused record-low vehicle inventory levels.

In terms of performance, Toyota’s gains position it in the middle among Japanese automaker stocks. It surpasses or aligns with the Detroit automakers but falls short compared to Tesla’s shares, which have more than doubled in 2023.