toyota motor shares 7203,
It rose sharply to a record high, extending the previous day's gains after the automaker raised its fiscal year earnings forecast.
Shares recently rose 4.9% to 3,289 yen after rising as much as 7.3% to a record intraday high of 3,364 yen earlier Wednesday morning.
Toyota said on Tuesday it expects net profit to rise 84% to 4.500 trillion yen ($30.42 billion) for the fiscal year ending in March as hybrid vehicles drive sales growth. It had previously expected a 61% increase in net profits for the fiscal year.
Toyota is taking what it calls a multi-path approach, which means offering a variety of vehicles to consumers, including hybrid electric cars and hydrogen-powered cars, as well as electric cars.
Overnight, Toyota said it would invest an additional $1.3 billion in its flagship facility in Kentucky to support assembly of a three-row battery-electric SUV for the U.S. market.
Late Tuesday, Toyota also said it would acquire a minority stake in Taiwan Semiconductor Manufacturing Company's TSM subsidiary.
The manufacturing unit is in Japan, a move that helps Toyota secure advanced chips. The semiconductor shortage has affected production from Toyota and other automakers around the world as the global economy recovers from the COVID-19 pandemic.
