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    Home ยป Toyota shares reached a record high in Japan after the company raised its profit forecasts
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    Toyota shares reached a record high in Japan after the company raised its profit forecasts

    ZEMS BLOGBy ZEMS BLOGFebruary 7, 2024No Comments2 Mins Read
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    toyota motor shares 7203,
    +4.72%
    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.
    +0.50%
    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.

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