Shares of Toyota Motor surpassed a 2015 price record on Tuesday, surging another 2.3% to a record high of 8,850 yen (roughly $ 81) amid growing investor confidence in the Japanese automaker's ability to cope better than its own in the global chip shortage. competitors.
Toyota, the leading Japanese company by market capitalization and the world's largest automaker, has handled chip shortages better than many of its competitors and is forecasting a return to pre-pandemic profit levels this year.
The rally in Toyota has helped lift shares in other automakers, which have come under pressure from competition from EV makers and chip shortages.
Honda Motor rose 3.4%, while losing Nissan Motor rose 1.7%.
The rally also reflects investor interest in combustion-engine carmakers versus overpriced electric car makers like Elon Musk's Tesla, analysts and fund managers say.
Volkswagen shares are up nearly 40% this year, while Stellantis is up 28%.