What's Going On With Toyota Stock Premarket Tuesday?

Zinger Key Points
  • Toyota sold ¥325.9 billion ($2.04 billion) cross-shareholdings, reducing its holdings from 200 to 124 companies since 2015.

Toyota Motor Corporation TM shares are trading higher today. The company stated that it sold 325.9 billion yen ($2.04 billion) cross-shareholdings of listed companies in the fiscal year ended March 2024.

As a result, as of March-end, Toyota Motor Corporation (TMC) strategically holds shares in 124 companies, including 40 listed companies, down from 200 companies, including 80 listed companies, as of March 31, 2015.

The market closely monitors the scope of Toyota’s cross-shareholding and the pace of its divestitures, reflecting the company’s significant influence and stature in corporate Japan, reported Reuters.

Apart from this, the company disclosed the release of the short brand film “Getaway Driver” as part of its latest national ad and media campaign for the Corolla Hybrid.

Earlier this month, Toyota lost around $15 billion in market cap in a week after the Japanese transport ministry discovered that false data was used to certify certain models.

Before that, Toyota announced a temporary halt in shipments and sales of three models made in Japan: the Corolla Fielder, Corolla Axio, and Yaris Cross, following an investigation by the ministry.

Toyota stock has gained 29% in the last 12 months. Investors can gain exposure to the stock via Amplify CWP International Enhanced Dividend Income ETF IDVO and Altrius Global Dividend ETF DIVD.

Also Read: Toyota Chairman Akio Toyoda Retains Position Despite Decreased Shareholder Support

Price Action: TM shares are up 4.03% at $207.00 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo by RYO Alexandre on Shutterstock

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