Toyota Motor Stock (NYSE:TM), Trade Ideas

Toyota Motor

Founded in 1937, Toyota is one of the world's largest automakers, with 10.56 million units sold at retail in fiscal 2023 across its light-vehicle brands. Brands include Toyota, Lexus, Daihatsu, and truckmaker Hino; market share in Japan is about 51% excluding mini-vehicles, while U.S. share is around 15%. The firm also owns 3.3% of Denso, a parts supplier, about 20% of Subaru, and holds investments in many other firms, including shares of Uber Technologies, Joby Aviation, Aurora Innovation, Isuzu Motors, and about 5% in each of Mazda and Suzuki. Fiscal 2023 sales excluding financial services were JPY 34.4 trillion. Toyota also has a financing arm and manufactures homes and boats.

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Auto union leader Shawn Fain said pundits all bet that the union would lose at the VW plant in Tennessee. They were wrong.

After UAW Wins Big In Tennessee, $40M Campaign Continues: 35 Car Plants Are Next

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Ford recalls 456,565 SUVs and trucks in the U.S. due to low battery issue, NHTSA flags safety concerns; Toyota also conducts recall for Prius door handle faults.

Ford Recalls 456,565 SUVs And Trucks Over Low Battery Issue, NHTSA Warns Of Safety Risks: Report

Toyota Photo by RYO Alexandre on Shutterstock

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Toyota shares are dropping in premarket trading after the company recalls 211,000 Prius cars due to door handle issues, posing safety risks.

What&#39;s Going On With Toyota Shares After Recalling 211,000 Prius Cars Owing To Door Handle Issues?

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&nbsp;Toyota cars and trucks will lead the fields at the upcoming NASCAR race weekend at World Wide Technology Raceway (WWTR), signaling the first-ever automotive manufacturer partnership for the 700-acre multi-purpose racing facility. WWTR also announced that Toyota has renewed their race entitlement for the NASCAR CRAFTSMAN Truck Series Toyota 200, scheduled for&nbsp;June 1.
The Toyota Camry XSE will serve as the pace car for the NASCAR Cup Series Enjoy Illinois 300 on&nbsp;June 2, and the Toyota Tundra&nbsp;TRD Pro will be the designated pace and support vehicles for the NASCAR CRAFTSMAN Truck Series race.

Toyota Becomes The Official Vehicle Provider Of World Wide Technology Raceway

United Auto Workers (UAW) President Shawn Fain is gearing up to organize more nonunion automaker factories on the heels of a major victory at a Volkswagen (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) <a href="https://www.benzinga.com/topic/mobility">plant in Tennessee</a>.
What Happened: Fain <a href="https://www.theguardian.com/us-news/2024/apr/22/united-auto-workers-auw-shawn-fain">told</a> multiple media outlets on Monday and over the weekend that the UAW&#8217;s $40-million campaign to get more union votes will proceed.
The goal is to unionize autoworkers in at least 35 non-union U.S. plants currently under the banner of major manufacturers such as Mercedes-Benz Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>), Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), Nissan Motor Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and Hyundai Motor Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>). 
The UAW won an election victory Friday at a Volkswagen plant in Chattanooga, Tennessee. Seventy-three percent of the vote favored unionizing. Previous elections in 2014 and 2019 were unsuccessful. 
According to the <a href="https://apnews.com/article/uaw-union-election-vw-chattanooga-tennessee-alabama-74ac19f72cd334050df96ffdccf7425f">Associated Press</a>, Fain said pundits bet against the UAW in the South where roughly 150,000 workers&nbsp;are at non-union factories. 
"But you all said, ‘Watch this,' " he told a group of Volkswagen organizers on Friday night. "You guys are leading the way. We're going to carry this fight on to Mercedes and everywhere else." 
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38238276/elon-musk-is-epitome-of-everything-thats-wrong-with-this-world-says-uaw-chief-shawn-fain-while-d">Elon Musk Is &#8216;Epitome Of Everything That&#8217;s Wrong With This World,&#8217; Says UAW Chief Shawn Fain</a>
Why It Matters: The Chattanooga victory is the union's first win in a Southern car facility owned by a foreign auto manufacturer. 
Volkswagen is based in Wolfsburg, Germany. 
Previous losses at the Volkswagen facility&nbsp;were blamed on a federal investigation into bribery and embezzlement under previous leaders.
But unions credit new leadership for their favorable contracts that came about on the heels of 2023&#8217;s strike <a href="https://www.benzinga.com/topic/uaw-strike">among Detroit automakers</a>.
The successful union vote in Tennessee also underscores a changing tone across the South during an election year. President Joe Biden <a href="https://www.benzinga.com/news/24/01/36859917/biden-heads-to-michigan-to-strengthen-auto-union-ties-teamsters-to-meet-with-trump-for-roundtable-di">joined a UAW picket line</a> in Michigan, and expressed support for the Volkswagen <a href="https://www.benzinga.com/news/24/03/37811190/joe-biden-bernie-sanders-voice-support-for-volkswagen-workers-looking-to-join-uaw-american-workers-t">workers who voted on Friday</a>.
"Together, these union wins have helped raise wages and demonstrate once again that the middle-class built America and that unions are still building and expanding the middle class for all workers," Biden said, according to a White House statement.
What&#8217;s Next: A five-day election is scheduled to start May 13. Two Mercedes-Benz plants in Tuscaloosa, Alabama <a href="https://www.benzinga.com/news/24/04/38113676/mercedes-alabama-workers-gear-up-for-uaw-union-election-report">will vote next</a>.
The UAW also accused Mercedes of violating global supply chain law, which the Stuttgart, Germany-based company denied, <a href="https://uaw-newsroom.prgloo.com/press-release/uaw-files-charges-in-germany-against-mercedes-benz-companys-anti-union-campaign-against-u-s-autoworkers-violates-new-german-law-on-global-supply-chain-practices" target="_blank" rel="noreferrer noopener">stating its recognition of employees' rights to organize</a>.
Now Read: <a href="https://www.benzinga.com/24/04/38359538/autostreets-in-the-drivers-seat-as-china-gets-set-for-used-car-trading-boom">Autostreets In The Driver&#8217;s Seat As China Gets Set For Used Car Trading Boom</a>
Image: Shutterstock

The 2025 Toyota Camrys Are Expected To Arrive At Toyota Dealerships In Late Spring 2024 With A Starting Manufacturer's Suggested Retail Price Of $28,400

Ford Motor Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) is reportedly recalling around 456,565 units of certain compact SUVs and pickup trucks in the U.S.&nbsp;<a target="_blank" href="https://www.benzinga.com/news" rel="noreferrer noopener">due to a low battery issue causing loss of drive power.</a>
According to the NHTSA, an unnoticed low battery charge in affected vehicles may result in malfunctioning electrical accessories like hazard lights or loss of drive power, Reuters reported.
The auto safety regulator stated that the recall encompasses Bronco Sport SUVs produced from 2022 to 2024, and Maverick compact pickup trucks manufactured from 2022 to 2023.
Per the NHTSA, dealers will recalibrate the body control and powertrain control modules at no cost to rectify the issue.
Recently, the NHTSA initiated an investigation into the recall of 42,652 Ford SUVs, due to fuel leak risks,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38223976/why-ford-motor-shares-are-falling-today" rel="noreferrer noopener">potentially causing fires.</a>
Today,&nbsp;Toyota Motor Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) also conducted a&nbsp;<a target="_blank" href="https://pressroom.toyota.com/toyota-recalls-certain-2023-and-2024-toyota-prius-vehicles/" rel="noreferrer noopener">safety recall</a>&nbsp;involving certain 2023-2024MY Prius, Prius HEV (Prius Prime) vehicles in Japan, North America, Europe, and Asia, according to a company release.&nbsp;
Approximately 211,000 vehicles are involved in this recall in total, with approximately 55,000 in the U.S. owing to door handle fault.
Water infiltration may cause electronic rear door latches to shortcircuit in the affected vehicles.&nbsp;
Unlocked doors may open during motion or accidents, heightening the potential for occupant injury.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38288295/whats-going-on-with-toyota-shares-after-recalling-211-000-prius-cars-owing-to-door-handle-issues" rel="noreferrer noopener">What&#8217;s Going On With Toyota Shares After Recalling 211,000 Prius Cars Owing To Door Handle Issues?</a>
Price Action:&nbsp;F shares are trading lower by 0.04% to $12.08 on the last check Wednesday.&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Toyota Motor Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) shares are falling in&nbsp;<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">the premarket session on Wednesday.</a>
The company said it is conducting a&nbsp;<a target="_blank" href="https://pressroom.toyota.com/toyota-recalls-certain-2023-and-2024-toyota-prius-vehicles/" rel="noreferrer noopener">safety recall</a>&nbsp;involving certain 2023-2024MY Prius, Prius HEV (Prius Prime) vehicles in Japan, North America, Europe, and Asia, according to a company release.&nbsp;
Approximately 211,000 vehicles are involved in this recall in total, with approximately 55,000 in the U.S. owing to door handle fault.
Water infiltration may cause electronic rear door latches to short circuit in the affected vehicles.&nbsp;
Unlocked doors may open during motion or accidents, heightening the potential for occupant injury.
Affected vehicles will have both right and left rear door opener switches replaced with enhanced versions at Toyota dealers at no cost to the owners.
Toyota Motors said that customers in the U.S. and Canada will be advised to activate the automatic door locking feature when shifting from Park, as a precautionary measure until the remedy is accessible to prevent potential door openings due to a short circuit.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, TM stock has gained over 71% in the past year. Investors can gain exposure to the stock via&nbsp;Amplify ETF Trust Amplify International Enhanced Dividend Income ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDVO#NYSE">IDVO</a>) and&nbsp;Altrius Global Dividend ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DIVD#NASDAQ">DIVD</a>).
Recently, the National Highway Traffic Safety Administration initiated an investigation into the recall of 42,652&nbsp;Ford Motor Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) SUVs, due to fuel leak risks,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38223976/why-ford-motor-shares-are-falling-today" rel="noreferrer noopener">potentially causing fires.</a>
On April 10, Ford recalled 42,652 Bronco Sport and Escape vehicles in the U.S. due to broken fuel injectors<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38161049/jim-cramer-feels-very-good-about-ford-as-jim-farley-led-company-is-making-a-come-back" rel="noreferrer noopener">&nbsp;that may leak and induce a fire.</a>
Auto behemoth&nbsp;General Motors Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) has recently been in the news for vehicle recall issues. NHTSA has reportedly initiated a preliminary investigation into complaints concerning brake assist loss in 3,322 General Motors&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38249301/brake-assist-concerns-nhtsa-reportedly-probes-3-322-gm-cadillac-lyriq-evs" rel="noreferrer noopener">Cadillac Lyriq electric vehicles</a>.
Read Next:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37895883/hyundai-and-kia-recall-vehicles-over-charging-unit-concerns" rel="noreferrer noopener">&nbsp;Hyundai And Kia Recall Vehicles Over Charging Unit Concerns</a>
Price Action: TM shares are trading lower by 1.34% to $233.36 premarket on the last check Wednesday.
Photo by RYO Alexandre on Shutterstock

What's Going On With Toyota Shares After Recalling 211,000 Prius Cars Owing To Door Handle Issues?

Joby Aviation, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">trading lower in the premarket session on Tuesday.</a>
The company is reportedly envisioning a futuristic commute &#8211; flying above traffic from downtown Manhattan to JFK Airport in under seven minutes, rivaling&nbsp;Uber Technologies, Inc.&#8217;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) cost.
With $400 million support from&nbsp;Toyota Motor Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and $60 million from&nbsp;Delta Air Lines, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), Joby aims to lead in launching air taxis, or eVTOLs, to market, Yahoo Finance&nbsp;<a target="_blank" href="https://finance.yahoo.com/news/jetsons-like-travel-in-air-taxis-is-as-close-as-weve-seen-jobys-chief-product-officer-says-195438697.html" rel="noreferrer noopener">reported</a>.
&#8220;This is as close as we&#8217;ve seen, I think, in terms of the technology coming together to make something that you could use on a daily basis,&#8221; said Eric Allison, Joby&#8217;s chief product officer, Yahoo Finance added.
A Federal Aviation Administration spokesperson informed Yahoo Finance that while 2025 might see initial flight launches, 2028 appears more realistic for a competitive, scaled air taxi market in at least one location, the report read.
According to Wall Street research firm Jefferies, certification is the primary factor for retail investors interested in this sector to monitor closely.
Joby anticipates that their aircraft technology will aid in the regulatory process, Yahoo Finance stated.&nbsp;
The FAA&#8217;s certification demands compliance with safety standards and operational proficiency under diverse conditions.
Joby&#8217;s eVTOL boasts a range of up to 100 miles per charge, enabling two round trips between JFK and a downtown NYC heliport before needing a recharge. They anticipate recharging to coincide with passenger boarding and deplaning times.
Uber reports the average Manhattan to JFK trip costs $135 for Uber Black and $87 for regular Uber.&nbsp;
Jefferies predicts Joby&#8217;s initial ride could be around $200, Yahoo Finance added.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, JOBY stock has gained over 17% in the past year. Investors can gain exposure to the stock via&nbsp;ALPS Clean Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACES#NYSE">ACES</a>) and&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38024854/flying-cars-are-here-but-it-may-take-some-time-before-they-land" rel="noreferrer noopener">Flying Cars Are Here, But It May Take Some Time Before They Land</a>
Price Action: JOBY shares are trading lower by 1.09% to $4.62 premarket on the last check Tuesday. 
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Joby Aviation May Launch Flying Taxis By 2025 - What's Going On?

Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) reportedly plans to adopt gigacasting, a manufacturing technique popularized by Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), <a href="https://www.benzinga.com//node/38265084">to produce components for its electric vehicles (EVs).</a>
Nissan will utilize machines exerting approximately 6,000 tons of force to fabricate the rear floors of EVs slated for sale starting fiscal year 2027, reported&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-16/nissan-looks-to-tesla-s-style-of-carmaking-to-build-cheaper-evs?srnd=industries-v2&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
This move aligns with the automaker&#8217;s goal to utilize innovative methods in reducing production expenses, thereby enhancing competitiveness in the burgeoning EV market.
By implementing this process, the company anticipates a 10% reduction in manufacturing costs, as per the report.
This strategic initiative forms part of Nissan&#8217;s broader agenda to achieve cost parity between electric and traditional combustion-engine vehicles by fiscal year 2030.
Gigacasting involves the use of large-scale machinery to cast entire chassis sections in a single step, eliminating the need for assembling numerous individual parts through welding.
This approach, championed by Tesla, promises significant savings in time, equipment, labor, and expenses.
As per the report, Japan&#8217;s&nbsp;Toyota Motor Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) has also committed to adopting gigacasting, further highlighting its industry-wide appeal.
&#8220;We have been using casting boards for front air conditioner structural parts at our Tochigi plant for more than 10 years,&#8221; the report quoted Hideyuki Sakamoto, executive vice president for manufacturing and supply chain management.&nbsp;
Nissan is &#8220;quite experienced in casting car structures,&#8221; he said at the company&#8217;s plant in Yokohama, as per the report.
Price Action: NSANY shares closed lower by 1.31% at $7.55 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by michelmond on Shutterstock

NSANF

Nissan Embraces Gigacasting Process To Bolster Its Efficiencies: Report

Ford Motor Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is reducing the prices of some of its F-150 Lightning trims by up to $5,500 to stimulate demand for electric vehicles (EVs). The latest round of price cuts was focused on F-150 Lightning&#39;s mid-level variants. 
Per the CarsDirect Report, the price adjustments of the F-150 Lightning came into effect on Apr 5, 2024. In the recent round of price cuts, the starting prices of Lightning Pro Standard Range and Lightning Platinum Extended Range variants remained unchanged at $54,995 and $84,995, respectively. 
While the starting prices of the F-150 Lightning XLT Standard Range and Lariat Extended Range were reduced by $2,000 and $2,500, respectively, the starting price of the F-150 Lightning Flash Extended Range was substantially slashed by $5,500. The new starting price of the F-150 Lightning Flash trim is $67,995, closer to its launch price of $69,995. 
With a target EPA range of 320 miles, a 15.5-inch touchscreen, the B&amp;O sound system with HD radio and speakers, a wireless charging pad, etc., the F-150 Lightning Flash trim is a value for money. 
Moreover, the F-150 Lightning, with the manufacturer&#39;s suggested retail price of below $80,000, qualifies for the full $7,500 federal tax credit in the United States. 
In the first quarter of 2024, Ford sold 20,233 EVs in the United States, indicating a surge of 86% year over year. Sales of F&#39;s Mach-E rose 77% year over year, and the vehicle became the second-best-selling electric SUV in the United States. 
With sales of 7,743 units, the F-150 Lightning remained the best-selling electric pickup in the United States. 
The sales of EVs gained momentum after the automaker reduced prices of Mach-E by up to $8,100 in February. It also offered substantial incentives on the F-150 Lightning. 
In January, Ford announced the prices of F-150 Lightning for the model year 2024, in which the prices of most trims increased from $2,000 to $7,500. The starting price of the F-150 Lightning Pro rose from $5,500 to $54,995. 
Although EV sales gained momentum in the first quarter of 2024, the automaker announced to reduce its workforce by one-third at its Rouge EV Centre, where the F-150 Lightning is manufactured. 
The recent round of price cuts followed the launch of Ford&#39;s new 2024 Mustang Mach-E, which has better range, rapid charging and quicker acceleration.
<h3>Zacks Rank &amp; Other Key Picks</h3>
F currently carries a Zacks Rank #2 (Buy). 
Some other top-ranked players in the auto space are Geely Automobile Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>), Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) and Allison Transmission Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alsn#NYSE">ALSN</a>), each sporting a Zacks Rank #1 (Strong Buy) at present. 
The Zacks Consensus Estimate for GELYY&#39;s 2024 sales suggests year-over-year growth of 36.6%. The earnings per share estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days. 
The Zacks Consensus Estimate for TM&#39;s 2024 sales and earnings suggests year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $3.13 and $2.49, respectively, in the past 60 days. 
The Zacks Consensus Estimate for ALSN&#39;s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 60 days.
<a href="https://www.zacks.com/stock/news/2254604/ford-f-reduces-prices-of-f-150-lightning-by-up-to-5-500?cid=CS-BENZ-FT-analyst_blog|company_news_-_corporate_actions-2254604">To read this article on Zacks.com click here.</a>

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ALSN

GELYY

Ford Reduces Prices of F-150 Lightning by Up to $5,500

Japanese automaker Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) has unveiled a new hybrid engine for its 2025 4Runner SUV, marking the vehicle&#8217;s first redesign in nearly 15 years.
What Happened: The 2025 4Runner will feature a hybrid engine for the first time, along with new high-end trims, &#8220;Platinum&#8221; and &#8220;Trailhunter,&#8221; <a href="https://www.cnbc.com/2024/04/09/2025-toyota-4runner-new-off-road-suv-will-include-a-hybrid-engine.html">CNBC</a> reported on Tuesday. Dave Christ, Toyota group vice president and general manager, expressed his excitement about the new model, stating it &#8220;nicely rounds out our truck family.&#8221;
The 2025 4Runner is the last to be redesigned on Toyota&#8217;s global truck platform, which was first introduced with the Land Cruiser and Tundra in 2021. The pricing details of the new 4Runner will be disclosed closer to its on-sale date.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38139677/why-tesla-stock-is-charging-up-before-the-opening-bell-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Tesla Stock Is Charging Up Before The Opening Bell Today</a>
The 2025 4Runner will be available in nine models, including the new Trailhunter model with additional off-road styling and equipment, and the Platinum model offering more convenience and luxury features. The production of the new 4Runner is taking place at Toyota&#8217;s Tahara plant in Japan.
Why It Matters: The new hybrid engine in the 2025 4Runner is a significant step for Toyota, known for its fuel-efficient vehicles. This move comes after Toyota&#8217;s <a href="https://www.benzinga.com/markets/equities/24/04/38139238/toyota-overhauls-daihatsu-motors-operational-structure">overhaul of Daihatsu Motor&#8217;s operational structure</a> and its <a href="https://www.benzinga.com/news/24/04/38063247/toyota-was-right-japanese-automaker-trails-gm-in-america-but-hybrid-strategy-gives-it-edge-in-ev-war">increased focus on hybrid vehicles</a>. The 4Runner&#8217;s hybrid engine is expected to boost its fuel economy ratings, which will be released closer to the vehicle&#8217;s arrival in showrooms in the fall.
Read Next: <a href="https://www.benzinga.com/news/24/04/38140716/elon-musk-uses-jeff-bezos-fear-inducing-email-style-to-forward-tesla-customer-concerns-to-his-manage?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Uses Jeff Bezos&#8217; Fear-Inducing Email Style To Forward Tesla Customer Concerns To His Managers: What Senior Exec&#8217;s Insights Reveal</a>
Photo via Shutterstock
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Tech

Toyota's First Redesigned 4Runner In 15 Years To Feature Hybrid Option

Toyota Motor Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and&nbsp;Daihatsu Motor Co., Ltd&nbsp;have decided to&nbsp;<a target="_blank" href="https://global.toyota/en/newsroom/corporate/40627134.html" rel="noreferrer noopener">reform&nbsp;</a>the overseas business structure of both companies.
Toyota plans to make Daihatsu a mobility company centered on mini vehicles going forward.
The Emerging-market Compact Car Company, which spanned the organizations of both Toyota and Daihatsu until now, will be dissolved.&nbsp;
Toyota will put in place a structure to thoroughly prevent the recurrence of procedural irregularities at Daihatsu.
Toyota will take over overseas businesses from development to certification, and Daihatsu will be commissioned to handle the actual development.
Daihatsu's business and product management function will be transferred to the Business &amp; Sales Unit of Toyota.
Other areas related to subcontracting, including resource management and optimization, will also be reported to Toyota to strengthen the partnership.
Daihatsu has been a wholly-owned subsidiary of Toyota since 2016,&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-08/toyota-taking-over-daihatsu-s-overseas-compact-car-development?srnd=industries-consumer&amp;sref=TBDibEcD" rel="noreferrer noopener">reported&nbsp;</a>Bloomberg. Fault in safety certifications pushed Daihatsu to pause all its vehicle shipments, noted the report.&nbsp;
Price Action: TM shares closed higher by 0.66% at $240.74 on Friday.
Photo via Shutterstock

Toyota Overhauls Daihatsu Motor's Operational Structure

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock was trading lower, Friday, after reports suggested that Tesla has shelved plans for <a href="https://www.benzinga.com/quote/TSLA/news">a low-cost vehicle</a>.
The report also suggested that the company may be opting instead to focus on self-driving technologies. CEO Elon Musk refutes these claims, challenging the credibility of the reports.
More Details Here: <a href="https://www.benzinga.com//node/38112857">Tesla Reportedly Scraps Low-Cost Car Plans, Elon Musk Denies Story</a>
Tesla stock was trading 3.6% lower at $164.88 at the time of publication Friday.
<h2 class="wp-block-heading">Redditor Warns About Tesla&#8217;s Growth Rate</h2>
In a recent Reddit post by user pravchaw on r/ValueInvesting, concerns were raised regarding Tesla stock&#8217;s declining growth trajectory and high price-to-earnings (PE) ratio. A comparison with Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) highlighted significant differences.
<figure class="wp-block-embed is-type-rich is-provider-reddit wp-block-embed-reddit"> 
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<blockquote class="reddit-embed-bq" style="height:316px" ><a href="https://www.reddit.com/r/ValueInvesting/comments/1bw2lcc/tesla_stock_is_looking_precarious_with_declining/">Tesla stock is looking precarious with declining growth and high PE</a> by<a href="https://www.reddit.com/user/pravchaw/">u/pravchaw</a> in<a href="https://www.reddit.com/r/ValueInvesting/">ValueInvesting</a></blockquote>
<script async src="https://embed.reddit.com/widgets.js" charset="UTF-8"></script></div>
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<table>
<tbody>
<tr>
<td>Company</td>
<td>Symbol</td>
<td>Current Price</td>
<td>Market Cap ($M)</td>
<td>P/E Ratio without NRI</td>
<td>Operating Margin %</td>
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<td>General Motors Co</td>
<td>GM</td>
<td>$43.68</td>
<td>50,425.65</td>
<td>5.69</td>
<td>5.41</td>
</tr>
<tr>
<td>Toyota Motor Corp</td>
<td>TM</td>
<td>$239.16</td>
<td>322,263.32</td>
<td>10.56</td>
<td>11.13</td>
</tr>
<tr>
<td>Tesla Inc</td>
<td>TSLA</td>
<td>$171.22</td>
<td>545,283.89</td>
<td>59.45</td>
<td>9.19</td>
</tr>
<tr>
<td>Ford Motor Co</td>
<td>F</td>
<td>$13.21</td>
<td>52,491.7</td>
<td>6.54</td>
<td>3.1</td>
</tr>
</tbody>
</table>
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The Redditor placed Tesla stock under scrutiny over declining growth and a high price-to-earnings (PE) ratio. Comparatively, Toyota (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) boasts higher operating margins, yet a lower PE, reflecting a more stable financial position.
<h2 class="wp-block-heading">Key Insights on Tesla stock from the Reddit Post</h2>
<ul>
<li>Tesla&#8217;s PE ratio stands at 59.45, significantly higher than Toyota&#8217;s 10.56.</li>
<li>Despite Tesla&#8217;s lower operating margin compared to Toyota, its market cap surpasses that of Toyota by a significant margin.</li>
</ul>
<h2 class="wp-block-heading">Financial Performance And Recent Challenges At Tesla</h2>
Tesla&#8217;s auto gross margins have dipped due to aggressive price reductions and the global chip shortage crisis. For the first time since 2020, the company saw its vehicle deliveries decline in the first quarter compared to the same period last year. Production disruptions from various factors, including the Red Sea conflict and factory shutdowns, have further impacted Tesla&#8217;s performance.
<h2 class="wp-block-heading">Technicals Indicate A Strongly Bearish Trend For Tesla Stock</h2>
Tesla&#8217;s stock price is below its short-term and long-term moving averages, indicating a strongly bearish trend.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="630" height="491" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05143258/Screenshot-2024-04-06-at-12.02.31-AM.png" alt="" class="wp-image-280100" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05143258/Screenshot-2024-04-06-at-12.02.31-AM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05143258/Screenshot-2024-04-06-at-12.02.31-AM-300x234.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></figure>
<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Chart: Benzinga Pro</a>
Multiple technical indicators, including the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), suggest a bearish sentiment towards Tesla stock.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="630" height="491" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05143357/Screenshot-2024-04-06-at-12.03.35-AM.png" alt="" class="wp-image-280101" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05143357/Screenshot-2024-04-06-at-12.03.35-AM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05143357/Screenshot-2024-04-06-at-12.03.35-AM-300x234.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></figure>
<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Chart: Benzinga Pro</a>
Tesla&#8217;s stock faces significant headwinds, including declining growth, production challenges, and negative technical indicators. Investors should carefully evaluate these factors before making investment decisions in Tesla.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38115678/tesla-offering-7k-discount-on-model-y-investor-says-nothing-has-recently-changed">Tesla Offering $7K Discount On Model Y? Investor Says &#8216;Nothing Has Recently Changed&#8217;</a>
Image generated using artificial intelligence with Midjourney.

'Tesla Stock Is Looking Precarious': Redditor Draws Comparison To Toyota — Bearish Technical Trend Prevails

Workers at Mercedes Benz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>) factory in Vance, Alabama, petitioned U.S. regulators for a union election, the United Auto Workers (UAW) announced on Friday.
The SUV plant is the second to seek an election petition with the National Labor Relations Board (NLRB) in recent weeks. Mercedes workers aimed to file the petition this week.
The UAW claimed a &#8220;supermajority&#8221; of more than 5,000 eligible workers at the plant signed cards to join. A vote is anticipated by early May, reported <a href="https://www.reuters.com/business/autos-transportation/alabama-mercedes-benz-plant-workers-file-union-election-uaw-says-2024-04-05/">Reuters</a>.
The UAW also accused Mercedes of violating Germany&#8217;s global supply chain law, which the company denied, <a href="https://uaw-newsroom.prgloo.com/press-release/uaw-files-charges-in-germany-against-mercedes-benz-companys-anti-union-campaign-against-u-s-autoworkers-violates-new-german-law-on-global-supply-chain-practices">stating its recognition of employees&#8217; rights to organize</a>.
The move for an election followed extensive organizing efforts across non-union automakers including Hyundai Motor Company GDR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), and Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>).
UAW President Shawn Fain aims to bring a new automaker into the union fold after successful contracts with General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>).
President Joe Biden is an ally and UAW&#8217;s efforts are backed, especially in battleground states like Michigan.
In Chattanooga, Tennessee, Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) workers sought a UAW vote, anticipated by April 19, <a href="https://www.benzinga.com/news/24/03/37937488/volkswagen-employees-in-tennessee-gear-up-for-unionization-decision-report">following prior unsuccessful attempts</a>.
Price Action: MBGYY shares are trading up 0.40% at $20.19 at publication Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Mercedes-Benz by pisaphotography on Shutterstock

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

RIVN

STLA

Mercedes Alabama Workers Gear Up For UAW Union Election: Report

Shares of Tesla, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) stock dropped nearly 6% in the pre-market after the electric vehicle (EV) giant reported lighter-than-expected delivery numbers for the first quarter. Tesla manufactured 433,000 vehicles but delivered only 387,000. The delivery miss will continue to fuel speculation that Tesla will be hard-pressed to justify its premium valuation. &nbsp;
The company&#39;s 387,000 deliveries were far below the FactSet consensus of 457,000. But they were also below the 484,507 vehicles the company delivered in the last three quarters of 2023 and the 422, 875 deliveries it made in the first quarter of 2023. &nbsp;
That&#39;s not a trend that shareholders like to see. Particularly since Tesla continues to lose market share in China. On April 1, 2024, data from the China Passenger Car Association showed that Tesla sold 89,064 cars in the country in March, a 0.2% year-over-year increase. &nbsp;
However, overall EV sales in China were up nearly 33%. Not surprisingly, BYD was the leader in China sales, with over 300,000 vehicles sold. That was a 46% YOY increase. &nbsp;
<h2>The EV Market Continues to Be Under Pressure&nbsp;</h2>
To be fair, many of the issues weighing on Tesla and the company&#39;s stock are not unique to Tesla. The industry is facing hurdles as supply far outpaces demand. There are many reasons for that. And while Tesla may be overvalued, it&#39;s the definition of the best house in a bad neighborhood. &nbsp;
The company is not only delivering vehicles at scale, but it&#39;s profitable in a sector where companies such as Fisker Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsr#NYSE">FSR</a>) and Canoo Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goev#NASDAQ">GOEV</a>) face difficulties in trying to build a car company from the ground up in a rising interest rate environment.&nbsp;
However, that doesn&#39;t change the fact that Tesla now faces competition not only in China but also domestically. For starters, more consumers are turning back to hybrid vehicles, which benefits companies like Toyota Motor Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>), whose stock is up 32% in 2024 and 70% in the last 12 months.&nbsp;
Second, as time goes on, Tesla&#39;s cars are beginning to look dated compared to the new features being offered. However, it remains to be seen if many of these companies can turn their visions into actual deliveries. &nbsp;
<h2>Is Tesla Entering a Buy Zone?&nbsp;</h2>
It may be tiring for some investors to hear, but Tesla does do more than make EVs. The company is a crucial part of the EV ecosystem and is one of the leading EV charging stocks. That underscores the reality that Tesla isn&#39;t going away. But is the stock a buy? &nbsp;
With this latest drop, TSLA stock is trying to hold support near its 52-week low. However, with the broad market selloff and concerns rising over the company&#39;s upcoming earnings report on April 17, the correction may not be over. &nbsp;
Add in the fact that short interest in the stock is up more than 6% in the last month, and It&#39;s possible that TSLA stock could drop to near its 5-year low around $112 a share. If the stock were to plunge that low, it would be trading at nearly a 32% discount to its current price and approximately 80% lower than its 52-week high. &nbsp;
<img alt="Tesla Stock Chart " class="aligncenter" src="https://www.marketbeat.com/logos/articles/20240402100027_tsla2024-04-0210-28-49.png" style="height:569px; width:917px" />
The article &quot;<a href="https://www.marketbeat.com/originals/tesla-stock-drops-on-weak-delivery-numbers-and-it-may-fall-more/">Tesla Stock Drops on Weak Delivery Numbers and it May Fall More</a>&quot; first appeared on MarketBeat.

Penny Stocks

GOEV

Tesla Stock Drops on Weak Delivery Numbers and it May Fall More

General Motors&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) maintained its position as the best-selling automaker in the U.S. at the end of the first quarter,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38054387/whats-going-on-with-toyota-motor-shares-today" rel="noreferrer noopener">edging out its Japanese competitor</a>,&nbsp;Toyota Motor&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) regional unit. This comes despite an overall sales decline for GM and Toyota&#8217;s rising popularity in hybrid vehicles.
GM Leads in Overall Sales, Trails in Electrification
GM reported&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38055333/whats-going-on-with-general-motors-stock-tuesday" rel="noreferrer noopener">total sales of 594,233</a>&nbsp;vehicles in the U.S. for the first quarter, outselling Toyota&#8217;s 565,098 units. However, the picture is different in the electrification race. Toyota significantly outpaced GM, selling 206,850 electrified vehicles (hybrids, plug-in hybrids, and battery-electric) in the quarter. This dwarfs GM&#8217;s sales of just 16,425 EVs during the same period.
Toyota&#8217;s dominance stems largely from its robust hybrid offerings. The company sold 57,875 RAV4 Hybrids, 16,072 Sienna Hybrids, and 15,589 Corolla Hybrids in the first quarter alone. Notably, GM currently lacks any hybrid options in its North American lineup.
GM&#8217;s Electric Future &amp; Toyota&#8217;s Hybrid Focus
While GM CEO Mary Barra reaffirmed the company&#8217;s vision of an all-electric lineup by 2035, she also acknowledged plans to introduce <a href="https://www.benzinga.com/news/24/02/36906793/gm-chief-mary-barra-rewrites-roadmap-plug-in-hybrids-to-deliver-green-goals-a-ev-growth-slows" target="_blank" rel="noreferrer noopener">plug-in hybrid technology</a> in select North American vehicles in the coming years. For now, however, GM remains focused on pure EVs in 2024.
Toyota, along with other Asian automakers like Hyundai and Honda, continues to dominate the U.S. hybrid market.&nbsp;
Toyota believes the market will rely on a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/01/36735119/toyota-chairman-projects-mere-30-maximum-market-share-for-battery-electric-vehicles" rel="noreferrer noopener">mix of fuel options</a>&nbsp;rather than a complete shift to EVs. In a recent interview, Toyota Motor North America CEO&nbsp;Ted Ogawa&nbsp;projected that battery electric vehicles will only account&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37437048/toyotas-north-america-ceo-cites-customer-demand-as-key-driver-for-ev-strategy-wasted-investment-is-w" rel="noreferrer noopener">for around 30%</a>&nbsp;of the U.S. market by 2030.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38062937/gms-total-ev-sales-in-q1-cant-even-match-teslas-high-end-deliveries">GM&#8217;s Total EV Sales In Q1 Can&#8217;t Even Match Tesla&#8217;s High-End Deliveries</a>
Image via Shutterstock

Toyota Was Right? Japanese Automaker Trails GM In America — But Hybrid Strategy Gives It Edge In EV War

Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) shares are trading lower on Tuesday after <a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener">the company reported U.S. sales data</a>.
The company reported March 2024 U.S. sales of 214,894 vehicles, up 21.8% on a volume and&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38051008/toyota-motor-north-america-reports-march-first-quarter-2024-u-s-sales" rel="noreferrer noopener">daily selling rate (DSR) year over year</a>.
Sales of electrified vehicles for the month totaled 78,157, representing 36.4% of total sales volume.
&#8220;Thanks to our diverse portfolio of 27 electrified vehicle options between the Toyota and Lexus brands, customer demand for our products continued to grow in March and in the first quarter,&#8221; said Jack Hollis, executive vice president of sales, Toyota Motor North America.
Toyota division posted March sales of 184,123 vehicles, up 22.7% on a volume and DSR basis.
Lexus division posted March sales of 30,771 vehicles, up 16.7% on a volume and DSR basis.
&#8220;Our teams are preparing to launch more than 20 new, refreshed or special edition vehicles later this year including the all-new 2024 Tacoma with available hybrid powertrain, plus the all-new 2024 Land Cruiser and 2025 Camry, both exclusively with hybrid powertrains, offering even more electrified options that fits customers&#8217; lifestyles and needs,&#8221; Hollis said.
TM Price Action: Toyota shares are trading lower by 0.89% to $239.99 on the last check Tuesday. 
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38051649/tesla-analysts-size-up-ugly-q1-numbers-disaster-train-wreck-horror-show-nightmare-w">Tesla Analysts Size Up Ugly Q1 Numbers: Disaster, Train Wreck, Horror Show, Nightmare — Will Storm Pass Or Are Darker Days Ahead?</a>
Photo: Courtesy Toyota

What's Going On With Toyota Motor Shares Today?

•&nbsp; &nbsp;First quarter sales of electrified vehicles surges 74 percent on a volume basis; represents 36.6 percent of total sales volume
•&nbsp; &nbsp;27 electrified Toyota and Lexus vehicle options available at dealerships, the most among any automaker
PLANO, Texas, April 2, 2024 /PRNewswire/ -- Toyota Motor North America (TMNA) today reported March 2024 U.S. sales of 214,894 vehicles, up 21.8 percent on a volume and daily selling rate (DSR) basis versus March 2023. Sales of electrified vehicles for the month totaled 78,157, representing 36.4 percent of total sales volume.
For the first quarter, TMNA reported sales of 565,098 vehicles, up 20.3 percent on a volume basis and up 17.2 percent on a DSR basis versus March 2023. Sales of electrified vehicles for the first quarter totaled 206,850, representing 36.6 percent of total sales volume.
Toyota division posted March sales of 184,123 vehicles, up 22.7 percent on a volume and DSR basis. For the quarter, Toyota division reported sales of 486,627 vehicles, up 21.3 percent on a volume basis and up 18.1 percent on a DSR basis.
Lexus division posted March sales of 30,771 vehicles, up 16.7 percent on a volume and DSR basis. For the quarter, Lexus division reported sales of 78,471 vehicles, up 15.0 percent on a volume basis and up 12.0 percent on a DSR basis, the division's best-ever first quarter.
"Thanks to our diverse portfolio of 27 electrified vehicle options between the Toyota and Lexus brands, customer demand for our products continued to grow in March and in the first quarter," said Jack Hollis, executive vice president, sales, TMNA. "Our teams are preparing to launch more than 20 new, refreshed or special edition vehicles later this year including the all-new 2024 Tacoma with available hybrid powertrain, plus the all-new 2024 Land Cruiser and 2025 Camry, both exclusively with hybrid powertrains, offering even more electrified options that fits customers' lifestyles and needs."
March and First Quarter 2024 Highlights (volume basis unless otherwise noted)
TMNA:
<ul>
<li>March sales of electrified vehicles were 78,157, surging 60.9 percent, representing 36.4 percent of total sales volume</li>
<li>First quarter sales of electrified vehicles were 206,850, surging 74.1 percent, representing 36.6 percent of total sales volume</li>
<li>Cars up 36.2 percent in March and up 31.2 percent in the first quarter</li>
<li>Trucks including SUVs up 16.1 percent in March and up 16.0 percent in the first quarter</li>
<li>27 electrified Toyota and Lexus vehicle options available at dealerships</li>
</ul>

Toyota Motor North America Today Reported March 2024 U.S. Sales Of 214,894 Vehicles, Up 21.8% On A Volume And Daily Selling Rate Basis YoY. Electrified Vehicles Sales For The Month Totaled 78,157, Representing 36.4% Of Total Sales Volume

WIIM

Toyota shares are trading lower. The company last week reported a drop in February global sales. The stock may also be down following a drop in Japan's February industrial output.

U.S. stock futures were higher this morning, with the Dow futures gaining by over 100 points on Monday.
Shares of Oxford Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oxm#NYSE">OXM</a>) fell sharply in today&rsquo;s pre-market trading as the company reported downbeat financial results for its fourth quarter and issued weak <a href="https://www.benzinga.com/quote/OXM/earnings">guidance for the first quarter</a>.
Oxford Industries posted adjusted earnings of $1.90 per share, missing market estimates of $1.95 per share. The company&rsquo;s sales came in at $404.40 million versus expectations of $408.18 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Oxford Industries shares plunged 6% to $105.68 in pre-market trading.
Here are some big stocks recording losses in today&rsquo;s pre-market trading session.
<ul>
<li>Applied Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aplt#NASDAQ">APLT</a>) shares tumbled 14.7% to $5.80 in pre-market trading after the company announced that the FDA extended the review period for the NDA for govorestat for the treatment of Classic Galactosemia by three months.</li>
<li>CleanSpark, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/clsk#NASDAQ">CLSK</a>) shares fell 12.3% to $18.60 in pre-market trading after declining over 8% on Thursday. Cantor Fitzgerald analyst Josh Siegler maintained Cleanspark with an Overweight and raised the price target from $10 to $20 on Thursday.</li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/djt#NASDAQ">DJT</a>) shares declined 4.9% to $58.95 in pre-market trading on continued volatility following the stock&#39;s Nasdaq debut.</li>
<li>Ocugen, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocgn#NASDAQ">OCGN</a>) shares fell 4.8% to $1.56 in pre-market trading after declining around 8% on Thursday.</li>
<li>MicroStrategy Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mstr#NASDAQ">MSTR</a>) shares fell 4.5% to $1,627.53 in pre-market trading. MicroStrategy shares fell over 11% on Thursday following a short report from Kerrisdale Capital.</li>
<li>Bit Digital, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/btbt#NASDAQ">BTBT</a>) shares declined 4.2% to $2.75 in pre-market trading after gaining around 15% on Thursday.</li>
<li>Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) shares fell 3.6% to $242.68 in pre-market trading. Toyota Motor said its worldwide sales, including Lexus, fell 6.9% in February.</li>
<li>Cipher Mining Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cifr#NASDAQ">CIFR</a>) shares declined 3.7% to $4.96 in pre-market trading after falling over 3% on Thursday. Canaccord Genuity analyst Joseph Vafi reiterated Cipher Mining with a Buy and maintained a $5.5 price target.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/04/38016496/oxford-industries-pvh-and-3-stocks-to-watch-heading-into-monday"> Oxford Industries, PVH And 3 Stocks To Watch Heading Into Monday</a>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a>

Small Cap

Pre-Market Outlook

APLT

BTBT

CIFR

CLSK

MSTR

OCGN

Oxford Industries Posts Weak Results, Joins Applied Therapeutics And Other Big Stocks Moving Lower In Monday's Pre-Market Session

2023 was the year of electric pickups. The EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) finally brought its long-awaited Cybertruck to market. But, even Tesla found this particular vehicle challenging, still having to conquer the mass production equation. But, the concept continues to evolve.
Reportedly, Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) is finally to unveil its all-electric pickup before 2025 comes to an end. Moreover, an&nbsp;innovative automotive accessory manufacturer dedicated to developing clean energy solutions,&nbsp;Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) will bring solar-powered tonneau covers that will further enhance the features, including the range, of electric pickups.
Worksport is on track to bring the SOLIS to market this summer.
Just before the Easter holidays, Worksport&nbsp;announced&nbsp;that&nbsp;large quantity of custom solar panels required to begin production of&nbsp;its&nbsp;highly anticipated&nbsp;solar-powered tonneau cover for pickup trucks. The&nbsp;SOLIS&nbsp;solar tonneau coverpromises to revolutionize the&nbsp;pickup truck market by integrating&nbsp;cutting-edge solar technology into a durable and functional truck bed cover.&nbsp;The arrival of durable and flexible solar panels&nbsp;of the&nbsp;highest quality and latest technology in photovoltaics and flexible solar wafer cell is an important milestone for Worksport on its mission of merging automotive&nbsp;accessories and renewable energy.
Worksport is also gearing up to introduce the COR&nbsp;portable battery storage solution that complements the solar cover&nbsp;but can be used independently, even without a pickup. This power duo&nbsp;represents a significant leap forward in Worksport&#39;s vision of providing consumers with eco-friendly and technologically advanced&nbsp;solutions.
Toyota is finally accelerating into the EV future
According to Reuters and Electrek, the electric version of Toyota&rsquo;s Hillux pickup is just around the corner. Last year, Toyota already unveiled a hydrogen fuel cell Hilux prototype, leaving many to wonder if and when an electric version is coming. In December, it showcased its first &ldquo;electrified&rdquo; version. But&nbsp;since showcasing the electric version,&nbsp;Hilux Revo BEV, in Thailand in 2022,&nbsp;not much has happened.
During the Bangkok International Show, Toyota Thailand president&nbsp;Noriaki Kamashita&nbsp;confirmed that the electric Hilux will be ready by the end of 2025. The announcement comes shortly after its Japanese rival&nbsp;Isuzu&nbsp;confirmed to unveil its first 100% electric pickup truck&nbsp;by the end of the month. With its all-electric pickup,&nbsp;D-MAX BEV,&nbsp;Isuzu promises to directly challenge the electric version of America&rsquo;s best-selling pickup F-150 from Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>). Isuzu plans to make its electric pickup in Thailand as well, while the&nbsp;D-MAX is sold in over 100 countries&nbsp;across the globe. Moreover, it was the second-best selling model in Thailand in January, trailing Toyota&rsquo;s Hilux.&nbsp;
Moreover, Toyota also renamed its battery subsidiary, as it completed the full acquisition of&nbsp;Primearth EV Energyshares from Panasonic. Under the rebranding, Toyota renamed it&nbsp;Toyota Battery Company Ltd, with the name change reflecting&nbsp;its part in&nbsp;Toyota&rsquo;s expanding EV focus.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

WKSP

The Electric Pickup Concept Continues To Evolve

Toyota Motor Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) said its worldwide sales,<a target="_blank" href="https://www.benzinga.com/news/24/03/37894401/toyota-industries-pledges-cultural-revamp-amid-safety-violations" rel="noreferrer noopener">&nbsp;including Lexus, fell 6.9% in February.</a>
The decrease indicates the first year-over-year decrease in<a target="_blank" href="https://global.toyota/en/company/profile/production-sales-figures/202402.html" rel="noreferrer noopener">&nbsp;thirteen months</a>.&nbsp;
Worldwide production slumped 2.6% year over year in February.
The monthly sales were hurt by a sharp decline in China due to the Lunar Year holidays and a recession in Japan after a safety test scandal at its small car unit, Reuters noted.
Toyota noted that its sales were impacted by intense competition amid a fierce price battle in China&#8217;s automotive market, it added.
In contrast, the sales dip in China for January and February combined was relatively modest at 0.7%, contrasting with a 6.4% increase in passenger vehicle sales across the sector, Reuters stated, citing data from an automotive industry association.
Toyota experienced a 16% surge in U.S. sales and a 14% increase in Europe in February.&nbsp;
However, sales in Japan plummeted by a third due to production halts at Daihatsu, impacting Toyota&#8217;s domestic sales despite Daihatsu cars not being included in Toyota&#8217;s global sales count, Reuters added.
Toyota was recently in the headlines for revealing its plans to commence mass production of an electric Hilux pickup truck by the end of 2025, as affirmed by&nbsp;<a target="_blank" href="https://www.benzinga.com//node/37927933" rel="noreferrer noopener">Noriaki Yamashita, the president of Toyota Thailand.</a>
The move follows&nbsp;Isuzu Motors, Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ISUZY#OTC">ISUZY</a>) recent declaration to manufacture its battery-powered&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37940678/toyota-powers-up-reportedly-plans-mass-production-of-electric-hilux-in-thailand" rel="noreferrer noopener">D-MAX pickup in Thailand by 2025</a>.
Thailand, recognized as a pivotal automaking hub, sees the production of various vehicles, notably pickup trucks, for both domestic consumption and international markets.
Price Action: TM shares are trading lower by 0.08% to $251.95 on the last check Thursday. 
Photo via Shutterstock

ISUZY

Toyota Reports Global Sales Drop in February Amid Intense Competition And Production Slump

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Tesla (NASDAQ:<a href="https://investorplace.com/stock-quotes/tsla-stock-quote/">TSLA</a>) stock fell 5% as the electric vehicle (EV) maker launched <a href="https://www.npr.org/2024/04/21/1246256484/tesla-car-price-cuts-elon-musk-cybertruck">another round of price cuts</a> around the world.



Three models saw price cuts of <a href="https://apnews.com/article/tesla-lowers-prices-62999b502bddefc75aa1dbee47205d62">up to $2,000</a>. The company posted that, with federal tax credits, the cost of its best-selling Model Y sedan fell <a href="https://apnews.com/article/technology-us-department-of-the-treasury-united-states-government-austin-business-26e13f4b28a48fe57fb8073061ce1a34">below $30,000</a>. 



Tesla also dropped the price of its Full Self-Driving (FSD) option <a href="https://fortune.com/2024/04/22/elon-musk-tesla-price-cuts-earnings-fsd-supervised-full-self-driving-beta/">by one-third</a>, to levels last seen in 2020.



TSLA stock opened this morning at $140.60 per share, with a market capitalization of about $447 billion.



<h2>Difficult Days Ahead</h2>



CEO Elon Musk defended the changes, writing &ldquo;Tesla prices must change frequently in order to match production with demand.&rdquo; He added, <a href="https://twitter.com/elonmusk/status/1782067256194633756">&ldquo;Only a fool thinks the &lsquo;MSRP&rsquo; is the real price.&rdquo;</a> MSRP stands for Manufacturers&rsquo; Suggested Retail Price.



Tesla has prided itself on having a single price clearly marked for buyers. The Musk statement indicates that buyers may now be able to drive their own bargains.



If Tesla is indeed just another car company, the stock has much further to fall. Toyota (NYSE:<a href="https://investorplace.com/stock-quotes/tm-stock-quote/">TM</a>) is the world&rsquo;s second most valuable car company at $308 billion. No other car company is worth as much as $100 billion. General Motors (NYSE:<a href="https://investorplace.com/stock-quotes/gm-stock-quote/">GM</a>) is worth about $50 billion.



Tesla is due to report earnings on April 23 after the market closes, followed by a conference call with analysts. Some fear it may report negative free cash flow <a href="https://qz.com/tesla-elon-musk-q1-earnings-evs-stock-sales-1851422376">for the first time since early 2020</a>.



Wedbush analyst Dan Ives, a longtime Tesla bull, wrote that &ldquo;many long-time Tesla believers are giving up on the story and throwing in the white towel.&rdquo;



Most analysts want Tesla to offer a lower-priced car to compete with Chinese companies like BYD (OTCMKTS:<a href="https://investorplace.com/stock-quotes/byddf-stock-quote/">BYDDF</a>). Instead, Musk has said Tesla will focus on self-driving, writing: <a href="https://twitter.com/elonmusk/status/1780376546148327690">&ldquo;Everything else is like variations on a horse carriage.&rdquo;</a> 



<h2>TSLA Stock: What Happens Next?</h2>



It&rsquo;s <a href="https://investorplace.com/2024/04/dear-tsla-stock-fans-mark-your-calendars-for-april-23/">hard to see</a> how far Tesla may fall after earnings. The Cybertruck may be <a href="https://www.danablankenhorn.com/2024/04/americas-worst-industry.html">the biggest business mistake of the century so far</a>. 



On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div><a href="http://www.danablankenhorn.com/">Dana Blankenhorn</a> has been a financial and technology journalist since 1978. He is the author of <a href="https://www.amazon.com/Technologys-Big-Bang-Yesterday-Tomorrow-ebook/dp/B0829C7XSF">Technology&rsquo;s Big Bang: Yesterday, Today and Tomorrow with Moore&rsquo;s Law</a>, available at the Amazon Kindle store. Tweet him at <a href="http://www.twitter.com/danablankenhorn">@danablankenhorn</a>, connect with him on <a href="https://journa.host/@DanaBlankenhorn"> Mastodon</a> or subscribe to his <a href="https://danafblankenhorn.substack.com/">Substack</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/04/tsla-stock-alert-tesla-plunges-on-another-round-of-ev-price-cuts/">TSLA Stock Alert: Tesla Plunges on Another Round of EV Price Cuts</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.