The notion that electric vehicles (EVs) are the future of the automotive industry has been prevalent for years, and while still meritorious it has recently come across significant hurdles.
Both last and this year have seen stiffening competition paired with lower demand which combined ensured that most companies in the sector have been struggling.
While EVs underperformed, another type of vehicle experienced a boom last year: the plug-in hybrid.
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The surge in demand for fossil-electric cars has had a notable effect on multiple firms with BYD, for example, doing comparatively well in the stock market thanks to its robust hybrid offering despite being primarily recognized as an EV maker.
Still, no company has seemingly benefitted more than Toyota (TYO: 7203/NYSE: TM) – the makers of the original commercial successful fossil-electric model, the Prius.
For years, Toyota has been a laggard in terms of fully electric vehicles instead focusing on its hybrid offering as its own estimates forecast EVs will peak at no more than 30% of market share.
As a result, in the context of the EV winter, Toyota has become the best-performing car stock of 2024.
Toyota stock price chart
Indeed, while the more attention-grabbing pure EV makers have been struggling – with Tesla (NASDAQ: TSLA) being more than 30% in the red year-to-date (YTD) being the most stark example – Toyota stock has been on a relentless uptrend.
In the last 52 weeks, the Japanese car company saw its shares rise 106.62% on the Tokyo exchange while in 2024 they, so far, surged 43.30%. TM also saw significant success on the NYSE being 76.95% and 34.65% in the green in the respective time frames.
The 2024 uptrend became particularly strong in February after Toyota published a particularly strong earnings report accompanied by just as strong an outlook for the year with one of the highlights being the profit forecast which was, at the time, raised from ¥4.5 trillion to ¥4.9 trillion ($33 billion).
More recent performance has also been promising with TM being 3.72% in the green on the monthly chart, and 2.09% in the last 7 days. Toyota price today stands at $244.21 – just short of its recent all-time high above $250 – after climbing 1.44% in the last full trading session on Monday, April 8.
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