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Toyota shares rise as shareholders back board, new EV strategy




  • Shareholders approved all 10 proposed board members at the annual general meeting in Toyota City.
  • Toyota on Tuesday introduced a full range of battery electric vehicles with “next-generation” batteries from 2026.
  • Japanese companies are coming under increasing pressure to better engage their shareholders in improving capital efficiency and overall profitability.

People arrive to attend an annual shareholder meeting of Toyota Motor in the city of Toyota, Aichi Prefecture on June 14, 2023. Toyota is under pressure from major institutional investors for Chairman Akio Toyoda to step down over his lukewarm embrace of electric vehicles.

Size | Afp | Getty Images

Toyota shares hit a 16-month high on Wednesday after shareholders voted to retain Akio Toyoda as chairman in a broad endorsement of the company’s board and renewed strategy.

Shareholders also rejected proposals to seek greater disclosures about the Japanese carmaker’s climate lobbying, while voting for all 10 proposed board members at the company’s annual general meeting in Toyota City.

Toyota shares rose about 4.3% at 13:00 local time at 2,276 Japanese yen per share – the highest level since February 2022. They also outperformed both the Topix and Nikkei benchmarks in Tokyo, which were both up around 1% on Wednesday afternoon .

A small number of institutional investors have agitated against the reappointment of Toyoda – a grandson of the founder of Toyota Motors – on the grounds that the company’s strategy of focusing on multiple fronts across hybrid, petrol and electric vehicles has hurt its competitiveness.

The unprecedented challenges from Toyota shareholders this year come as Japanese companies come under increasing pressure to better engage shareholders in improving capital efficiency and overall profitability.

Ahead of the meeting, the world’s largest automaker said Tuesday it will introduce a full range of battery electric vehicles with “next-generation” batteries from 2026. These will be developed and manufactured by a new EV unit called the BEV Factory, which was established in Kan.

Toyota has a goal of achieving sales of 1.5 million all-electric vehicles per year by 2026, and selling 3.5 million all-electric vehicles annually by 2030.



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