Why Toyota Motor Shares Are Gaining Today

Toyota Motor Corporation (NYSE:TM) shares are trading higher on Wednesday.

Toyota Motor North America (Toyota) has joined seven other automakers as an investor in IONNA to support the buildout of its high-powered charging network for battery electric vehicles (BEVs) across North America.

“We believe this will not only promote the adoption of BEVs and increase customer confidence in the technology, but it will provide our Toyota and Lexus customers with access to IONNA’s rapidly growing charging network in North America,” said Ted Ogawa, president and CEO of Toyota Motor North America.

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This partnership enables Toyota and Lexus customers to utilize IONNA’s upcoming public network of DC fast chargers, set to deploy later this year. IONNA aims to install over 30,000 charging ports across North America by 2030, accommodating both NACS and CCS connectors for all BEV drivers.

IONNA’s commitment to enhancing the customer experience aligns with Toyota’s vision, aiming to provide amenities and convenience alongside vehicle charging at its stations.

The first batch of IONNA’s DC fast charging stations is scheduled to go online in 2024, with ongoing expansion throughout the decade.

Toyota’s support for IONNA marks a pivotal move as part of an eight-OEM collaboration to expand a nationwide public charging network.

This commitment comes as Toyota expands its electric vehicle (EV) lineup, including the Toyota bZ4X and Lexus RZ, and prepares to introduce two new three-row BEV SUVs manufactured in Kentucky and Indiana.

By 2030, Toyota aims to offer 30 BEV models globally and produce up to 3.5 million BEVs annually under both Toyota and Lexus brands.

Price Action: TM shares are trading higher by 1.61% to $204.91 on Wednesday.

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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