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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Automakers pledge to work with Biden to reduce emissions

12/01/2020 | 05:05pm EST

WASHINGTON, Dec 1 (Reuters) - A group representing major automakers on Tuesday vowed to work with President-elect Joe Biden on efforts to reduce vehicle emissions even as the industry remains split over whether to let California set its own emission rules.

John Bozzella, who heads the Alliance for Automotive Innovation representing General Motors Co, Volkswagen AG , Toyota Motor Corp, Ford Motor Co and most major automakers, said the group "looks forward to engaging with the incoming Biden administration ... to advance the shared goals of reducing emissions and realizing the benefits of an electric future."

Biden has made boosting electric vehicles (EV) a top priority and pledged to spend billions to add 550,000 EV charging stations. He also supports new tax credits for EV purchases and retrofitting factories for EV production.

"The long-term future of the auto industry is electric," Bozzella said in a statement after automakers held a virtual meeting Tuesday. "We are investing hundreds of billions to develop the products that will drive this electric future, and we are committed to working collaboratively."

Ford urged automakers to consider backing a framework deal with California on vehicle emissions in a bid to reach industry consensus before Biden takes office, according to a letter first reported by Reuters on Monday, but automakers did not immediately take that step.

Last week, GM abruptly announced it would no longer back the Trump administration’s ongoing effort to bar California from setting its own vehicle emissions rules.

In October 2019, GM joined Toyota, Fiat Chrysler and other automakers in backing President Donald Trump in the California fight.

Environmental Working Group President Ken Cook said Tuesday "by continuing to support this futile fight, Toyota and Fiat Chrysler are signaling their disregard for cleaning our air, curbing the climate crisis and saving motorists millions at the gas pump."

Ford, Honda Motor Co, Volkswagen and BMW in July 2019 struck a voluntary agreement with California on reducing vehicle emissions that is less stringent than Obama-era rules but higher than the Trump administration's rollback .

(Reporting by David Shepardson; Editing by Leslie Adler and Aurora Ellis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -0.04% 71.25 Delayed Quote.-1.36%
FIAT CHRYSLER AUTOMOBILES N.V. -2.98% 13.24 Delayed Quote.-9.69%
HONDA MOTOR CO., LTD. -1.40% 2851.5 End-of-day quote.-0.90%
TOYOTA MOTOR CORPORATION -1.08% 7660 End-of-day quote.-3.73%
VOLKSWAGEN AG 1.88% 165.08 Delayed Quote.8.31%
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Financials
Sales 2021 26 040 B 251 B 251 B
Net income 2021 1 523 B 14 676 M 14 676 M
Net Debt 2021 15 002 B 145 B 145 B
P/E ratio 2021 14,3x
Yield 2021 2,92%
Capitalization 21 417 B 206 B 206 B
EV / Sales 2021 1,40x
EV / Sales 2022 1,26x
Nbr of Employees 359 542
Free-Float 62,2%
Chart TOYOTA MOTOR CORPORATION
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Toyota Motor Corporation Technical Analysis Chart | 7203 | JP3633400001 | MarketScreener
Technical analysis trends TOYOTA MOTOR CORPORATION
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 8 122,22 JPY
Last Close Price 7 660,00 JPY
Spread / Highest target 25,3%
Spread / Average Target 6,03%
Spread / Lowest Target -26,9%
EPS Revisions
Managers and Directors
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORPORATION-3.73%206 348
VOLKSWAGEN AG8.31%105 915
GENERAL MOTORS COMPANY33.05%79 294
DAIMLER AG2.21%76 927
BMW AG-1.36%55 971
HYUNDAI MOTOR COMPANY33.85%49 049