Toyota shares to hit $1 billion in IPO
Toyota shares are expected to hit an all-time high as the Japanese automaker is set to raise an initial public offering worth more than $1.4 billion, according to a report from financial news site Bloomberg.
Shares of the automaker closed up 1.5% on Thursday, a record high.
The automaker has sold about 2.5 million vehicles since it debuted in 1996.
Toyota has about 4 million employees worldwide.
Toyota shares jumped more than 30% Thursday, with the stock topping $70.70 on Thursday.
The stock is now trading for about $67.50 per share.
Toyota also said Thursday that it plans to use its new platform, called the “Tokyo Mobile” platform, to help expand the business of its car maker and make it more mobile.
The platform will offer its customers and suppliers a variety of services and services to provide mobility services, said Takahiro Morimoto, head of Toyota’s mobile division.
Toyota is not the only automaker with plans to launch its own mobility platform, according the report.
BMW has also said it will launch its mobile platform, and will use the technology for autonomous driving.
Bloomberg reported that Toyota has also been working on a new platform called “Toyota Connect,” but it was not clear if the company has decided on the name yet.
Toyota, which has sold more than 3 million cars since it first opened its first plant in Toyoda City, began selling electric vehicles in 2016 and is expected to sell nearly 2.6 million electric vehicles by 2020.