Toyota’s shares have outperformed Tesla in growth over the last three years. Since the beginning of 2024, Toyota’s stock price has increased by 29.56%, while Tesla’s has fallen by 19%.
Japanese automaker Toyota is one of the few companies that can compete with Chinese automakers and Tesla, and the battle is on the level of ideology. China and Tesla are focusing on electric vehicles, with China’s BYD surpassing Tesla in the domestic market. In contrast, Toyota is concentrating on internal combustion engines (ICE) and hybrids.
As the market indicates, it’s premature to count out Japan.
A couple more crises in the Middle East and Africa could see Toyota surpassing Microsoft and Apple.