DETROIT – Toyota Motor’s inventory is having its greatest week since 2009 following the corporate disclosing plans for its next-generation electrical automobiles and shareholders voting in favor of its new management, together with former CEO Akio Toyoda as chairman.

Shares of Toyota on the New York Inventory Alternate on Thursday achieved a brand new 52-week excessive of greater than $168 per share, up 2% throughout intraday buying and selling and roughly 13% this week.

If shares can retain their present momentum, it will be the inventory’s greatest week since April 2009 once they elevated 14.5%. It will additionally mark solely the third double-digit weekly acquire in additional than 20 years.

The notable enhance within the comparatively mundane inventory follows extra particulars concerning the firm’s EV technique, which has beforehand been criticized by some for not being aggressive sufficient.

Forward of its annual assembly Wednesday, Toyota outlined plans for a brand new era of EVs to rival trade leaders Tesla and China-based BYD. The corporate mentioned it plans to launch its next-generation EVs beginning in 2026, together with automobiles with extremely touted “solid-state batteries” by 2027 or 2028.

Stable-state batteries will be lighter, with better power density and supply extra vary at a decrease value than at this time’s EVs with lithium-ion batteries.

Takero Kato, president of BEV Manufacturing facility, mentioned that Toyota is concentrating on a driving vary of 1,000 kilometers (620 miles) for its EVs. BEV Manufacturing facility goals to provide about 1.7 million automobiles by 2030, he mentioned.

“Proactive disclosure of a brand new tech technique that includes next-gen batteries and giga casting delivered a riposte to the view that it’s lagging in BEVs. We await quantitative disclosure on BEV revenue forward,” Morgan Stanley analyst Shinji Kakiuchi mentioned Wednesday in an investor be aware.

Following the bulletins, Toyota shareholders Wednesday aligned their voting with firm suggestions, together with management approval and voting down a shareholder proposal requiring Toyota to evaluate its climate-related lobbying actions.

Shareholders additionally authorized the corporate’s new management and board, together with the appointment of CEO Koji Sato as a director and Toyoda – grandson of automaker’s founder – as chairman.

Shares of Toyota on the NYSE are up about 23% this yr, because the auto trade continues to get well from the coronavirus pandemic and provide chain points that led to document low automobile stock ranges.

Toyota’s positive factors put it in the course of Japanese automaker shares, forward or in-line with the Detroit automakers and behind shares of Tesla, which have greater than doubled in 2023.

– CNBC’s Michael Bloom and Lim Hui Jie contributed to this report.