Toyota stocks scaled up as it unveiled its New 2022 Tundra Pickup Truck yesterday.
Accordingly, Toyota Motor hiked 0.80% or 0.73 points to $91.32 per share on Friday trading.
On Monday, the Japanese market closed to celebrate the respect for the aged day.
Meanwhile, the automotive manufacturer revealed its new Tundra pickup that will be available in the market this year.
Moreover, the distinguishing feature of the new pickup is its twin-turbo V-6 engine, which is different from the regular use of a single V-8 engine.
Accordingly, Toyota will offer two versions of the 3.5-liter twin-turbo V-6 that produce 45% more horsepower and torque than the 2021 Tundra.
Aside from the impressive engine, the Tundra offers a more rugged design than the previous model.
Subsequently, Toyota motors included sleeker headlights in the new pickup truck.
However, the Japanese automotive firm did not announce the fuel economy or price of the said model.
Recently, automakers offered alternative powertrain options ahead of the arrival of all-electric pickup trucks in the coming years.
For instance, Ford Motors included the EcoBoost into its F-150 pickup, leading to a surprise hit in sales.
Consequently, Ford Motors climbed 1.12% or 0.15 points to $13.55 per share.
Likewise, Ram Trucks incorporated a mild hybrid on its 1,500 trucks.
Then, Stellantis NV, parent of Ram Trucks, declined 3.51% or 0.68 points to $19.03 per share.
Although the Detroit automobile industry dominates the pickup truck market in the US, Toyota successfully sold more than 100,000 trucks each year.
Consequently, the company positively looked forward to the truck reaching third place in the market sales.
Furthermore, Toyota Motors currently holds a market capitalization of $298.02 billion and a revenue of $72.40 billion.
Asia-Pacific Stocks Fell as Toyota Hiked
In thin trading, the Asia-Pacific stocks fell as Toyota hiked in sales.
Moreover, the Hang Seng Index plunged 3.30% or 821.62 points to $24,099.14 per share.
Likewise, the NIFTY 50 index dropped 1.09% or 192.25 points to $17,392.90 per share.
On the Singapore Stock Exchange, the FTSE Straits Times index shed 0.96% or 29.50 to $3,041.73.
Then, the S&P BSE Sensex index declined 0.89% or 524.96 points to $58,490.93 per share.
In New Zealand, the S&P/NZX 50 index tumbled 0.42% or 55.97 points to $13,178.58 per share.
Consequently, Australia’s S&P/ASX 200 index decreased 2.10% or 155.50 points to $7,248.20 per share.
Meanwhile, markets in China and South Korea closed in line with their public holidays.