Toyota Overtaken by Kioxia After 660% Rally, Joins EV Battery Venture
TM•Memory chipmaker Kioxia’s share rally has pushed its market cap above Toyota’s, briefly making Toyota Japan’s third most valuable firm as Kioxia’s stock is up 660% this year. Separately, Toyota-affiliated Jtekt leads nine suppliers in Swiftfab venture to deploy modular EV battery plants by 2030.
1. Kioxia’s Market Cap Surge Affects Toyota
Kioxia’s shares have climbed more than 660% this year, driving its market value above ¥45 trillion ($281 billion) and briefly surpassing Toyota’s valuation. Toyota’s stock rose 2.2% on the day but slipped to the position of Japan’s third most valuable company, reshaping investor perceptions of market leadership.
2. Swiftfab Venture for Modular EV Batteries
Nine Japanese equipment suppliers, including Toyota-affiliated Jtekt, formed Swiftfab to produce container-sized modules for EV battery factories. The modular approach aims to cut construction time from four–six years to two–three years and lower operating costs, with the first facility targeted to begin operations by the end of 2030.
