Toyota shares soared Thursday after Nikkei reported the company aims to double its return on equity target to 20%, citing an unnamed executive.

Key Takeaways U.S.-traded shares of Toyota Motor surged Thursday following a report from Nikkei that the carmaker is aiming for a 20% return on equity.Analysts were reportedly anticipating an 11% return on equity this fiscal year.

Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

The potential merger could help boost the auto companies production of electric vehicles amid growing changes in the car industry.

Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.