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

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.

Shares of Toyota Motor were rising sharply Thursday following a report that said the Japanese auto maker planned to double its target for a key measure of financial performance. U.S.-listed shares of Toyota were up 8.

Toyota Motor Corp. shares climbed and were headed for their biggest two-day advance since August on expectations of a higher return-on-equity following a report the Japanese automaker is planning to double its target.

Toyota Motor Corp. surged nearly 9% in Thursday’s premarket trading on the NYSE, driven by reports of the company’s ambitious plan to double its return on equity (ROE) target to 20% by March 2025. If gains hold,

Toyota Motor Corporation (NYSE:TM) rose in early trading on Thursday after Nikkei reported that the Japanese automaker is targeting a 20% return on equity rate by around 2030 to maintain global competitiveness.