Car company with major Huntsville ties tops stock report

Car company with major Huntsville ties tops stock report

The star of our Huntsville and Alabama Stock Report on Wednesday was Toyota, which jumped on reports of its July-September profit increasing nearly threefold from a year ago.

The Japanese company with major local ties jumped $10.60 a share, or 6.1%, to close at $185.78, a little less than $10 off a 52-week high.

Toyota Alabama was established in Huntsville in 2001 and started production in 2003. Over the past 20 years, the plant has had eight major investments, including six building expansions. Today, it produces approximately 3,000 engines each day for the RAV4, Corolla, Corolla Cross, Tacoma, Sequoia, Highlander, Sienna and Tundra. Toyota Alabama directly employees 2,000 and represents a $1.5 billion investment.

Toyota Alabama assembled 665,266 engines in 2022, according to its website.

Later this fall, Toyota Alabama will begin production on the new 2.4 turbo engine that powers the all-new Tacoma, according to Toyota Alabama President Jason Puckett. The new line represents a $222 million investment and will produce combustion and hybrid engines.

Other Huntsville-area stocks with good days included Carpenter Technology (+2.8%) and Adtran (+2.3%).