Toyota Motor is in danger of being overtaken by Ford Motor on a key stock market metric. Shares in the $295 billion Japan-based carmaker dropped a tad after it cut its full-year sales guidance as the chip shortage and commodity prices bit. Stock in its rival run by Jim Farley, meanwhile, has surged 20% since last week’s surprisingly good second-quarter earnings .
That leaves the pair trading just shy of 10 times estimated earnings for calendar year 2022, per Refinitiv, comfortably ahead of General Motors
and Volkswagen . Yet for the three months to the end of September, Toyota’s pre-tax margin was, at almost 12%, more than double what Ford managed. Analysts expect Farley’s crew to only slightly narrow that gap over the next couple of years. Tesla , of course, is way ahead, trading on a multiple of 195 times. But given that huge gap, jostling for a distant second place is where the real action is at.
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