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.

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.

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

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,