The largest two-day rise in Toyota Motor shares since March 2020 pushed the company to the list of the five largest companies in Asia in terms of market value, overtaking the “Alibaba Holding Group” and the “Industrial and Commercial Bank of China Limited.”

The automaker’s stock got a boost this week after a briefing on its strategy for the electric vehicle industry, as well as its annual general meeting. It also benefited from the influx of foreign funds amid the continuous rise of Japanese stocks, as “Toyota” shares achieved gains of 29% this year, compared to a rise of 21% for the “Topix Benchmark” index.

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“Toyota’s move, and the entire market’s move, was a reminder that the classic Japanese bull market is hard to beat,” analysts at Pelham Smithers wrote in a note.

With the recent jump, Toyota’s stock value is now close to that of Samsung Electronics and Kweichow Moutai. While Taiwan Semiconductor Manufacturing Co and Tencent Holdings maintain a firm grip on the top two positions in the region.