Toyota Motor (NYSE:TM) surged more than 12% in premarket trading on Wednesday as investors gauged the Japanese auto stock as a big winner of the new trade deal stuck between the U.S. and Japan. The U.

Chinese electric vehicle (EV) maker NIO (NYSE:NIO) surged nearly 11% after unveiling its Onvo L90, a three-row electric SUV designed to compete with Tesla’s (NASDAQ:TSLA) Model Y, signaling its push into the mass-market EV segment.

Shares in global carmakers surged after a U.S. trade agreement with Japan sparked optimism for the auto industry. Japanese auto stocks were particularly buoyant, with Toyota closing up 14%, its bigges