Toyota Motor Corp. shares fell more than 7 percent to $72.63 today on reports that U.S. Transportation Secretary Ray LaHood is advising owners not to drive any of the millions of Toyota vehicles involved in recent recalls until they can be repaired.
LaHood's warning came this morning in testimony before a House Appropriations subcommittee on transportation. LaHood said his advice to owners is to "stop driving it. Take it to a Toyota dealer because they believe they have a fix for it."
Toyota is sending out a fix to the sticky acceleration problem to dealers, but the company's reputation for reliability and quality has been damaged.
LaHood told reporters earlier in the day that Toyota owners should contact their dealer immediately and "exercise caution until repairs can be made."
Toyota's stock has been reeling since the recalls were first announced.
The stock market dipped slightly today after beginning the week with strong sessions on Monday and Tuesday.
Local stocks in the BizTimes Stock Index also cooled off today. The largest local decliners this morning were Manpower Inc. (down $1.09 to $54.11) and Rockwell Automation Inc. (down 60 cents to $49.05). The largets local advancers this morning were Johnson Controls Inc. (up 27 cents to $29.71) and Twin Disc Inc. (up 14 cents to $9.82).
Transportation secretary advises motorists not to drive their Toyotas
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