U.S. Transportation Secretary Ray LaHood Baffles Toyota Owners & Stocks To Plunge

Thursday, Mar 11th

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U.S. Transportation Secretary Ray LaHood Baffles Toyota Owners & Stocks To Plunge

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La Hood retracts his statementIn a recent statement, U.S. Transportation Secretary Ray LaHood advised customers to take their vehicles to their local dealers. However, in an earlier statement, which created a fury of reports, the secretary had suggested to consumers to stop driving Toyota vehicles until they had been repaired altogether.

Sources say that the fact that Toyota's stock plunged by 5% after the earlier statement, Mr. LaHood retracted his comments.

Transportation spokeswoman Olivia Alair told via an e-mail, that owners of recalled vehicles are recommended to bring them into their local dealerships without delay.

It has been reported that, before the House Appropriations subcommittee on transportation, LaHood clarified that he didn't actually say that these cars should not be driven altogether. In particular, he said that owners should implement some precautions until the repairs can be made.