Toyota shares jumped more than 1% after a report suggested that some of the recall issues the company faced may have been due to driver error. The company”s stock rose 83 cents to $71.89 per share this afternoon for a 1.1% increase. The stock reached as high as $72.14 during trading today.
The U.S. DOT has been analyzing data from recorders on vehicles involved in crashes where sudden acceleration was blamed, and found that throttles were wide open and brakes not engaged at the time of crash on many cars. Such results would indicate that many who said their Toyota vehicle suddenly accelerated were actually mistakenly depressing the gas pedal.
The report in which this data was published also mentioned that such findings would not serve as to exonerate Toyota from known issues, which contributed to the sudden acceleration.
Toyota spokesman Brian Lyons has said that the company did not receive any information from the DOT on the study, but said that “Our findings have determined a number of explanations or causes, including pedal entrapment by floor mats or other objects, sticking pedals, pedal misapplication, engine idle up, or no trouble found.”
The DOT declined to comment.
– By: Stephen Calogera