US investigation clears Toyota over electronic throttles
Cahal Milmo is the chief reporter of The Independent and has been with the paper since 2000. He was born in London and previously worked at the Press Association news agency. He has reported on assignment at home and abroad, including Rwanda, Sudan and Burkina Faso, the phone hacking scandal and the London Olympics. In his spare time he is a keen runner and cyclist, and keeps an allotment.
Wednesday 09 February 2011
A 10-month inquiry by the US Department of Transportation has found there was no link between electronic throttles and unintended acceleration in Toyota vehicles. That result vindicated the car-maker's long-held position and lifted its shares more than 4 per cent in New York trade.
Earlier in the day, the Japanese car giant raised its annual forecasts as cost cuts and sales exceeded its plans, but a heavy reliance on exports is expected to keep it a laggard as long as the yen stays strong. The world's top car-maker posted a smaller-than-expected fall in third-quarter profits and hiked its sales forecast for the year to 31 March by 70,000 vehicles to 7.48 million, thanks to better-than-expected sales in Asia, Japan and Russia.
It kept its forecasts unchanged in North America, where its sales have lagged since last year in the wake of a series of recalls.
Toyota, which stayed ahead of General Motors as the world's biggest car maker by a thinner margin last year, lifted its operating profit forecast for the year to ¥550bn (£4.2bn) from ¥380bn.
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