GM recalls 8.4 million cars, brings 2014 total to almost 29 million

Japan Economic Newswire |

General Motors Co. said Monday it is recalling 8,448,005 vehicles worldwide for six separate safety issues, bringing the total number of cars recalled by the company since the beginning of the year up to 28,968,527.

The majority of the cars recalled today are to fix an "unintended ignition key rotation" defect. Other issues include an engine block heater power cord that can become damaged in very cold conditions and an electrical short that can disable the power locks or windows and may even overheat electronic components in the door.

The Detroit-based automaker said there are seven crashes, eight injuries and three deaths connected with the recalled cars, but "there is no conclusive evidence that the defect condition caused those crashes."

GM said it will take a $1.2 billion charge in the April-June quarter to repair the recalled vehicles.

Since the beginning of the year, GM has carried out 54 recalls in the United States, including a 2.6 million vehicle recall linked to 13 deaths that led to a $35 million fine from the U.S. Department of Transportation.

"We have worked aggressively to identify and address the major outstanding issues that could impact the safety of our customers," GM CEO Mary Barra said in a press release announcing the recall. "If any other issues come to our attention, we will act appropriately and without hesitation."

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
TBNC T Bancshares Inc 9.85 0.00 0.00 0

Comments

Emerging Growth

New Age Farm Inc.

New Age Farm Inc is engaged in the development of the agriculture based business in Langley, British Columbia.

Private Markets

WayBetter

The spark hit Jamie when he saw co-workers competing to lose weight. Instead of pizzas and subs, they were eating salads and jogging along the river. Some were sneakily leaving…

Knightscope

Autonomous security robots providing advanced detection capabilities at $7 per hour - aiming to define the future of security. Help #StopTheViolence.