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GM announces new recalls

  • General Motors (GMannounces it will recall 1.55M vehicles after an internal safety review.
  • Models included in the new recall include Chevrolet Express and GMC Savana, Cadillac XTS, Buick Enclave and GMC Acadia, Chevrolet Traverse, and Saturn Outlook.
  • The automaker will take a $300M charge in Q1 related to the recall issue.
  • "We are conducting an intense review of our internal processes and will have more developments to announce as we move forward,” promises CEO Mary Barra.
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Comments (4)
  • Budavar
    , contributor
    Comments (1396) | Send Message
     
    Disclosure -acquired put options about a week ago.

     

    Not closing out our put position.
    Now we have an ongoing + probably prolonged investigation under way.
    These seldom uncover positives.

     

    One prominent TV anchorman to-day talked about "bankruptcy' -
    IMO that is premature speculation - as yet.
    17 Mar 2014, 12:44 PM Reply Like
  • tomehenderson
    , contributor
    Comment (1) | Send Message
     
    I am a spokesman for General Motors and want to clarify the information in this article:

     

    1. The 3 recalls announced today are not related to the ignition switch recall

     

    2. The approximately $300 million charge expected in Q1 is primarily for the cost of the repairs for these newly announced 3 safety actions, and the previously announced ignition switch recall.

     

    These details are found in our press release on this announcement at http://www.media.gm.com

     

    Tom Henderson
    General Motors
    Spokesman
    17 Mar 2014, 01:42 PM Reply Like
  • capitolp
    , contributor
    Comments (694) | Send Message
     
    Hey Tom, I think I heard GM was going to give a $500.00 rebate towards the purchase of a new car for those affected. I think that's mighty big of GM, now which next of kin is entitled to the rebate for the ones that died.
    17 Mar 2014, 06:44 PM Reply Like
  • Joe Lunchbox
    , contributor
    Comments (570) | Send Message
     
    “I asked our team to redouble our efforts on our pending product reviews, bring them forward and resolve them quickly,” said Mary Barra, GM CEO. “That is what today’s GM is all about.”

     

    I was hoping for strong, positive leadership at GM. This kind of action will help mitigate the recent bad news and hopefully prevent occurrence. I hope they do well.
    17 Mar 2014, 04:52 PM Reply Like
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