GM Recalls 426,000 Chevy, Pontiac and Saturn Sedans

by Christopher Freeburn | September 21, 2012 12:40 pm

General Motors (NYSE:GM[1]) said on Friday that it is recalling 426,240 sedans after receiving reports of vehicles that roll while in park[2].

The automaker attributed the incidents to a mechanical defect that causes a mismatch between the gear setting shown on the gear shifter and the actual gear position of the transmission, CNN Money notes.

So far, the defect has produced four known accidents. However, no reports of injuries have been received.

Due to the flaw, drivers may believe their sedans are set in park, when in fact, they are not. That can lead to rolling vehicles.

Owners of the recalled sedans are urged to take them to dealerships for repairs to the transmission shift cable.

Vehicles affected by the recall include Saturn, Chevrolet and Pontiac sedans manufactured between 2007 to 2010 with four-speed automatic transmissions.

Shares of General Motors rose about 1% in Friday mid-day trading.

In July, Ford (NYSE:F[3]) recalled 485,000 of its popular Escape SUVs after the National Highway Safety Administration received reports of sticky gas pedals[4].

Endnotes:
  1. GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
  2. that roll while in park: http://money.cnn.com/2012/09/21/autos/gm-recall/index.html?iid=HP_LN
  3. F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
  4. received reports of sticky gas pedals: http://investorplace.com/2012/07/ford-recalls-485000-escapes/

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