by Christopher Freeburn | January 4, 2013 1:32 pm
A problem with steering columns is prompting General Motors (NYSE:GM) to launch a global recall for some vans, SUVs and trucks.
The recall affects more than 69,000 Cadillac Escalade, Tahoe and Yukon SUV models, as well as Sierra, Silverado and Avalanche pickup trucks and Chevrolet Express vans. All vehicles involved in the recall are 2013 models, Reuters notes.
Most of the vehicles — 55,000 — were destined for sale in the U.S.
Defective steering-column lock-actuator gears and park-lock cables could cause vehicles to roll away. Most of the vehicles covered by the recall have yet to be sold. GM anticipates that only a handful have the defective parts.
In affected vehicles, the transmission can be shifted out of park even after the key is removed from the ignition. Repairs will be made at the company’s expense.
GM indicated that it had not received any reports of injuries or accidents resulting from the defects.
Last month, Ford (NYSE:F) recalled 89,000 Fusion and Escape vehicles from the 2013 model year after receiving 13 reports of fires resulting from fluid leaks in overheated engines.
Shares of General Motors slipped fractionally in Friday afternoon trading.
Source URL: http://investorplace.com/2013/01/gm-recalls-69000-vehicles-on-roll-away-risk/
Short URL: http://invstplc.com/1nMu5Pn
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.