GM to Take $1.3B Charge to Cover Ignition Switch Recall Mess
by Karl Utermohlen | April 10, 2014 9:42 pm
General Motors (GM) is spending a lot of money in order to replace the ignition switch of some of its vehicles.
Some of the company’s small cars have a defect in their ignition due to faulty switches. GM has issued a massive recall in order to solve the problem which will cost the company a grand total of $1.3 billion.
The following vehicles will have their ignition switch replaced:
- 2003-2007 Saturn Ion
- 2005-2010 Chevrolet Cobalt
- 2006-2010 Pontiac Solstice
- 2007-2010 Pontiac G5
- 2007-2010 Saturn Sky
- 2006-2011 Chevrolet HHR
GM stock is down close to 1% Wednesday.
More GM News
- General Motors Stock Still at Risk
- General Motors to Recall 1.3M More Vehicles for Steering Glitch
- GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
- [Image]: http://investorplace.com/wp-content/uploads/2013/06/1000px-General_Motors.svg_.png
- small cars: http://www.usatoday.com/story/money/cars/2014/04/10/gm-recall-more-problems-ignition-switch/7552763/
- General Motors Stock Still at Risk: http://investorplace.com/2014/04/gm-recall-stock/#.U0dCwqiwXRE
- General Motors to Recall 1.3M More Vehicles for Steering Glitch: http://investorplace.com/2014/04/gm-recall-1-3m-vehicles-steering-glitch/#.U0dCxqiwXRE
Source URL: http://investorplace.com/2014/04/gm-ignition-switch/
Short URL: http://invstplc.com/1kxZaYq
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.