Market Overview

General Motors Announces 5 Recalls Covering 2.7 Million Vehicles In The U.S

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General Motors (NYSE: GM) recalled 2.7 million vehicles in the United States and said it expected to take a charge of $200 million in the second quarter related to the cost of recall-related repairs.

General Motors' latest recall, which has been informed to the National Highway Traffic Safety Administration, consists of five safety recalls primarily covering more than 2.4 million previous generation passenger cars for tail lamp malfunctions.

The recall also covers about 112K Corvettes, from the 2005-2007 model years for potential loss of low-beam headlamp operation models from 2008-2013.

GM said the third recall covers 140,067 Malibu models for engines start/stop technology while the fourth recall of 19,225 Cadillac CTS from the 2013-2014 model year is related to windshield wiper system issues.

Fifth recall is of 2014 Chevrolet Silverado and GMC Sierra light duty pickups and 2015 model year Chevrolet Tahoe SUVs. The tie rod threaded mechanism in these vehicles may not have been tightened to specification, GM said.

After closing at $34.94 on Wednesday afternoon, shares of GM are trading down about 1 percent to $34.96 in Thursday's pre-market session.

Posted-In: Cadillac Chevrolet Corvette CTS GMC MalibuNews Legal

 

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