Tuesday, March 10, 2015

General Motors Company Recalls 1.5 Million More Vehicles Due to Power Steering Defect (GM)

General Motors Company (GM) reported on Monday that it is recalling an additional 1.5 million vehicles as they are expected to have problems with power steering.

These reports come just two weeks after the company’s last announcement of recalled vehicles. So far in 2014, GM has recalled a total of 6.26 million vehicles.

The company reported on Monday that six models are being recalled, three of the models are expected to have the ignition switch defect. The defect has caused 13 deaths.

With the additional recalls, GM now expects a charge of $750 million in the first quarter.

General Motors shares were down 16 cents, or 0.46%, during pre-market trading Tuesday. The stock is down 15% YTD.

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