General Motors announced Monday that it will recall 8.4 million cars manufactured between 1997 and 2014 due to a defect in ignition switches. Yes, that's 8.4 million more recalled vehicles for the embattled company.
In a statement, GM says they are aware of seven crashes, eight injuries and three fatalities possibly related to the defect:
"GM expects to take a charge of up to approximately $1.2 billion in the second quarter for the cost of recall-related repairs announced in the quarter. This amount includes a previously disclosed $700 million charge for recalls already announced during the quarter...
Until the ignition recall repairs have been performed, it is very important that customers remove all items from their key ring, leaving only the vehicle key, and always use their seat belts. The key fob, if present, should also be removed from the key ring."
As we've learned: This could be a big deal for our key-carrying Marketplace listeners.
More Marketplace coverage:
- Why a lot of recalled cars and trucks never get fixed
- Why the Cruze recall won't hurt GM's bottom line
- Why people are still buying GM cars post-recall
- The economics of the GM recall
- GM doesn't want employees using these words in memos
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