SHARE THIS ARTICLE

General Motors' recall crisis virtually wiped out its profit for the first three months of the year, as it said Thursday that the cost of repairing millions of vehicles would come to $1.

3 billion.

The cost of the recall and some other accounting charges left the company with a profit of only $108 million in the quarter.

The company recalled a total of 7 million vehicles during the quarter, most prominently 2.6 million with a faulty ignition switch tied to at least 13 deaths. GM said it would spend about $700 million to fix that ignition switch, and another $600 million on other recalls.



Read Article


Recall Costs Obliterate GM First Quarter Profits

About the Author

Agent009

User Comments

TheSteve
MrEE
HughJass

Add your Comments

Images hosted in your AgentSpace can now be posted in the comments section using the following syntax (case matters): [img]IMAGE URL[/img]
Example: [img]http://agent001.myautospies.com/images/sample.jpg[/img]