Detroit - XINHUA
General Motors (GM) announced Monday that it would recall 8.4 million more vehicles mainly because of potential ignition key problems, which will bring the total number of vehicles recalled by the automaker this year to 25. 7 million.
The affected models range from 1997 to 2014, and include the following vehicles: 1997 to 2005 Chevrolet Malibu, 1998 to 2002 Oldsmobile Intrique, 1999 to 2004 Oldsmobile Olero, 1999 to 2005 Pontiac Grand Am, 2000 to 2005 Chevrolet Impala and Monte Carlo, and 2004 to 2008 Pontiac Grand Prix, which total 7.6 million out of the 8.4 million cars to be recalled.
GM said they were aware of seven crashes, eight injuries and three fatalities related to this latest round of recalls. The fatal crashes occurred in older model Chevrolet Impalas which the company is recalling for inadvertent ignition key rotation.
GM's stock price initially plummeted by 2 percent, or 75 cents, when the announcement was made, but the price has since stabilized.
GM said in a press release Monday that they expect to take a charge of up to approximately 1.2 billion dollars during the second quarter for the cost of recall-related repairs announced, including a previously disclosed 700-million-dollar charge for recalls already announced during the quarter.
GM CEO Mary Barra released a statement Monday afternoon about the recall. "We undertook what I believe is the most comprehensive safety review in the history of our company because nothing is more important than the safety of our customers," she said. "Our customers deserve more than we delivered in these vehicles. That has hardened my resolve to set a new industry standard for vehicle safety, quality and excellence."
GM executives say they have made changes to every process related to vehicle safety, and the company has acted or will act on all 90 of the recommendations made by former U.S. government prosecutor Anton Valukas in his report to the company's Board.