GM to take $1.3 billion charge in first quarter due ignition switch recall

Bernie Woodall From Gasgoo.com

General Motors Co (GM.N) on Thursday said it will take a charge of $1.3 billion in the first quarter to cover recall-related repairs and costs, which includes a $750 million charge the company previously announced.

GM said it still expects to report "solid core operating performance in the first quarter financial results."

GM said it told U.S. safety regulators it will replace lock cylinders on the 2.2 million cars recalled in the United States for ignition switch problems.

The automaker said it is aware of several hundred complaints of keys coming out of ignitions while the engine is running.

GM will also replace the lock cylinders in six ignition switch recalled models outside the United States, which total about 400,000.

(Corrects first paragraph to show $1.3 billion total includes $750 million charge previously announced)

Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service: buyer-support@gasgoo.com Seller Service: seller-support@gasgoo.com

All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com