GM Is Now Recalling Some of its Recalls
It seems like it was only yesterday that I was writing about General Motors' many issues with its automobiles. Oh wait -- it was! Today, there are 1.3 million more of them: the company announced yet another recall of 1.3 million cars "that may experience a sudden loss of electric power steering assist." That includes "Service parts installed into certain vehicles before May 31, 2010 under a previous safety recall."
Yes, at this point, GM is recalling its own recalls. In the first three months of 2014, GM has recalled 6.1 million cars. Last year, Toyota was the automaker with the most recalls, with 5.3 million. GM had just 750,000 recalls in that year, which means in the first three months of 2014 alone, GM has recalled more cars than it and Toyota did in all of 2013 combined.
GM also said it expects to spend up to $750 million this quarter on recall-related repairs, more than double its previous estimate of $300 million.
RELATED: FBI to Investigate Wall Street's Latest Blemish: High-Frequency Trading
GM's CEO Mary Barra -- who has pretty much done nothing but damage control since she became the company's first female CEO in January -- is set to testify before a House committee tomorrow about the company's long-delayed recall of cars that had faulty ignition switches, a defect that killed at least 13 people. The majority of those deaths were people under the age of 25. Barra's prepared written remarks are available here.
"I cannot tell you why it took years for a safety defect to be announced in that program," Barra plans to say. "But I can tell you that we will find out."
She may want to start with engineer Ray DeGiorgio. According to NBC News' report, he signed off on a change to the ignition switches that were discovered to be faulty in 2006 -- though he told the attorney of a parents suing the company over the crash death of their daughter that he did not and had no knowledge of it.
RELATED: McDonald's Strikes Back in Breakfast War with Free Coffee
This article was originally published at http://www.thewire.com/business/2014/03/gm-is-now-recalling-some-of-its-recalls/359940/
Read more from The Wire
• 'Vulture' Hedge Funds Are Still Making Billions Off the Ghost of Lehman Brothers
• Here's Why You Should Pay Attention to the GM Recall Probe
