GM now says that it will take a first quarter charge of $1.3 billion related to the recalls the company has initiated this year. This replaces the $750 million estimate GM made less than two weeks ago. The charge includes replacing the ignition switch, cylinder, making new keys if necessary, and providing courtesy transportation.
According to GM, the ignition lock cylinders may allow the ignition key to be removed while the vehicle is running leading to a possible rollaway, crash, and occupant or pedestrian injuries. The company has received one report of a rollaway in a parking lot that resulted in a crash and one injury. The company knows of no fatalities linked to the cylinders.
Shares of GM have not yet been hit by the news and are trading up about 0.7% in the mid-afternoon on Friday at $33.82 in a 52-week range of $28.44 to $41.85.
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