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GM recalls affect profits

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Thursday, April 24, 2014

BBC: General Motors first quarter profits were hit by a $1.3 billion charge to cover the cost of a huge recall over defective ignition switches.

The faulty switches could turn off the engine, disabling the airbags and have been linked to at least a dozen deaths.

The firm says it also incurred $300m in restructuring costs, mostly in Europe.

As a result net income was $125m, compared with $865m in the same period last year. Sales came in at $37.4bn, up from $36.9bn in 2013.

Read more here.

 

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