Bailedout GM is in shambles:
CNBC: GM announced six new recalls on Monday, affecting 7.6 million U.S. vehicles, and 8.4 million total, from 1997-2014. Shares were temporarily halted.
GM also announced that it will take a charge of up to $1.2 billion in the second quarter for recall-related repairs, including the previously disclosed $700 million for recalls already announced this quarter.
The recall announcement includes models ranging from the 1997-2005 Chevrolet Malibu to the 2003-2014 Cadillac CTS for “unintended ignition key rotation”—the same problem that led the company to announce a victims compensation fund earlier Monday.
For all of 2013, GM posted a $3.8 billion profit. By the rate GM is going now one wonders how small of a profit GM will produce for 2014