GM is recalling 8.23 million vehicles in North America, including Chevrolet Malibus from 1997 to 2005 and Cadillac CTS cars from the 2003 to 2014 model years, for unintended ignition- key rotation. Among the vehicles recalled today, GM said it’s aware of seven crashes, eight injuries and three fatalities. The fatal crashes occurred in older full-size sedans being recalled for the ignition flaw.
It isn’t clear whether the faulty ignition caused those crashes GM said. Shares, which had been temporarily halted, fell 1 percent to $36.27 at 3:38 p.m. New York time. They had traded at more than yesterday’s closing price for most of the day after Kenneth Feinberg explained how the company will compensate victims of an earlier ignition recall of 2.59 million small cars.
“It’s unprecedented,” Karl Brauer, a senior analyst with Kelley Blue Book, said today in a telephone interview. “People are now wondering where’s this going to end, how long is it going to take, how much is it going to cost?”
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