Yesterday (Monday), General Motors (NYSE: GM) recalled 8.45 million more vehicles. The latest round means GM has set a new record for U.S. automaker vehicle safety fixes in a calendar year at 29 million - it's now recalled nearly 3% of the world's total cars.
general motors recall
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General Motors Co. (NYSE: GM) announced another set of recalls this week that brings the company's 2014 recall total to 44, covering nearly 18 million vehicles.
But amid the continuing recall fiasco, GM stock has actually gained 5% in the last three months. So does that make GM stock a buy now?
Money Morning's Defense and Tech Specialist Michael A. Robinson joined FOX Business' "Varney & Co." today (Tuesday) and discussed how he would play GM stock given the recent news and the stock's performance.
Take a look...
UPDATE: A study released Thursday night by a public interest group, The Center for Auto Safety, claims that there were 303 deaths in recalled General Motors Company (NYSE: GM) cars in which airbags did not deploy. The study examined federal data to reach its conclusion.
What's more, the group's report states that GM intentionally misrepresented raw information about the crashes.
UPDATE: Today (Monday), General Motors Company (NYSE: GM) announced three more 2014 recalls. So far this year, GM stock has been feeling the sting of recall fallout, to the tune of a nearly 16% drop to $34.39 per share.
The most worrisome of today's recalls, both in terms of consumer safety and number of vehicles affected, is an air bag issue that will have to be fixed for 1.2 million of GM's crossover SUV models. If a customer ignores a warning light that reads "Service Air Bag," it can result in non-deployment on a side impact collision.
Thursday's General Motors Company (NYSE: GM) recall of nearly 800,000 compact cars in North America is markedly different from the slough of other 2014 recalls from the likes of Toyota Motor Corp. (NYSE: TM), Ford Motor Corp. (NYSE: F), and Tesla Motors Inc. (Nasdaq: TSLA).
That's because, according to depositions in a civil lawsuit against GM, the carmaker knew about the defect that's caused fatal and nonfatal crashes since at least 2004.