General Motors Co. is conducting its 69th recall this year to bring the total number of vehicles pulled back to over 29 million. The largest US car manufacturer is withdrawing a total of 117 651 cars and trucks from the 2013-2014 model years due to a possible manufacturing defect in a chassis control module.
GM explained that the defect in the module could result in an electrical short and increase the risk of a crash as the vehicle may stall, or not start at all. However, the company said that no incidents have been associated with the problem.
The latest campaign includes recalls of vehicles from more than ten 2013-2014 models, including Chevrolet Tahoe and Suburban, GMC Acadia and Buick Enclave crossovers, Chevy Express and GMC Savana vans, Cadillac CTS, and others.
GM said that 97 540 of the recalled vehicles are in the United States, while the rest are in Canada, Mexico and are exports. Around 4 500 of the cars and trucks have not yet been sold and will remain at dealer lots until repairs are complete.
More than 29 million vehicles were withdrawn by the company worldwide this year due to various mechanical problems. One of the mediators, who were hired in the process, revealed that at least 23 death cases have been related to crashes due to faulty ignition switches.
As reported by CBS News, apart from the announcement of the recent withdrawals, GMs Chief Executive Officer Ms. Mary Barra provided some details about the new financial strategy of General Motors. Apart from increasing the companys sales and focusing on overcoming the series of recalls, the auto maker also plants to move its Cadillac brand to New York City from Detroit.
Ms. Barra said: “In the nine months that this leadership team has been together, we have spent a significant amount of time setting our goals for the future of GM and developing a specific action plan.”
General Motors Co. closed 2.12% higher on Thursday in New York at $33.18 per share, marking a one-year change of -7.68% and valuing the company at $53.24 billion. According to CNN Money, the 15 analysts offering 12-month price forecasts for General Motors Co. have a median target of $45.00, with a high estimate of $52.00 and a low estimate of $29.00. The median estimate represents a +35.62% increase from the last price of $33.18.
Do you own a GM vehicle?
Share your thoughts on its reliability below.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
