DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) needs to get through its ignition-switch recall and the resulting federal investigation quickly to avoid any lasting damage to its brand, but the federal probe could keep the problem in the public eye for at least six months.
Analysts and academics warn that a misstep by GM could leave it with a lingering headache, something Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) experienced from 2009 to 2011 with recalls linked to sudden acceleration. The Japanese automaker was criticized for being slow to react to complaints and initially blaming the drivers.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) ratcheted up discounts in February on its full-size pickups, but it is telling Wall Street analysts that it intends to maintain premium pricing and margins on the trucks despite a drop in volume and market share.
On Tuesday, Chuck Stevens, GM’s new chief financial officer and a key member of CEO Mary Barra’s executive team, was dispatched to New York to update Wall Street analysts on the automaker’s financial outlook, including the performance of its big trucks.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) is moving to learn more internally about its handling of the recall of ignition switches linked to 13 deaths, including questioning employees involved in the process from the start, according to two people familiar with the situation.
A team of attorneys investigating the No. 1 U.S. automaker’s recall of more than 1.6 million vehicles were interviewing employees on Wednesday, trying to learn exactly how the company handled the issue when it was first discovered in 2004, said the people, who asked not to be identified.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) Chief Executive Mary Barra said the No. 1 U.S. automaker was sorry for the recent recall of an ignition-switch linked to 13 deaths, and said the process would take time to play out but the company would work to ensure customer satisfaction.
In a letter to employees on Tuesday, Barra, who took over in January as the automotive industry’s first female chief executive, said the recall would “take time to play out” and GM would cooperate with all the parties involved. She said customer safety and satisfaction would be at the heart of every decision made.
DETROIT, March 3 (Reuters) – U.S. auto sales in February
finished even with the year-earlier period as hefty incentives
to lure customers into dealerships late in the month could not
overcome cold and snowy weather.
February’s sales fell less than 300 vehicles from last
year’s 1,193,872 light cars and trucks. While General Motors Co
, Ford Motor Co and Chrysler Group all reported
stronger-than-expected sales, the higher incentives raised
concerns about industry profitability in the future.
DETROIT (Reuters) – Nissan Motor Co (7201.T: Quote, Profile, Research, Stock Buzz) said on Monday that its U.S. February sales rose 16 percent, which is expected to easily top the estimated gain of less than 1 percent for the auto industry.
Continued cold weather in the month probably kept many car shoppers away from dealers, analysts said. A poll of 34 analysts by Thomson Reuters showed expectations of a 0.3 percent increase over February sales last year.
DETROIT, Feb 27 (Reuters) – U.S. safety regulators have
opened an investigation into whether General Motors Co
reacted fast enough in its recall of more than 1.6 million cars
over an ignition-switch defect linked to 13 deaths in crashes.
The issue could prove costly to GM as the automaker faces a
potential fine from the U.S. National Highway Traffic Safety
Administration, the cost of replacing the ignition switches in
question and the possibility of costly lawsuits.