General Motors Company has filed with the U.S. Securities and Exchange Commission – the SEC – a notice confirming that GM will take a ~$750 million charge against Q1 earnings because of its safety recalls this year.
The three-quarters of a billion dollar expense to stockholders includes yesterday’s safety recall of electric power steering assist affecting approximately 1.3 million vehicles and other safety recalls announced in the three months ending 31 March 2014.
This amount – and it could grow in subsequent quarters – includes $300 million previously disclosed in connection with the three safety actions announced on 17 March 2014 and the ignition switch recall announced 25 February 2014. Given the growing number of lawsuits lawsuits and a new scrutiny of safety issues at GM, both inside and out, more charges are likely.
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About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
