More GM recalls expected; this time on newer models - KSFY News - Sioux Falls, SD News, Weather, Sports

More GM recalls expected; this time on newer models

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ABC -- The crisis over recalls at General Motors may be far from over.

America’s biggest auto manufacturer faces more legal and regulatory questions. GM’s stock price is down 20% this year, and it dropped 3.5% Tuesday after more recalls were announced involving 2.4 million cars and trucks.

The company is in the middle of a safety review across its line-up of cars and trucks. More recalls are expected. GM spokesman Alan Adler said the company is making progress on reviewing older investigations, “but work is continuing.” More federal and state regulatory investigations are underway.

So far GM has announced 29 recalls, but they don’t appear to have had a big impact on sales, which rose 7% in April.

Akshay Anand, an industry analyst with Kelley Blue Book, said Tuesday’s order to dealers to stop selling the 2015 Cadillac Escalade and 2014 Buick Enclave, Chevrolet Traverse and GMC Acadia until they’re repaired could give more buyers pause.

The initial recalls covered older models, such as the discontinued Cobalt; now they’re affecting newer models. GM expects to take a $400 million charge in this quarter to pay for the cost of repairs. That’s twice as much as the company announced last week.

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