General Motors Company (NYSE:GM) Claims To Fix Faulty Cars

General Motors Company (NYSE:GM) has faced a lot of adverse moments with respect to manufacturing of small cars in the last few years. The deadly ignition switch problem that occurred in hundreds of thousands of cars forced the company to recall them instantly. As per the reports, General Motors has claimed that it has fixed most of the faulty cars.

Let this analyst breakdown the obvious technical-indicators for GM.

Insights On The Issue:

The company had to call back a lot of cars last year after complaints started flowing in from everywhere. In a recent statement, General Motors claimed that it had fixed 70% of the cars that it had called back in 2014. The current figures show that all the switch replacements are running equally to most of the recalls in the country to the same frame.

As per the reports, it recalled almost 2.3 million cars last year due to technical problems. So far, the company has repaired around 1.6 million cars, which is a huge figure to achieve in a time duration as little as one year.

Year 2014 was one of the worse years that General Motors had faced in a long time. Quite a few buyers of General Motors’ cars had witnessed technical problems in their cars during the 2013-14 period.

News about a few accidents and deaths were also published by the world media. Close to 80 people died in various car crashes that took place due to the ignition switch problem. The root-cause of all the technical problems and accidents was nothing but the ignition switch problem that led to fatal injuries and financial loss to General Motors’ customers over time.

When the international pressure mounted, General Motors Company (NYSE:GM) announced to call back millions of cars in February 2014. Experts claim that ignition switches can slip from the usual run position and cause the engine to stall. Due to it, airbags pop up suddenly and lead to accidents.

 

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Culver Stinson

Culver Stinson

Stinson is US Markets Daily’s Senior Producer for News & Public Affairs.