The trading of the shares of General Motors Company (NYSE:GM) was temporarily halted today after the automaker announced that its charges for the second quarter related to recall expenses will increase as much as $1.2 billion.
Overall, General Motors Company (NYSE:GM) expects to write-down $2.5 billion related to recall expenses for the first half of this year including the $1.3 billion from the first quarter and $1.2 billion from the second quarter.
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The stock resumed trading after the announcement. The shares of General Motors Company (NYSE:GM) declined by nearly 1% to $36.20 per share today.
The automaker announced six safety recalls involving 7.6 million U.S. vehicles. According to General Motors Company (NYSE:GM), the recalls were linked to seven crashes, eight injuries and three fatalities.
The automaker already recalled a total of about 25 million vehicles in the United States.
Last week, Mary Barra, chief executive officer of General Motors Company (NYSE:GM) indicated the possibility of more recalls since the automaker’s review of safety issues involving older vehicles is not yet completed. According to her, “We are going to continue to look at the data we get, and