General Motors’ vast numbers of product recalls for safety
issues during the second quarter erased most of its Q2 profits. General Motors posted an 85% drop in net income for the April-June period to $190 million from $1.2 billion a year earlier.
Recall-related costs and one-time expenses -- including $400 million that GM has set aside to pay victims of its faulty ignition switch -- reduced net profit by about $1.5 billion net of taxes.Read the whole story at Automotive News »
