GM Issues Fresh Recall of 3.3 Mln Vehicles, Expects Charge of $700 Mln in Q2, Up from $400 Mln

General Motors Co. (GM) slips after-hours Monday after issuing a fresh batch of recalls affecting about 3.3 million vehicles sold in the United States.

The bulk of the recalls involve faulty ignition keys in about 3.16 million cars, model years 2000 through 2014 and includes the Buick, Cadillac, and Chevrolet brands. At the same time, the company said it is recalling 165,770 cars for a variety of repairs that need to be carried out. GM said it now expects to take a charge of up to about $700 million in Q2 related to the recalls. That’s up from the $400 million it previously stated.

GM is down 0.3% in late trade after a 1.2% regular-session gain. It’s off 12% in 2014.

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