GM to take $1.3 billion charge in first quarter due ignition switch recall
DETROIT (Reuters) - General Motors Co (GM.N) on Thursday said it will take a charge of $1.3 billion in the first quarter to cover recall-related repairs and costs, which includes a $750 million charge the company previously announced.
GM said it still expects to report "solid core operating performance in the first quarter financial results."
GM said it told U.S. safety regulators it will replace lock cylinders on the 2.2 million cars recalled in the United States for ignition switch problems.
The automaker said it is aware of several hundred complaints of keys coming out of ignitions while the engine is running.
GM will also replace the lock cylinders in six ignition switch recalled models outside the United States, which total about 400,000.
(Corrects first paragraph to show $1.3 billion total includes $750 million charge previously announced)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.