TIMELINE-GM's ignition-switch recall crisis
General Motors Co is grappling with a crisis over its decade-long failure to recall cars equipped with faulty ignition switches. The flaw could cause engines to shut off, leading to a sudden loss of power steering and power brakes, and the failure of air bags to deploy in a crash. So far, GM has attributed at least 61 crashes and 16 deaths to switch-related malfunctions. It was only in February of this year that GM finally began recalling 2.6 million Chevrolet Cobalts, Saturn Ions and other older models equipped with the faulty switches.
Following is a timeline of recent events.
June 30, 2014 - GM recalls 8.23 million mostly older cars linked by the automaker to three deaths. The latest recalls swell the total number of vehicles recalled by GM this year to 29 million. The automaker also says it will increase by $500 million a second-quarter charge to cover the cost of the recalls. So far this year, the writedowns are expected to total $2.5 billion. It also announces details of a compensation fund that will provide at least $1 million to victims of crashes tied to defective switches in older compact cars.
June 18, 2014 - U.S. lawmakers accuse GM of a "disturbing pattern" of neglecting safety and reveal emails from 2005 in which a GM employee warned a "big recall" may be necessary over an ignition-switch problem that was only addressed this week.
June 16, 2014 - GM recalls 3 million more cars for ignition-switch issues, roughly doubling the number of GM vehicles with known switch problems. GM also raises a recall-related charge for the second quarter to $700 million from $400 million.
June 13, 2014 - GM recalls 511,528 Chevrolet Camaros for an ignition switch problem similar to the defect linked to at least 13 deaths in Chevrolet Cobalts and other models.
June 6, 2014 - GM announces four more recalls, unrelated to ignition issues.
June 5, 2014 - GM says it fired 15 people for misconduct and failure to act on the recall of the defective ignition switches for years after first gaining knowledge of the problem. GM also releases findings of an internal probe, blaming what the report described as incompetent lower-level employees and saying there was no cover-up.
May 21, 2014 - GM says it is recalling more than 284,000 older Chevrolet small cars in the United States and other markets because of a potential fire hazard, bringing U.S. recalls at the automaker this year to 29 and almost 13.8 million vehicles.
May 16, 2014 - GM is slapped with a $35 million fine by the U.S. Department of Transportation for its delayed response to the ignition-switch defect.
April 24, 2014 - GM says it is the subject of five different government probes related to its massive recalls.
April 11, 2014 - Documents released by a U.S. House committee show that GM engineers were aware of serious problems with ignition switches in small cars but rejected several opportunities to make fixes. Federal regulators as early as 2007 were concerned that GM was dragging its heels on safety measures as consumer complaints mounted, but top officials at the National Highway Traffic Safety Administration never followed through on staffers' recommendations to open a broad investigation, according to the documents.
April 2, 2014 - GM Chief Executive Officer Mary Barra comes under withering attack at a U.S. Senate hearing where lawmakers accuse the company of "criminal" behavior and "a culture of cover-up."
April 1, 2014 - Barra tells a U.S. House panel she is "deeply sorry" for the company's failure to respond quickly.
March 18, 2014 - GM names Jeff Boyer to the new position of vehicle safety chief, responsible for product safety issues, including recalls.
Feb. 25, 2014 - GM more than doubles its ignition-switch recall, mostly in North America, to 1,620,665 vehicles.
Feb. 13, 2014 - GM says it is recalling 776,562 older-model Chevrolet Cobalt and Pontiac G5 compact cars in North America to correct a condition that may allow the engine and other components, including air bags, to be turned off unintentionally.
Jan. 15, 2014 - Barra, 52, takes over as chief executive, becoming the first female to lead a major automaker. The 33-year GM veteran previously headed, at different times, the automaker's manufacturing engineering, human resources and product development. (Compiled by Matthew Lewis, Chicago newsroom)
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video