NEW YORK (TheStreet) -- General Motors (GM) announced a new vehicle recall on Monday, calling back 3.36 million vehicles due to an ignition issue, bringing the total amount of recalled vehicles for the year to over 14 million.
The cost of fixing the defective vehicles is expected to be $300 million more than the $400 million that it has already spent on fixing the issue, bringing the total cost to $700 million.
GM said that it can attribute eight crashes and six injuries to the new round of recalled vehicles.
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TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."