Will Recent News Hurt General Motors Stock?
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General Motors designs, manufactures, and markets cars, crossovers, trucks, and automobile parts worldwide. The company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Opel, Holden, and Vauxhall brand names, as well as under the Alpheon, Jiefang, Baojun, and Wuling brand names. It sells cars and trucks to dealers for consumer retail sales, as well as to fleet customers in daily rental car companies, commercial fleet customers, leasing companies, and governments.
General Motors knew about the link between faulty ignition switches and air bag failures since at least November 2009, U.S. Transportation Secretary Anthony Foxx said on Friday, citing GM for breaking the law and failing to meet public safety obligations. In a news conference announcing a record $35 million penalty against GM, Foxx also said the Obama administration wants the ceiling for such fines against automakers that fail to quickly report safety problems raised to $300 million.