GM will announce results of internal probe on Thursday

General Motors

GM will publicly release the results of it’s internal probe as to why it did not issue a recall of over 2.6 million vehicles that the company knew had potentially deadly problems for almost a decade.

Mary Barra, CEO of GM, plans to lead a 9 a.m. ET town hall-type meeting with employees at GM’s technical center north of Detroit, followed by a press conference with reporters. GM described the events as an “update” on the ignition switch recall, but Barra is expected to share findings from an investigation conducted by former U.S. Attorney Anton Valukas.

Barra has promised that the report will provide an “unvarnished” examination of what went wrong inside GM, which last month admitted that it broke federal law and agreed to pay a record $35 million fine levied by auto-safety regulators. She said Valukas’ report would be completed by early June. GM is required to turn it over to regulators by June 30.

It’s unclear how much of the report GM plans to release immediately. Barra also is scheduled to update analysts on the recall during a conference call on Thursday afternoon.

Since mid-February, GM has recalled 2.6 million cars, including the Chevrolet Cobalt and Saturn Ion, because their ignition switch may not meet the company’s specifications. That flaw can cause the key to rotate out of “run” mode while the car is moving, disabling airbags, power steering and power brake assist.

GM says it has linked the problem to 13 deaths and 47 crashes.

We’ll update this blof with more info as soon as the reports are in.

Stay Tuned.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s