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GM announces 3 new recalls affecting 1.7M vehicles in North America [w/video]

Still embroiled in the ongoing ignition switch recall, General Motors announced today three more discrete recalls, affecting a grand total of 1,546,900 vehicles in the US. The Detroit News reports that some 1.7 million vehicles are affected overall in North America. The first and largest of the trio of new recalls concerns some 1.18-million Buick Enclave and GMC Acadia crossovers from the 2008-2013 model years, Chevrolet Traverse from 2009-2013 (pictured above) and Saturn Outlook vehicles from 2008-2010. All of the crossover utilities may have an issue with the wiring harness for their seat-mounted side airbags. Apparently, the vehicles are equipped with a Service Air Bag warning light that, if ignored, "will eventually result in the non-deployment of the side impact restraints." Those restraints include the side airbags, a front-center airbag if the vehicle is so equipped and seatbelt pretensioners. Dealers of affected vehicles will be instructed to remove driver and passenger side airbag wiring harness connectors, and then "splice and solder the wires together." The second recall affects 303,000 Chevrolet Express (pictured right) and GMC Savana vans from model years 2009-2014, and with gross vehicle weights under 10,000 pounds. Said vehicles do not comply with a head impact requirement for unrestrained occupants, and will need a reworking of the instrument panel material to be sent back on the road. It doesn't sound as though there's a quick fix for this one, as the GM press release states: "Unsold vehicles have been placed on a stop delivery until development of the solution has been completed and parts are available." Finally, the third recall affects 63,900 Cadillac XTS luxury sedans from model years 2013 and 2014. A brake booster pump may be susceptible to corrosion by way of the relay, potentially causing and electrical short, overheating, melting of plastic components and even engine fires. GM says it is aware of two engine fires in unsold XTS models and two cases of melted parts. Repairs for the issues affecting the XTS have not not mentioned by GM in the release. The Detroit News is also reporting that along with news of the triple-recall, GM is taking a $300-million credit to help pay for the repair costs, and to deal with the ongoing costs associated with the ignition switch recall. In an attempt to explain just what GM has been doing in the face of these very serious issues, newly minted CEO Mary Barra has addressed the issues in a new video.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

The Fate of the Furious music video shows how much Demons love donuts

The new Dodge Demon is leaking into everything related to The Fate of the Furious in the lead-up to both the car and the film's debut in just over a month. The latest teaser involves Demons doing donuts and burnouts in the Get Off music video, with copious amounts of both tire smoke and hip hop to accompany the tire-shredding shenanigans. It also gives us a look at some of the film's other cars. Get Off is a song by Travis Scott, Quavo, and Lil Uzi that's featured on The Fate of the Furious soundtrack, which is out now. The teaser for the music video features a pack of Dodge Challengers - both Demon and non-Demon spec - along with a line of non-SRT related products. From what we can see, the movie will have a Scion FR-S/Toyota 86, a highly modified C2 generation Chevrolet Corvette, and a Mercedes-AMG GT S. In typical over-the-top fashion, the final shot shows a submarine bursting through ice in pursuit of several cars, including a Subaru WRX. We can't see much else as the full music video hasn't been released, but expect a few more teasers once it does. The Fate of the Furious debuts Friday, April 14, just days after the Dodge Demon's debut at the New York Auto Show. Related Video: News Source: Jetlag on Twitter TV/Movies Chevrolet Dodge Toyota music music video dodge hellcat the fate of the furious