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GM issues six more recalls as it reveals compensation plan for victims

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(Getty)

DETROIT (AP) — General Motors issued six more recalls covering a total of almost 718,000 vehicles in the U.S., just as the company announced it would pay up to $400 million to victims of unrelated faulty ignition switch recalls.

The latest recalls bring the total for GM so far this year to 60, affecting a record 29.7 million cars and trucks. GM already has passed the 22 million vehicles recalled by all automakers last year.

The biggest recall announced Wednesday was for slightly more than 414,000 cars and small SUVs for faulty seats. Other problems include incomplete welds on seat brackets, turn signal failures, power steering failures, loose suspension bolts and faulty roof rack bolts.

General Motors says second-quarter profit fell 85 percent as recall costs chopped $1.5 billion from the bottom line.

The automaker posted a net profit of $190 million, or 11 cents per share, including restructuring and recall-related expenses. A year ago GM made $1.26 billion, or 75 cents per share.

Without one-time items GM would have made 58 cents per share, equaling Wall Street’s expectations.

So far this year GM has recalled almost 30 million vehicles, a company record.

GM took a number of pretax charges tied to the recalls. They Include $400 million to compensate victims of ignition-switch related crashes; $874 million to account for recall expenses during the next 10 years; and $1.2 billion for recalls announced during the quarter. The after-tax impact of those items was $1.5 billion.