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General Motors Company (GM) - free report >>
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General Motors Company (GM) - free report >>
Allison Transmission Holdings, Inc. (ALSN) - free report >>
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General Motors (GM) to Recall Over 3.3M Vehicles in China
Over the span of two weeks, General Motors Company (GM - Free Report) has again been caught into a recall mess. Per Reuters, this U.S. auto giant announced that its China joint venture, Shanghai GM, will recall over 3.3 million vehicles in China from Oct 20.
Per the State Administration for Market Regulation, the market regulator in China, flaw in the suspension system led to this recall and vehicles that would be recalled include Buick, Chevrolet and Cadillac produced between 2013 and 2018.
No causality has been reported due to this fault yet. Per GM Shanghai, there are chances that the suspension arm may be deformed under extreme operating conditions. The company added that the affected vehicles would be repaired for free.
Further, even in mid-September, General Motors was embroiled into another recall crisis. Per Reuters, General Motors has recalled 1.2 million pickup trucks and sport utility vehicles (SUVs) across the globe due to problems pertaining to power steering. Per the National Highway Traffic Safety Administration, the flaw that is perhaps due to software and electrical issues may cause difficulty in steering the vehicle, particularly, while turning at a low speed. This even raises the chance of fire. Notably, in 2017, this carmaker had to recall 2014 model year trucks for the same problems. (Read more: General Motors to Recall 1.2M Pickup Trucks & SUVs)
Currently, General Motors has an expected long-term growth rate of 8.2%. A few other stocks in the auto space are Fox Factory Holding Corporation (FOXF - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Oshkosh Corporation (OSK - Free Report) .
Fox Factory, Allison Transmission and Oshkosh have expected long-term growth rate of 16.8%, 10% and 18.3%, respectively.
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