GM's $1.3 billion recall cost wipes out profit - KYTX CBS 19 Tyler Longview News Weather Sports

GM's $1.3 billion recall cost wipes out profit

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(CNN) - GM's recall crisis has taken a big chunk out of its first quarter profit.

The automaker said today the cost of repairing millions of vehicles would come to $1.3B. Add in some accounting charges and the company was left with only $108M dollars in profit for the first three months of the year. Sales of GM models have not been hurt by the recalls -- revenue increased one percent and the number of vehicles sold rose two percent.
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