In the past two months, General Motors (NYSE:GM) has recalled more than 3.3 million vehicles globally, as the company's struggles with its ignition switch recall continue. Now, in its latest attempt to regain control of the situation, the company is tapping company veteran Jeff Boyer for the new role of vice president of global vehicle safety. CEO Mary Barra has also said that the company would take a $300 million charge in the first quarter to help pay for costs associated with the recall, and that more such announcements can be expected in the future as GM continues to deal with this.
In this segment from Tuesday's Investor Beat, host Alison Southwick and Motley Fool analysts Jason Moser and Mike Olsen look at just how big of a mess this is for GM. While this could end up being extremely costly both financially and in terms of the company's public image, Jason and Mike discuss how, when it comes to automakers making big mistakes, consumers have surprisingly short memories.
Alison Southwick, Jason Moser, and Michael Olsen, CFA, have no position in any stocks mentioned. The Motley Fool recommends General Motors and Tesla Motors and owns shares of Asbury Automotive Group and Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.