NHTSA has announced it is launching a probe into thousands of General Motors Co. (NYSE:GM) trucks and SUVs over a possible engine failure issue.
Check out the current price of GM here.
Over 286,000 Units Affected
In an announcement on Monday, the U.S. auto safety regulator said that it was expanding its probe into the automaker's 6.2-liter L87 V-8 engines based on 1,157 reports the agency received.
The issue stems from engine bearing failures, which the company issued recalls for earlier this year, saying that manufacturing defects with the engine's crankshaft and connecting rod could lead to engine failure. NHTSA says over 286,051 units in total could be affected by the issue.
The engine powers multiple models in the company's lineup, including the Model Year 2019–2024 Chevrolet Silverado 1500 and the GMC Sierra 1500. The engine also powers Model Year 2021-2024 Chevrolet Suburban and Tahoe, the GMC Yukon and Yukon XL, as well as the Cadillac Escalade and Escalade ESV.
CEO Barra Says EVs Are GM's North Star
The news comes as GM's CEO Mary Barra called EVs the automaker's "North Star" during the third-quarter earnings call last week. GM also acknowledged that there had been a "significant pullback" in EV demand in the U.S. following the end of the Federal EV credit.
Barra also said during an appearance on a podcast that the Chinese market was dealing with overcapacity of EVs amid a fiercely contested EV price war currently taking place in China's EV sector.
Barra’s words on EVs come as the automaker announced it had taken a $1.6 billion charge related to EVs, with over $1.2 billion in capacity adjustments, $0.4 billion from contract cancellations.
Jim Farley Says Trump Tariffs Cost Ford $2 Billion
Meanwhile, GM's crosstown rival, Ford Motor Co.'s (NYSE:F) CEO Jim Farley said in a recent interview that the automaker was absorbing additional costs of up to $2 billion in tariffs, sharing that the tariffs laid down by President Donald Trump ate into over 20% of Ford's global profits.
GM offers satisfactory Momentum and Value metrics, while also boasting a favorable price trend in the Short, Medium, and Long terms. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Image via Shutterstock
