General Motors Recalls 32,988 Corvette Vehicles Due to Software Error
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 hours ago
0mins
Should l Buy GM?
Source: Yahoo Finance
- Recall Scale: General Motors is recalling 32,988 Corvette vehicles due to a software error, a decision aimed at preventing potential safety hazards, demonstrating the company's commitment to consumer safety.
- Software Issue Impact: The software error may prevent the vehicle from reading information correctly, affecting the driving experience and potentially diminishing customer trust in the brand, which could impact future sales.
- Market Reaction: This recall may have a short-term negative impact on General Motors' stock price, and investors should monitor how the company addresses such issues to maintain brand reputation.
- Compliance and Responsibility: GM's recall action aligns with regulatory requirements, indicating the company's proactive measures in addressing technical issues, aiming to reduce legal risks and protect consumer rights.
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Analyst Views on GM
Wall Street analysts forecast GM stock price to rise
19 Analyst Rating
14 Buy
4 Hold
1 Sell
Moderate Buy
Current: 72.760
Low
57.00
Averages
95.06
High
122.00
Current: 72.760
Low
57.00
Averages
95.06
High
122.00
About GM
General Motors Company designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. The Company's segments include GMNA, GMI, Cruise and GM Financial. Its GM North America (GMNA) and GM International (GMI) develop, manufacture and/or markets vehicles under the Buick, Cadillac, Chevrolet and GMC brands. The Company provides automotive financing services through its General Motors Financial Company, Inc. (GM Financial) segment. Its Cruise segment is engaged in the development and commercialization of autonomous vehicle technology. Its software-enabled services and subscriptions, including OnStar, its advanced driver-assistance systems (ADAS), including Super Cruise driver assistance technology, and its end-to-end software platform. The Company is also focused on investing in electric vehicles (EVs) and AVs, software-enabled services and subscriptions and new business opportunities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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General Motors Recalls 32,988 Corvette Vehicles Due to Software Error
- Recall Scale: General Motors is recalling 32,988 Corvette vehicles due to a software error, a decision aimed at preventing potential safety hazards, demonstrating the company's commitment to consumer safety.
- Software Issue Impact: The software error may prevent the vehicle from reading information correctly, affecting the driving experience and potentially diminishing customer trust in the brand, which could impact future sales.
- Market Reaction: This recall may have a short-term negative impact on General Motors' stock price, and investors should monitor how the company addresses such issues to maintain brand reputation.
- Compliance and Responsibility: GM's recall action aligns with regulatory requirements, indicating the company's proactive measures in addressing technical issues, aiming to reduce legal risks and protect consumer rights.
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- Recall Scale: General Motors is recalling 32,988 Corvette vehicles due to a software error, a decision aimed at preventing potential safety hazards, demonstrating the company's commitment to consumer safety.
- Software Issue Impact: The software error may prevent the vehicle from reading information correctly, affecting the driving experience and potentially diminishing customer trust in the brand, which could impact future sales.
- Market Reaction: This recall may have a short-term negative impact on General Motors' stock price, and investors should monitor how the company addresses such issues to maintain brand reputation.
- Compliance and Responsibility: GM's recall action aligns with regulatory requirements, indicating the company's proactive measures in addressing technical issues, aiming to reduce legal risks and protect consumer rights.
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- Solution and Costs: GM will replace the rearview cameras free of charge, and while the number of recalls is lower, the associated costs still impact its financial performance.
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