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* USA - SIX MILLIONS VEHICLE RECALLS, LAST YEARS
* DC - Six automakers recall 3.4 million vehicles worldwide over faulty air bags
Washington,DC,USA -The Detroit News, by David Shepardson -April 12, 2013: -- A massive recall by six automakers for air bags that could catch fire or send metal fragments flying won't expand to other automakers... The recall of 3.4 million vehicles worldwide, including more than 1 million in the U.S., is caused by a single faulty part in air bags built a decade ago in Washington State. It's the latest example of what can happen when common parts are shared among automakers... Toyota Motor Corp., Honda Motor Co., Nissan Motor Co, Mazda Motor Co., General Motors Co., and BMW AG, are recalling 3.4 million vehicles because of a faulty air bag part produced by Takata, the automakers said Thursday. Takata said no other automakers were affected... The machine at issue was modified by at least September 2002. Takata said some air bag parts may have been exposed to moisture at its plant in Moncolva, Mexico... Over the last year, more than 3 million vehicles have been recalled for faulty air bags in the U.S....
* DC - Treasury Dept. sells $621M stake in GM
Washington,DC,USA -The Detroit News, by Dacid Shepardson -April 10, 2013: -- The U.S. Treasury stepped up its pace of selling off its remaining shares in General Motors Co. in March, selling more than 21 million shares and recouping $620.9 million... In February, Treasury sold at least 17.2 million shares of stock as it vows to exit its stake in the Detroit automaker by March 2014... Since January, Treasury has sold at least 40 million shares — or at least 13 percent of its 300 million shares it is selling off... The Treasury has recouped $30.4 billion of its $49.5 billion bailout. It swapped most of its bailout to GM awarded in 2008 and 2009 for a 61 percent majority stake in 2009. The government shed about half its stake in GM's November 2010 initial public offering and after December's sale, shrunk its stake to 19 percent... At current prices, the Treasury would lose more than $12 billion on its GM bailout...
Labels: autos recalls, carmakers news worldwide
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