In the latest tally released by the General Motors Ignition Compensation Claims Resolution Facility, the number of cases offered compensation for fatalities has risen to 74 people. There have also been 126 injuries linked to the automaker's faulty part.
The UAW is preparing its negotiation position with carmakers later this year. Its primary objective will be the elimination of the two-tier wage system created in 2007 to help the automakers through bankruptcy, but that position "is a non-starter" for the car companies.
An editorial in the Harvard Business Review heavily criticizes GM for bowing to a group of activist investors and buying back $8 billion in stock. The piece rails against the idea of these buybacks in general.
GM is recalling 64,186 examples of the 2011-2013 Volt because carbon monoxide can build up if the plug-in hybrid sedan is accidentally left idling in an enclosed location. Separately, the company is issuing a stop sale on roughly 2,300 units of the 2015 Chevrolet Trax and 2015 Buick Encore because of possible power steering failure.
General Motors is agreeing to a $5 billion stock buy-back and other provisions in exchange for Harry J. Wilson not running for a seat on its board. The compromise ends an attempt by activist investors to return even more money to shareholders.
GM is announcing two recalls to align its vehicles with Federal Motor Vehicle Safety Standards. One covers the moonroof controls for the Cadillac ATS, and the other controls the electronic parking brake for the Chevy Impala.
General Motors received 33 more claims to its ignition-switch claim facility this week, which pushed the total to 4,345. The number of accepted cases increased by eight, including one fatality and seven injuries.
Chevrolet knows that the Bolt and Volt names can cause confusion, but the company is still deciding what to do about it. There's a possibility that the upcoming EV hatchback could wear a different moniker by the time it arrives in showrooms.
General Motors received 75 more claims from people about the automaker's faulty ignition switches. The number of eligible claims jumped up by 12, including four more for deaths and eight more for injuries.
General Motors is giving CEO Mary Barra, president Dan Ammann and product development boss Mark Reuss even more shares in the automaker in 2015 under the company's long-term incentive plan. Barra's stock could be worth around $3 million.