The recall of some 2.6 million General Motors Co. (NYSE: GM) vehicles to replace a faulty ignition switch has already forced the company to reserve more than $1 billion to make the needed repairs. Now the company has provided a video showing that it is safe to drive the recalled cars, as long as drivers use only a single key on the key ring and the key fob is removed. Drivers are also advised to use only an original GM key, not a replacement key.
GM has offered owners of the affected vehicles a temporary replacement if they do not want to drive the cars until the repair is made, but that could be a very expensive offer. To try to cut down on the number of takers, GM originally advised dealers not to publicize the offer.
The recalled vehicles are the 2005 to 2007 Chevrolet Cobalt, 2007 Pontiac G5, 2003 to 2007 Saturn Ion, 2006 to 2007 Chevrolet HHR, 2006 to 2007 Pontiac Solstice and 2007 Saturn Sky. The company also recalled 2,300 Opel GTs in Europe and an unspecified number of 2005 to 2006 Pontiac Pursuits sold in Canada. GM no longer manufactures any of these models.
GM shares traded up about 0.4% Thursday morning, at $35.20 in a 52-week range of $30.87 to $41.85.