(MENAFN) General Motors' net profit dropped by 85 percent in the second quarter of the current year due to recall costs which reached USD1.5 billion, according to Arab News.
The automaker, which is in the midst of the worst recall crisis in its history, said its net profit reached USD190 million compared to USD1.26 billion in the same quarter last year.
GM took two pretax charges tied to the recalls: USD400 million to compensate victims of ignition-switch related crashes and USD874 million to account for recall expenses during the next 10 years.
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