DETROIT — General Motors on Tuesday doubled to 1.6 million the number of small cars it is recalling to fix faulty ignition switches.
GM says a heavy key ring or jarring from rough roads can cause the ignition switch to move out of the run position and shut off the engine and electrical power. That can knock out power-assisted brakes and steering and disable the front air bags. The problem has been linked to 31 crashes and 13 front-seat deaths.
The vehicles being recalled include: Chevrolet Cobalts and Pontiac G5s from the 2005 through 2007 model years; Saturn Ion compacts from 2003 through 2007; and Chevrolet HHR SUVs and Pontiac Solstice and Saturn Sky sports cars from 2006 and 2007. Most of the cars were sold in the U.S., Canada and Mexico.
Home Depot sees fall in net income
ATLANTA — Home Depot’s fiscal fourth-quarter net income dipped 1 percent, hampered by bad winter weather and one less week in the period.
The No. 1 home improvement-retailer raised its quarterly dividend by 21 percent.
Home Depot Inc. earned $1.01 billion, or 73 cents per share, for the three months ended Feb. 2. That compares with $1.02 billion, or 68 cents per share, a year earlier.
There were fewer shares outstanding in the current quarter.
Revenue for the Atlanta company fell 3 percent to $17.7 million from $18.25 billion. Wall Street predicted revenue of $17.92 billion.