GM's $1.3 Billion Recalls Cost Wipes Out Profit

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GM's recall crisis has taken a big chunk out of its first quarter profit.

The automaker said today the cost of repairing millions of vehicles would come to $1.3-billion.

Add in some accounting charges and the company was left with only $108-million in profit for the first three months of the year.

Sales of GM models have not been hurt by the recalls. Revenue increased one percent and the number of vehicles sold rose two percent.

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