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April 24, 2014 AT 11:46 AM
The cost of recalling nearly 7 million cars and trucks sank General Motors' first-quarter profit, but the company's CEO said the much-publicized recalls have yet to cut into sales. GM on Thursday reported its worst financial results in more than four years, with profit falling 86 percent to $125 million. The biggest contributor was a $1.3 billion charge to cover a series of recalls announced since early February, most notably 2.6 million small cars with defective ignition switches.