DETROIT –

News coming out of General Motors to start the year was mixed, as the automaker managed to redeem all outstanding shares of its Series A Preferred Stock, but also faced another set of recalls due to lingering ignition switch issues.

The company began 2015 much in the same way it had spent most of 2014: announcing recalls. Last year, the company’s ignition problems contributed to a record record annual number of recalls for the automotive industry.

In the latest issue stemming from faulty ignitions, GM is recalling 83,572 full-size trucks from the 2011-2012 model year and 2007-2014 vehicles repaired with defective parts in the U.S. because certain vehicles may have an ignition lock actuator with an outer diameter that exceeds specifications, according to the company announcement sent to the NHTSA.

Potentially affected vehicles include certain Chevrolet Silverado light-duty and heavy-duty pickups as well as Avalanche, Tahoe and Suburban; GMC Sierra light duty and heavy-duty pickups, and Yukon and Yukon XL; Cadillac Escalade, Escalade ESV and Escalade EXT.

GM explained that the ignition lock actuators could make turning the ignition key difficult, and the ignition key could get stuck in the “start” position if the vehicle’s interior ambient temperature is sufficiently high.

“If the vehicle is driven with the key stuck in the ‘start” position, and the vehicle’s interior temperature cools or the vehicle experiences a significant jarring event, the ignition lock cylinder could move out of the 'start' position, rotate past the 'run' position, and move into the 'accessory' position. If this occurs, engine power, power steering and power braking will be affected,” company spokesperson Alan Alder said in a statement sent to Auto Remarketing.

Furthermore, he explained the timing of the key movement into the accessory position relative to crash sensing could result in the air bags not deploying in certain crashes. 

The company contends fewer than 500 vehicles are expected to have the condition, and GM knowns of no crashes, injuries or fatalities associated with the issue that was initially discovered through the internal review following warranty parts returns.

But it wasn’t all bad news coming out of GM. The company also announced it has redeemed all 156.1 million outstanding shares of its Series A Preferred Stock from the UAW Retiree Medical Benefits Trust (UAW VEBA) and Canada Gen Investment Corporation for an aggregate liquidation amount of $3.9 billion, including accumulated dividends.

The shares had a liquidation preference of $25 per share and accrued cumulative dividends at a rate equal to 9 percent annually, the company said.

In association with the redemption of the shares, a reduction in net income attributable to common stockholders of approximately $0.8 billion will be recorded in the fourth quarter of 2014, which will be treated as a special item, according to GM management.