(Yicai Global) Oct. 8 -- SAIC General Motors, a joint venture between a pair of Chinese and US carmakers, will take back over 3.3 million units in its brands including Buick, Chevrolet and Cadillac in a move that marks the largest recall among Chinese vehicle manufacturers this year.
The models are rescinded because of a defect in their suspension systems, the State Administration for Market Regulation said in a statement on Sept. 29. External strain may deform or break the front suspension, which may lead to a loss of control under extreme conditions.
The faulty units involve cars produced from 2013 until this year. Almost half of them are Buick Excelle sedans and Buick Envision compact luxury sport utility vehicles. Some 4 percent are high-end Cadillacs and nearly 4,000 units are Buick Velite 5 new energy vehicles.
The SAMR had received complaints from consumers so it started an investigation after which the Shanghai-based car firm decided to take back a large number of its products.
The stock price of SAIC-GM's parent company SAIC Motor [SHA: 600104] fell sharply today on the first trading day after a week-long holiday following the National Day on Oct. 1. The stock had slumped 9.83 percent to CNY30.01 (USD4.33) as of at 3 p.m.
Editor: Emmi Laine