In a meeting with financial analysts yesterday, executives at General Motors said that while the company was making progress in its efforts to become profitable again, rising gas prices were hurting it.
Representatives from the carmaker said that sales of its large sport utility vehicles will not return to their past levels. Weakening demand is being fueled by the unrelenting gas price increases.
Also yesterday, the company announced it is recalling about 800,000 SUVs and pickup trucks in 14 northern states due to problems in the antilock brake systems of the vehicles.
The recall involves the 1999-2002 model years of the Chevrolet Avalanche, Chevrolet Silverado, Chevrolet Tahoe, GMC Sierra, GMC Yukon and GMC Yukon XL.
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