General Motors recalls

General Motors Chief Executive Officer Mary Barra sits for a press conference at the General Motors Technical Center on June 5, 2014, in Warren, Michigan.BILL PUGLIANO/GETTY IMAGES

General Motors (GM) has announced 79 recalls this year, an unprecedented move that is costing the company billions. The recalls came after the automaker included faulty ignition switches in some cars that have been linked to at least 40 deaths and dozens of accidents.

The company's CEO, Mary Barra, was grilled by members of Congress earlier this year -- an event that provided fodder for a "Saturday Night Live" sketch. Lawmakers were concerned about a $400 million compensation program the company has announced for victims and how General Motors allowed the faulty ignition switches in its vehicles in the first place.

The company's earnings took a big hit from the recalls, falling some 80 percent in the second quarter. But sales have been solid for the company all year, which is fueling hope among investors that GM's turnaround is firmly in place. Still, GM shares have fallen nearly 24 percent this year.