Receive Breaking News updates as they occur
By Ben Klayman DETROIT (Reuters) - General Motors Co reported a much lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for a compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths. GM also reiterated that it expected a moderately improved operating profit this year and that its future recall costs would be slightly higher than historic rates. "We're on or ahead of the plan we shared in January," Chief Financial Officer Chuck Stevens told reporters. "Our expectation is that the second half of the year will be better than the first half." GM earlier this year recalled 2.6 million cars for the faulty ignition switches, which can cause engine stalls and stop air bags from deploying, and power steering and power brakes from operating.