LG to pay up to $1.9 billion to General Motors over Bolt EV battery fires

Business

In this article

A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department.
Cherokee County Fire Department

LG Electronics has agreed to reimburse General Motors up to $1.9 billion to recall Chevrolet Bolt EVs due to faulty batteries provided by the South Korean supplier.

Problems with the Bolt – the company’s flagship mainstream EV – have led the automaker to recall every one of the electric cars since production began in 2016. Fixing the vehicles, including completely replacing some batteries entirely, is expected to cost $2 billion, GM said Tuesday.

The manufacturing problems occurred at LG Battery Solution’s plants in South Korea and Michigan. The “rare manufacturing defects” in the Bolt EVs are a torn anode tab and folded separator that when present in the same battery cell increase the risk of fire, according to GM.

Products You May Like

Articles You May Like

AutoNation shares hit new all-time high after company reports record quarterly earnings
China GDP disappoints, third-quarter growth slows to 4.9%
Covid vaccine boosters are now available. Here’s who’s eligible for Pfizer, Moderna and J&J’s shots
S&P 500 turns green, rises slightly as investors place bets before big earnings this week
Goldman Sachs wants to build an investor-friendly SPAC business following market bust

Leave a Reply

Your email address will not be published. Required fields are marked *