Chevrolet Bolt battery crisis predicts GM and LG billions in losses
General Motors of America has expanded the recall of Chevrolet Bolt electric vehicles due to the risk of battery ignition and is making LG Electronics in an operation that will cost an additional billion dollars.
GM recalled 73,000 vehicles including models between 2019 and 2022, confirming that it will replace faulty batteries with new units.
Last July, the company recalled 69,000 Chevrolet Bolt cars in an 800 million operation that was reflected in its second-quarter results.
LG Electronics, for its part, reduced its operating profit for the second quarter by 21% due to recalls of Chevrolet Bolt cars after it announced its preliminary results.
It should be noted that Hyundai Motor had also announced earlier this year that it would spend 9 900 million to replace LG batteries in about 82 thousand electric cars.