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.

Articles You May Like

Buying a home is a goal for many Americans. How this bank is helping members of low- and moderate-income communities achieve that
Inflation is not going away any time soon. Here’s how top financial advisors are handling it
A drop in wages prompted worries some people’s Social Security benefits could be reduced. The recovery helped change that
Now you can buy now, pay later for just about everything
Top Stock Picks for the Week of October 18, 2021