Oct 2021

LG to Eat $1.2 Billion GM Bolt EV Recall Costs

South Korea’s LG Chem Ltd. and LG Electronics Inc. will shoulder a combined $1.2 billion for General Motors’ Bolt electric vehicle recall reassuring investors concerned about a rift between the conglomerate and a major carmaking customer.

GM in August expanded the recall, which will replace LG battery modules due to fire risk, to more than 140,000 cars, estimating the cost at $1.8 billion.