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LG Agrees To Reimburse GM For EV Recall Costs

Author: Anusuya Lahiri | October 12, 2021 04:00pm

General Motors Co (NYSE:GM) reached an agreement with LG Electronics Inc (OTC:LGEIY) (OTC:LGEJY).
LG will reimburse GM for costs and expenses associated with the recall of Chevrolet Bolt EVs and EUVs due to manufacturing defects in battery modules supplied by LG under the pact.
GM will recognize an estimated recovery in its third-quarter earnings to offset $1.9 billion of $2.0 billion in charges associated with the recalls.
“LG is a valued and respected supplier to GM, and we are pleased to reach this agreement,” GM VP Shilpan Amin said. “Our engineering and manufacturing teams continue to collaborate to accelerate production of new battery modules, and we expect to begin repairing customer vehicles this month.”
In August, GM recalled its Chevrolet Bolt EVs due to the risk of their batteries catching fire, followed by the extension of a production halt.
Price Action: GM shares traded higher by 1.51% at $58.97 on the last check Tuesday.

Posted In: GM LGEIY LGEJY