GM REACHES DEAL WITH LG TO PAY FOR BOLT BATTERY RECALL COSTS
AppleMagazine|AppleMagazine #520
LG Electronics has reached a deal with General Motors to pay $1.9 billion to $2 billion to reimburse the automaker for the cost of recalling Chevrolet Bolt electric vehicles due to the risk of battery fires.

The automaker, which announced the deal in a statement, says it will show the estimated recovery in its third-quarter earnings that will offset charges for the recalls.

In August GM expanded a previous recall to more than 140,000 Bolt electric vehicles sold worldwide since 2016 because a battery manufacturing defect could cause the vehicles to catch fire.

The company said at the time that in rare cases, batteries that have two manufacturing defects can cause fires.

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