LG department says GM’s Bolt recall cost 918 million U.S. dollars Reuters

© Reuters. File photo: The LG Chem logo appeared in its office building in Seoul, South Korea on October 16, 2020. REUTERS/Kim Hong-Ji

SEOUL (Reuters)-South Korea’s LG Chem Co. and LG Electronics said on Tuesday that their latest quarterly results showed that the cost associated with General Motors’ (NYSE:) Bolt EV recall was approximately 1.1 trillion won (917.6 billion won). Dollar).

LG Energy Solution (LGES), LG Chem’s wholly-owned battery unit, which supplies batteries to General Motors, said that in the revenue results from July to September, the cost related to the recall was approximately 620 billion won (US$517.2 million) .

LG Electronics, which assembles LGES batteries into battery modules and battery packs, said that its cost in similar costs is about 480 billion won.

In August, General Motors expanded its Bolt electric vehicle recall to more than 140,000 vehicles to replace LG battery modules. The estimated cost is $1.8 billion because of the risk of fire. The automaker said it would seek compensation from LG.

(1 USD = 1,198.7000 KRW)

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