LG units say results accounted for $918 million costs from GM’s Bolt recall

This post was originally published on this site

LG Chem, whose wholly owned battery unit LG Energy Solution (LGES) supplies batteries to GM, said it had accounted for recall-related costs of about 620 billion won ($517.23 million) in its earnings results for the July-September period.

LG Electronics, which assembles LGES cells into battery modules and packs, said it had accounted for about 480 billion won in similar costs.

In August, GM expanded a recall of its Bolt electric vehicle to more than 140,000 cars to replace LG battery modules due to fire risk, at a cost it estimated at $1.8 billion. The automaker said it would seek reimbursement from LG.

($1 = 1,198.7000 won)

Add Comment