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

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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.

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