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

by Mike Robinson

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© Reuters. FILE PHOTO: The brand of LG Chem is seen at its workplace constructing in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – South Korea’s LG Chem Ltd and LG Electronics Inc stated on Tuesday their newest quarterly outcomes accounted for prices of about 1.1 trillion gained ($917.66 million) in reference to Normal Motors Co (NYSE:)’s Bolt EV recall.

LG Chem, whose wholly owned battery unit LG Power Resolution (LGES) provides batteries to GM, stated it had accounted for recall-related prices of about 620 billion gained ($517.23 million) in its earnings outcomes for the July-September interval.

LG Electronics, which assembles LGES cells into battery modules and packs, stated it had accounted for about 480 billion gained in comparable prices.

In August, GM expanded a recall of its Bolt electrical automobile to greater than 140,000 vehicles to interchange LG battery modules as a consequence of fireplace danger, at a price it estimated at $1.8 billion. The automaker stated it might search reimbursement from LG.

($1 = 1,198.7000 gained)

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