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LG to pay up to $1.9B to General Motors over Bolt EV battery fires
- 1cvmask 5y agoThis is incredible: Problems with the Bolt – the company’s flagship mainstream EV – have led the automaker to recall every one of the electric cars since production began in 2016. Fixing the vehicles, including completely replacing some batteries entirely, is expected to cost $2 billion,
- rickdeckard 5y agoFor those active in this field: The article seems to freely interchange "LG Electronics" (Consumer Electronics) with "LG Chem" (Battery and chemical compounds), which I found weird as they are both different companies of LG Group. In reality it seems the two LG companies will split the settlement of ~1.9bn USD, with LG Chem taking the larger part (~1.6bn USD) and LG Electronics the remainder. Reason is that in the GM Contract, LG Chem supplied the battery cells and LG Electronics assembled them into battery modules (as it seems LG Chem wasn't offering such a service back then). Overall this kind of company-split seems to be a thing of the past, as in 2020 the LG Group formed a new company called "LG Energy Solution", which provides battery cells and modules and is in progress to operate two battery plants in joint venture with GM [1] [1] https://www.reuters.com/technology/electric-vehicle-batteries-major-players-their-expansion-plans-2021-10-04/ https://www.reuters.com/technology/electric-vehicle-batterie...
- h2odragon 5y agoGM will pass that on to Bolt owners in the form of a 5% discount on replacement batteries. Not fixed ones, btw. "Not bursting into flames" is a top end option, you'd better expect to pay for it. Hopefully I am too cynical.