General Motors (GM) & LG to Create $150M Fund for Bolt Owners [Yahoo! Finance]
General Motors Company (GM)
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Source: Yahoo! Finance
GM used LG-manufactured batteries in its Chevrolet Bolt EVs. Following a few fire complaints in some vehicles, the automaker recalled around 141,000 vehicles between late 2020 and 2021. The settlement, which awaits judge approval, creates a fund to compensate Bolt EV owners. Per documents filed with Michigan Eastern District Court, the owners of the recalled Bolt EVs who received a battery replacement or installed the software fix are eligible for $1,400 while those who sold or leased their vehicle before the settlement date will get a minimum of $700. Around 102,560 Bolt EV owners will receive the compensation. In 2023, GM halted production of the Bolt EV to make way for the new EVs. In 2021, the automaker announced a billion-dollar recall campaign for thousands of Bolt EVs, which resulted in a production and sales halt of Bolt for more than six months. GM's Chevy Bolt battery issues and low EV sales have hurt its market share, which fell to 2.8% in the first quarter from 3.4%
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