Warren, Michigan — General Motors has announced that they have reached an agreement with LG Electronics to be reimbursed for the cost of the recall of the Chevrolet Bolt EV.
As a result of the agreement, GM will recognize an estimated recovery in its third-quarter earnings that will offset $1.9 billion of $2 billion in charges associated with the recalls.
“LG is a valued and respected supplier to GM, and we are pleased to reach this agreement,” said Shilpan Amin, v-p of global purchasing and supply chain at GM.
“Our engineering and manufacturing teams continue to collaborate to accelerate production of new battery modules and we expect to begin repairing customer vehicles this month.”
