LG units say results accounted for $918mn costs from GM's Bolt recall

SEOUL: South Korea's LG Chem Ltd and LG Electronics Inc said on Tuesday their latest quarterly results accounted for costs of about 1.1 trillion won ($917.66 million) in connection with General Motors Co's Bolt EV recall.

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.

GM to open battery cell development center in push to cut EV 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.