Thursday, 3 April 2025
Home Topics Transport Automotive GM, LG agree $150m relief fund for Chevy Bolt EV owners over faulty batteries
AutomotiveBusinessElectric Vehicles (EVs)NewsTransport

GM, LG agree $150m relief fund for Chevy Bolt EV owners over faulty batteries

115
FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021.  REUTERS/Rebecca Cook/File Photo
FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. General Motors and South Korea's LG Electronics agreed a $150m fund to provide relief to Chevy Bolt EV owners affected by defective batteries REUTERS/Rebecca Cook/File Photo

(Reuters) -General Motors and South Korea’s LG Energy Solution, LG Electronics reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries, documents filed in a U.S. court on Thursday showed.

General Motors first launched Chevrolet Bolt EVs in 2015, and used batteries made by LG entities as part of a business arrangement with the car manufacturer. GM started recalls in 2020 after it faced numerous complaints about fires in some vehicles.

“GM, LG Energy Solution and LG Electronics have agreed to a settlement with plaintiffs to resolve class action litigation related to the Bolt EV battery recall,” GM said in an emailed statement to Reuters.

“As a result, Bolt owners who received a battery replacement or who have installed the latest advanced diagnostic software may qualify for compensation,” the company said.

Owners of the recalled Bolt EVs who installed the final software remedy at a GM-authorized dealership before Dec. 31, 2023 may receive up to $1,400, according to documents filed with Michigan eastern district court.

Owners who sold or terminated the lease of their vehicle before the software remedy became available and those who already received a battery replacement will receive a minimum $700 payment, according to the filing.

Last year, GM ended production of the Bolt EV to make room for new electric vehicles.

In 2021, the company had announced a billion dollar recall campaign to cover thousands of Bolts over battery fire risks. The recall prompted GM to halt Bolt production and sales for more than six months at that time.

(Reporting by Gnaneshwar Rajan and Surbhi Misra in Bengaluru; Editing by Kim Coghill)

Related Articles

Lilium burnt through huge sums while trying to develop its jet (AFP)

German flying taxi start-up’s rescue deal collapses

A German flying taxi start-up said on Friday it would halt operations...

FILE PHOTO: U.S. Secretary of the Interior Doug Burgum speaks as he attends a signing ceremony with members of the West Virginia Congressional Delegation at the EPA headquarters in Washington, D.C., U.S., February 18, 2025. REUTERS/Kent Nishimura/File Photo

US energy council chief says power plants to produce 15% more electricity

By Valerie Volcovici WASHINGTON (Reuters) – U.S. Interior Secretary and co-chair of...

Cuba has inaugurated a new solar energy park in the capital Havana (AFP)

Cuba opens solar park hoping to stave off blackouts

Cuba on Friday unveiled a new solar energy park in the capital...

FILE PHOTO: Cranes unload imported iron ore from a cargo vessel at a port in Lianyungang, Jiangsu province, China October 27, 2019. REUTERS/Stringer/File Photo

Iron ore heads for weekly gain on brightening demand outlook, China stimulus hopes

By Amy Lv and Lewis Jackson BEIJING (Reuters) -Iron ore futures prices...

Login into your Account

Please login to like, dislike or bookmark this article.