GM Expects Battery Recall Cost Recovery, Sees Chip Crunch Easing
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General Motors Co. shares jumped Friday after the company said it expects to be reimbursed for battery recall costs from its supplier and sees a “more stable year” for chip supply in 2022.
GM is in talks with battery supplier LG Chem over the costs of its Bolt electric vehicle battery recall, which has resulted in a $1.8 billion charge. The company expects to get reimbursement from LG, Chief Financial Officer Paul Jacobson said Friday, though it was unclear if that would be full or partial.