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GM Agrees on $1.9 Billion LG Deal to Recoup Bolt EV Recall Costs
- CEO Barra got battery partner to assume most responsibility
- Companies will continue to work together on new EV batteries
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General Motors Co. said it reached an agreement with partner LG Electronics Inc. to recover from the Korean company $1.9 billion of the $2 billion in costs for a recall of batteries in its Chevrolet Bolt electric vehicle.
The Detroit automaker said Tuesday it will recognize the recovery in its third-quarter earnings. GM had to recall all 143,000 Bolt and Bolt EUV models because of a manufacturing defect involving the battery that led to an increased fire risk.