General Motors (GM) announced that it has reached an agreement under which LG Electronics will reimburse its costs and expenses related to the recall of Chevrolet Bolt electric vehicles due to manufacturing defects in batteries supplied by LG.
The effect of the agreement will be reflected in GM’s third quarter report. It will offset $ 1.9 billion of the $ 2.0 billion shown as costs associated with the recall.
“LG is a valued and respected supplier to GM and we are delighted to have achieved this agreement,” said Shilpan Amin, GM’s vice president of global procurement and supply chain. “Our engineering and manufacturing teams continue to work together to accelerate production of new battery modules, and we plan to begin repairing customers’ electric vehicles this month.”
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