© Reuters. FILE PHOTO: The brand of LG Chem is seen at its workplace constructing in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji
SEOUL (Reuters) – South Korea’s LG Chem Ltd and LG Electronics Inc stated on Tuesday their newest quarterly outcomes accounted for prices of about 1.1 trillion gained ($917.66 million) in reference to Common Motors Co (NYSE:)’s Bolt EV recall.
LG Chem, whose wholly owned battery unit LG Power Answer (LGES) provides batteries to GM, stated it had accounted for recall-related prices of about 620 billion gained ($517.23 million) in its earnings outcomes for the July-September interval.
LG Electronics, which assembles LGES cells into battery modules and packs, stated it had accounted for about 480 billion gained in comparable prices.
In August, GM expanded a recall of its Bolt electrical car to greater than 140,000 automobiles to exchange LG battery modules attributable to hearth threat, at a price it estimated at $1.8 billion. The automaker stated it will search reimbursement from LG.
($1 = 1,198.7000 gained)
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