LG units say results accounted for $918 mln costs from GM’s Bolt recall
The brand of LG Chem is seen at its workplace constructing in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji
SEOUL, Oct 12 (Reuters) – South Korea’s LG Chem Ltd and LG Electronics Inc mentioned on Tuesday their newest quarterly outcomes accounted for prices of about 1.1 trillion gained ($917.66 million) in reference to Basic Motors Co’s Bolt EV recall.
LG Chem, whose wholly owned battery unit LG Power Resolution (LGES) provides batteries to GM, mentioned 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, mentioned it had accounted for about 480 billion gained in comparable prices.
In August, GM expanded a recall of its Bolt electrical automobile to greater than 140,000 automobiles to exchange LG battery modules on account of hearth threat, at a price it estimated at $1.8 billion. The automaker mentioned it could search reimbursement from LG.
($1 = 1,198.7000 gained)
Reporting by Heekyong Yang; Enhancing by Kim Coghill
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