General Motors, LG Establish $150M Settlement Fund For Bolt EV Battery Issues: Report
Portfolio Pulse from Shivani Kumaresan
General Motors (GM) and LG Energy Solution have agreed to establish a $150 million fund to support Chevrolet Bolt EV owners impacted by faulty batteries. This settlement aims to provide financial relief to affected vehicle owners and resolves class action litigation linked to battery recalls. GM shares traded lower by 0.11% following the news.
May 17, 2024 | 2:43 pm
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NEUTRAL IMPACT
General Motors (GM) and LG Energy Solution have established a $150 million fund to support Chevrolet Bolt EV owners impacted by faulty batteries. This settlement resolves class action litigation and offers compensation to affected owners.
The establishment of the fund and resolution of litigation is a significant step for GM, potentially restoring some consumer confidence. However, the immediate financial impact and the slight decline in stock price suggest a neutral short-term effect.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100