Down by more than a fifth
LG Electronics has revised down its second quarter operating profit by more than a fifth to reflect a provision for recall costs for General Motor Bolt electric vehicles.
It said operating profit for the three months to end-June was now $763.56 million which was lower than Wall Street expected.
LG Electronics has supplied GM with battery modules made with LG Energy Solution’s battery cells. In July, GM issued a second recall for 69,000 Chevrolet Bolt EVs worldwide after reports of two fires and will replace defective battery modules as needed.
Last week, GM said its second-quarter results included $800 million in costs associated with the recall of Bolt EVs.
