Published in Transportation

LG profits take a hit from Bolt from the blue

by on10 August 2021

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.


Last modified on 10 August 2021
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