General Motors Co. (GM) announced Tuesday it has reached an agreement under which LG Electronics Inc. will reimburse GM for costs and expenses associated with the recall of Chevrolet Bolt EVs and EUVs, due to manufacturing defects in battery modules supplied by LG.
As a result of the agreement, GM will recognize an estimated recovery in its third-quarter earnings that will offset $1.9 billion of $2.0 billion in charges associated with the recalls.
GM noted that its engineering and manufacturing teams continue to collaborate to accelerate production of new battery modules and expect to begin repairing customer vehicles this month
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