General Motors Recalls All Chevrolet Bolt EVs To Address Battery-Fire Risks, To Cost $1B


27% profit every 20 days?

This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.


General Motors Company (NYSE:GM) has said it is recalling more than 73,000 of its Chevrolet Bolt electric vehicles due to the risk of their batteries catching fire. 


27% profit every 20 days?

This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.


ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

  • The present recall includes 9,335 Bolt EVs from the model year 2019 that were not included in the previous recall and 63,683 2020–2022 model year Chevrolet Bolt EVs and EUVs.
  • GM will replace defective battery modules in Chevrolet Bolt EVs and EUVs with new modules, with an expected additional cost of approximately $1 billion for the automaker.
  • In July, the company recalled nearly 69,000 Chevrolet Bolt EVs when it discovered a defect in the battery that powers the EV. 
  • Some Bolt EVs recalled in July were previously recalled last November to update software to address fire risks, but at least one fire occurred after the software update.
  • In the same month, GM and the National Highway Traffic Safety Administration (NHTSA) urged Bolt owners to park their vehicles outside and away from homes after charging.
  • According to GM’s statement, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and folded separator – present in the same battery cell, which increases the risk of fire. 
  • GM has discovered manufacturing defects in certain battery cells produced at LG Corp (KRX: 003550) manufacturing facilities. 
  • Earlier in August, LG Electronics Inc cut its second-quarter operating profit by more than a fifth to reflect costs for the GM recalls.
  • Earlier this year, Hyundai Motor Co (KRX: 005380) said it would spend $900 million to replace LG batteries in some 82,000 EVs due to fire risks.
  • GM fell 2.1% to $47.77 after Friday's close. The shares have climbed 17% so far this year, trailing Ford Motor Company’s (NYSE:F) 43% advance.

Photo: GM Official Website

Posted In: NewsTop StoriesGeneralChevrolet Boltelectric vehiclesGeneral MotorsHyundai Motor CoLGrecall