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#: GM to spend $1 billion to expand Chevy Bolt EV recall to cover newer model years

The stock market is volatile because it’s hard to tell ‘good’ inflation from ‘bad’ right now

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“#: GM to spend $1 billion to expand Chevy Bolt EV recall to cover newer model years”

General Motors Co. late Friday said it has expanded the recall of Chevy Bolt EVs to cover newer vehicles, saying that in “rare circumstances” the batteries have two defects that increase the risk of fires.

This latest recall covers Chevy Bolts made in 2019 that were not part of the first recall earlier this year and all model years 2020 through 2022, including the Bolt compact SUV, GM
GM,
-0.57%
said.

The potentially defective batteries were supplied by LG, GM said. The voluntary recall is being done out of an “an abundance of caution” and GM will replace defective battery modules with new ones, with an expected cost of $1 billion, the company said.

Shares of GM fell more than 2% in the extended session with losses accelerating after the news. The stock ended the regular trading day down 0.6%.

(This is a developing story.)

Claudia Assis

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