- General Motors and South Korea’s LG Energy Solution LG Electronics reached a settlement to establish a $150 million fund.
- Bolt owners who received a battery replacement or installed the latest advanced diagnostic software may qualify for compensation.
Documents filed in a US court have shown that General Motors and South Korea’s LG Energy Solution LG Electronics reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries.
General Motors first launched Chevrolet Bolt EVs in 2015. As part of a business arrangement with the car manufacturer, GM used batteries made by LG entities. GM started recalls in 2020 after facing numerous complaints about some vehicle fires.
GM said, “GM, LG Energy Solution and LG Electronics have agreed to a settlement with plaintiffs to resolve class action litigation related to the Bolt EV battery recall.”
The company said that Bolt owners who received a battery replacement or who have installed the latest advanced diagnostic software may qualify for compensation.
According to documents filed with Michigan’s eastern district court, owners of the recalled Bolt EVs who installed the final software remedy at a GM-authorized dealership before December 31, 2023, may receive up to $1,400.
Owners who sold or terminated the lease of their vehicle before the software remedy became available and those who already received a battery replacement will receive a minimum $700 payment, according to the filing.
Last year, GM ended production of the Bolt EV to make room for new electric vehicles.
In 2021, the company announced a billion-dollar recall campaign to cover thousands of Bolts over battery fire risks. The recall prompted GM to halt Bolt production and sales for more than six months at that time.