General Motors and LG Electronics will create a $150 million fund to reimburse Chevrolet Bolt EV owners who experienced defective batteries, reports Reuters.
With batteries manufactured by LG, after the vehicle’s launch in 2015 a string of recalls were issued in 2020 over reports of fires breaking out in vehicles. A billion-dollar recall initiative over battery fire risks was launched in 2021 before production on the Bolt EV was put to rest last year.
Bolt EV owners may be eligible for up to $1,400 in payments if they had the latest software update installed prior to Dec. 31, 2023. Those who got rid of their vehicles before the software update was released, as well as those who had battery replacements done, will be paid out a minimum of $700.
“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,” told GM in a statement to Reuters. “As a result, Bolt owners who received a battery replacement or who have installed the latest advanced diagnostic software may qualify for compensation.”
