Investors and analysts are so focused on the steep cost of recalls for carmakers that they haven’t considered the role of one company at the center of it all.
GM has halted manufacturing and sales of the Bolt EV and is recalling all of them due to defective LG batteries.
This week, a VW ID.3, also said to be using LG batteries, spontaneously combusted in the Netherlands.
And just a few miles from my house, a Jaguar EV, also said to be using LG batteries, spontaneously combusted in the driveway.
There are hints that LG’s battery problem is bigger than the GM Bolt’s and the Hyundai EVs that have already been recalled.
LG’s share price is now down about -15%.