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That is pretty close to what I expected. LG took on 70% of the cost from the Kona recall, I can't remember the totals. If this recall ends up costing 1.8 billion like GM expects LG would be taking ~66% of the costs.
 

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Ostensibly, the other 36% could be viewed as the value of recalled packs repurposed for utility scale peaker plants. That would value deployable packs at under $65/kwh. I would expect GM working on such a business plan for their lemonade stand now that agreement reached with LG.


Then again, not sure if the $1.8b figure accounts for incidental costs like salaries of added "concierges," rental reimbursements (if you can get one), etc.
 

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Here is the smaller version from GM's media site.

 

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GM media report should probably clarify how an LG $1.2b payout offsets $1.9b in costs. Again, I'm guessing the difference is the value of recalled packs, but I would want a bit more detail if I were a shareholder.

Edit: I see now that the "offset" is totality of earnings for period against cost of recall
 

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This is being discussed already.
 

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So I guess GM won't be going bankrupt after all.
 

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CNBC says it will be 1.9 billion 🤑

Same at Fox
 

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Those articles claiming LG will pay 1.9b are likely conflating the payout settled amount (1.2b) with GM's "estimated recovery this quarter" (1.9b) They are not the same thing. Chalk it up to lazy reporting: news writer carelessly reads Reuters article and does hack job of plagiarizing it.
 

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"While the recall measures will (proceed) with complete replacement of battery packs and modules made for the early models of batteries, the more recently manufactured battery modules will be selectively replaced following diagnostic software screening," LG Energy Solution said in a statement.

Looks like not all 2020-2022 MY cars will get all battery modules replaced. Come on, GM.
 

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I doubt that LG has any say in what GM is going to do as it is a GM warranty problem. Maybe LG and take all the old batteries back and resell them to a third party for energy storage. Someone will be able to detect the faults with xray.
 

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"While the recall measures will (proceed) with complete replacement of battery packs and modules made for the early models of batteries, the more recently manufactured battery modules will be selectively replaced following diagnostic software screening," LG Energy Solution said in a statement.

Looks like not all 2020-2022 MY cars will get all battery modules replaced. Come on, GM.
Where did this quote come from? It goes against everything I have been saying, after reading the newest GM bulletins on this. If I am wrong, I'd like to find out sooner rather than later. :)
 

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Where did this quote come from? It goes against everything I have been saying, after reading the newest GM bulletins on this. If I am wrong, I'd like to find out sooner rather than later. :)
It's in the Reuters article, as quoted here, just attributed to a statement from LG. Seems odd to me though, not sure why LG would be making a statement about that.
 

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Maybe LG misinterpreted GM's promise to replace defective modules in 2020-2022 cars to be a statement that GM will replace only defective modules in 2020-2022 cars.
 

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I doubt that LG has any say in what GM is going to do as it is a GM warranty problem. Maybe LG and take all the old batteries back and resell them to a third party for energy storage. Someone will be able to detect the faults with xray.
As I've said, as an investor, GM should reuse the packs (after checking) on EVGo stations to reduce demand charge. Maybe then they can compete with EA on charging prices...
 

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"While the recall measures will (proceed) with complete replacement of battery packs and modules made for the early models of batteries, the more recently manufactured battery modules will be selectively replaced following diagnostic software screening," LG Energy Solution said in a statement.

Looks like not all 2020-2022 MY cars will get all battery modules replaced. Come on, GM.
The above with respect to model year '20 to '22 Bolts matches what GM via social media has said before.

I posted about it at Chevy expands recall to include through 2022 chevy bolts..., as did someone else before me (right above my reply).
 
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