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MarketScreener Homepage  >  Equities  >  Nyse  >  General Motors Company    GM

GENERAL MOTORS COMPANY

(GM)
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GM Recalls Bolt Electric Vehicle for Fire Risk

11/13/2020 | 02:47pm EST

By Ben Foldy

General Motors Co. is recalling its Chevrolet Bolt electric vehicles to limit the battery's charging capacity, becoming the latest auto maker to fix its plug-in models because of fires related to the lithium-ion batteries.

The measure covers nearly 69,000 Bolts from the 2017-2019 model years, including about 51,000 sold in the U.S. GM said it was aware of five fires involving the cars so far, which resulted in two injuries from smoke inhalation.

Bolt owners shouldn't park their cars in their garages before bringing their vehicles to dealerships to limit the batteries' charging capacity to 90% until a permanent fix can be found, the company said. The auto maker is still investigating the defect's root cause but has found that the batteries were at or near fully charged in each of the fires so far, it said.

Safety is GM's highest priority, and the company is cooperating with federal regulators while also performing its own investigation, said Jesse Ortega, the Bolt's executive chief engineer on a call with reporters Friday.

Auto makers have been rolling out new plug-in models as the industry looks to accelerate its shift from gasoline-powered vehicles toward battery-powered ones.

But some of those rollouts have been disrupted by fires involving the vehicles' lithium-ion batteries. Hyundai Motor Co., Ford Motor Co. and BMW AG have each issued recalls for new battery-powered models in recent months, which have created headaches for companies' product planning and compliance costs amid tightening regulations on tailpipe emissions.

Researchers have said the risks of fires for electric vehicles are comparable to those in gas-powered ones, with an uptick to be expected as more cars and models hit the road. Still, the auto industry's troubles with lithium-ion batteries echoes those of other industries like consumer electronics and jetliners, which led to high-profile and expensive recalls and groundings as the technology proliferated over the past two decades.

Batteries and their supply have become increasingly important to the auto industry, with companies spending tens of billions to ensure the steady supply of high-quality batteries needed to execute on their plans. That has fueled rapid growth in battery manufacturing, with roughly 175 factories planned or under construction globally to meet demand, according to battery market research firm Benchmark Mineral Intelligence.

The Ford, Hyundai and BMW recalls all implicated manufacturing quality issues at the companies' battery suppliers, the auto makers said.

GM said Friday that the batteries in the affected Bolts were all produced at one LG Chem Ltd. factory in Korea between 2016 and 2019. The issue doesn't affect some Bolts made during the 2019 model year with batteries provided by a different LG Chem factory in Michigan, the auto maker said. An LG Chem representative wasn't immediately available for comment.

Write to Ben Foldy at Ben.Foldy@wsj.com

(END) Dow Jones Newswires

11-13-20 1446ET

Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -0.04% 71.25 Delayed Quote.-1.36%
FORD MOTOR COMPANY -0.09% 11.52 Delayed Quote.31.06%
GENERAL MOTORS COMPANY 0.58% 55.4 Delayed Quote.33.05%
HYUNDAI CORPORATION -1.40% 17550 End-of-day quote.10.03%
HYUNDAI MOTOR COMPANY -2.84% 257000 End-of-day quote.33.85%
LG CHEM, LTD. -1.32% 975000 End-of-day quote.18.33%
LG CORP. -7.36% 107000 End-of-day quote.22.29%
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Financials (USD)
Sales 2020 120 B - -
Net income 2020 5 731 M - -
Net cash 2020 6 160 M - -
P/E ratio 2020 13,8x
Yield 2020 0,71%
Capitalization 79 294 M 79 294 M -
EV / Sales 2020 0,61x
EV / Sales 2021 0,52x
Nbr of Employees 164 000
Free-Float 95,0%
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Technical analysis trends GENERAL MOTORS COMPANY
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 57,24 $
Last Close Price 55,40 $
Spread / Highest target 30,0%
Spread / Average Target 3,31%
Spread / Lowest Target -22,4%
EPS Revisions
Managers and Directors
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer
Matthew Tsien Chief Technology Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL MOTORS COMPANY33.05%79 294
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VOLKSWAGEN AG8.31%105 915
DAIMLER AG2.21%76 927
BMW AG-1.36%55 971
HYUNDAI MOTOR COMPANY33.85%49 049