Chevy and LG have reached a settlement that will put cash in the pockets of Bolt EV owners.
Key Takeaways
- Chevy Bolt EV battery issues caused fires leading to recalls and customer woes.
- The recall included either a battery replacement or a software update.
- A new proposed settlement will pay Bolt EV owners up to $1,400 for their trouble.
The Chevy Bolt EV was one of the first electric vehicles in the US, and it was largely well-received. It was versatile and affordable, especially with the available $7,500 federal tax credit. It also was involved in a bit of a kerfuffle over issues with its battery that contributed to several vehicle fires.
It was enough of a concern that recalls were issued and owners were instructed not to park in their garages, just in case their Bolt EV burst into flame. There were even parking garages and lots around the country where the little Bolt EV was refused entry due to safety concerns.
Defective Batteries
There were two separate problems in the battery cell that were causing the fires and Chevy issued multiple recalls to ensure that the problems were fixed. This involved either replacing the battery or installing software that monitored the battery to detect issues indicating a replacement was needed.
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Today, the Bolt EV is no longer in production, even though there’s a chance you may be able to find one for sale on dealer lots. The current lineup does offer other electric vehicles, including the Blazer EV and Equinox EV as solid alternatives. Even though the Bolt EV is gone, lawsuits filed over the battery fires are just now being settled.
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Chevrolet parent company General Motors and battery supplier LG Energy Solution are proposing a $150 million settlement for owners of 2017 to 2022 model year Bolts. Those who had their battery replaced are eligible for $700 while those who only needed the diagnostic software installed get $1,400.
“Bolt owners who received a battery replacement or who have installed the latest advanced diagnostic software, may qualify for compensation. GM thanks its loyal Bolt customers for their patience.” – GM
Roughly 22,560 Bolt owners and lessees will be eligible for the $1,400 payment if they received the software update, while around 80,000 who had their batteries replaced are eligible for a $700 payment. That’s the end of the battery fire saga, but not quite the end of the Bolt. A second-generation of this electric vehicle built on GMs new Ultium EV platform is due to go on sale in 2025.
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