General Motors (GM) - Get General Motors Company (GM) Report recalled all Chevrolet Bolt vehicles Friday following a National Highway Transit Safety Administration report of a risk of high-voltage battery pack fires.
The Friday recall adds about 73,000 Bolts from the 2019-2022 model years, expanding on earlier recalls of the company's 2017-2019 Bolts.
"In rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects - a torn anode tab and folded separator - present in the same battery cell, which increases the risk of fire." The company said it will "replace defective battery modules in Chevrolet Bolt EVs and EUVs with new modules, with an expected additional cost of approximately $1 billion," GM said in a statement.
Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that GM's Chevy Bolt problems should not read through to other names in the EV sector, including Action Alerts PLUS holding Ford (F) - Get Ford Motor Company Report.
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