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On July 14, 2021, the National Highway Traffic Safety Administration (NHTSA) urged the owners of Chevrolet Bolt vehicles produced between 2017 and 2019 to park outside and away from homes due to risk of fire.
A little over a week later, GM notified the public that “it is issuing a new recall for nearly 69,000 Chevrolet Bolt electric vehicles (EVs) worldwide for fire risks after reports of two new fires.” The Bolt EVs had already been recalled in November 2020 for fire risks, but according to GM’s release “at least one of the two new fires was in a vehicle that had already had the software update released as part of the recall.”
Following the recall, on August 4, 2021, GM disclosed its Q2 2021 financial results, with EBIT-adjusted of $4.1B, including $1.3B warranty recall cost, of which $0.8B was related to the Chevrolet Bolt EV. That day, GM stock value dropped nearly 9%.