Oil Prices Surge Over 3% as Trump Rejects Iran Peace Response 
European Stocks Fall as US-Iran Conflict Rekindles Energy Supply Fears 
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case 
Asian Stocks Slide as Iran Tensions Escalate Despite Strong Weekly Gains 
Broadcom Eyes $35 Billion AI Chip Financing Deal With Apollo and Blackstone 
Lula and Trump Talks Signal New Phase in Brazil-US Relations 
China Export Growth Surges in April as Global Buyers Rush to Secure Supplies 
Asian Currencies Slip as US Dollar Gains on Rising Iran Tensions and Awaited Jobs Data 
Orsted Q1 EBITDA Beats Expectations Despite U.S. Impairments 
AWS Data Center Overheating Disrupts Cloud Services in Northern Virginia 
S&P 500, Nasdaq Hit Record Highs as AI Stocks Rally and Strong Jobs Data Boost Confidence 
China Banks Halt New Loans to Sanctioned Refineries Amid U.S.-Iran Oil Crackdown 
Dollar Slips as Strong U.S. Jobs Data Reduces Fed Rate Cut Expectations 
AI-Driven Inflation Raises U.S. Consumer Prices, Goldman Sachs Says 
China Car Sales Drop Again as EV Export Growth Surges in April 
CSL Shares Crash as Profit Warning and $5 Billion Impairment Shake Investors 
Russian LNG Shadow Fleet Expands Amid Arctic LNG 2 Sanctions 
GM has expanded it's Chevy Bolt electric vehicles recall by announcing the need to fix additional 73,000 units of the said EV model. The new recall affects those that were fitted with LG brand batteries that may cause a fire.
According to Yonhap News Agency, Bolt EVs with model years from 2019 to 2022 that are sold in Canada and the United States need to be fixed for defective battery modules. This latest recall is on top of the 69,000 GM Bolt units with model years from 2017 to 2019 that were recalled in July for the same issue.
General Motor’s recall at that time cost the company some $800 million, and with the latest call backorder, it was reported that the automaker is expected to lose another $1 billion for the costs. The company made the announcement of the recall last weekend, and this raised new questions about the lithium-ion batteries that were installed in almost all EVs today.
It was mentioned that Hyundai, Ford, and BMW have also recalled batteries in their electric vehicle models recently. This suggests that there are issues with the type of battery being used to power the vehicles.
"In rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects and these are torn anode tab and folded separator that are present in the same battery cell, which increases the risk of fire," the carmaker said in a statement.
For this, General Motors revealed its plan to continue asking LG for reimbursement after the probe into the faulty batteries. If the investigation states that there are really manufacturing defects in the battery cells made beyond the Ochang plant in South Korea, the company will go after LG Energy Solution.
On the other hand, the South Korean battery maker said it is working earnestly with its partners and clients to make sure that the recall measures will go smoothly. It was reported that LG Electronics supplied battery modules to General Motors that were made with battery cells from LG Energy Solution.
Reuters stated that this new recall from GM is a big setback because it will not just be hit with $1 billion for the additional vehicles to fix, but it may also affect the firm’s EV sales that it has been trying to lift. Moreover, it will be halting the sale of its electric vehicles until the problem is solved.
