Amazon Italy Pays €180M in Compensation as Delivery Staff Probe Ends 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
Rio Tinto Raises 2025 Copper Output Outlook as Oyu Tolgoi Expansion Accelerates 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Airline Loyalty Programs Face New Uncertainty as Visa–Mastercard Fee Settlement Evolves 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
Tesla Faces 19% Drop in UK Registrations as Competition Intensifies 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Michael Dell Pledges $6.25 Billion to Boost Children’s Investment Accounts Under Trump Initiative 
LG Chem Ltd.’s shares reportedly plunged on Monday, Aug. 23, not long after General Motors made an announcement about another batch of recalls for its Chevy Bolt EV units. The South Korean chemical company was affected because it supplied the batteries for the Bolt cars that were said to have defects.
General Motors recalled another 73,000 EVs on top of the previous 69,000 over fire risks related to the units’ batteries. LG Chem’s subsidiary, LG Energy Solution Ltd., provided GM with the lithium-ion batteries for the recalled Chevy Bolts.
According to Yonhap News Agency, after the GM recall, LG Chem’s shares dropped by around 10%. The new recall affected EVs that have model years 2019 through 2022 and for this, General Motors is expected to incur a $1 billion loss for the cost of the recall. This is on top of the previous $800 million for the first Bold recall affecting almost 70,000 units in July.
Currently, LG Group is said to be carrying out additional investigations on the said defects on LGES’ batteries that can cause a fire. On the other hand, GM already stated it will seek reimbursement commitments from its battery supplier.
Reuters reported that apart from the recall, GM is also halting its sale of electric vehicles until the issues are addressed and resolved. On its part, LG Chem said it is also working to make sure that the recall process is easy and carried out without any issue.
Meanwhile, the recall is not just a blow to LG’s reputation as a battery maker but it is also a big blotch to the company’s preparations for LG Energy Solution’s initial public offering (IPO). It was said that due to these recalls, the firm trimmed some $5 billion off its market value.
"Market expected that LGES would launch its IPO in September but with GM's expanded recall, LGES IPO is likely to be delayed for a month or two because the company needs to reflect the recall cost before finalizing the IPO paperwork," Cho Hyun Rryul, an analyst at Samsung Securities, said. "If LG does not manage to solve its battery defect issues, it will eventually hit its future orders from carmakers. If more fire risks/accidents arise, LG's position in the global EV market would be weakened."
