GM's Chevy Bolt faces another setback
General Motors is recalling Chevy Bolts from model years 2017–2019, citing fire risk related to the electric car's lithium-ion batteries.
Flashback: The automaker already recalled some of the Bolts in November over concerns about battery fires.
- The software update completed after the first recall "was not fully effective in addressing the safety risk in the vehicle,” per WSJ.
The big picture: Electric vehicles are a small part of the overall car market. But it’s the part that’s growing — and right now is a critical time in the race to establish dominance.
- Legacy carmakers are intensifying plans to compete. They're facing off against the likes of Tesla and a handful of specialized startups, many of which have gone public via SPACs.
Context: In the race to get to market, GM's not the only one to issue EV recalls related to fires involving lithium-ion batteries — Ford, BMW and Hyundai have had to do it too.