GM's Chevy Bolt faces another setback

• 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.