Jul 24, 2021 - Economy & Business

GM's Chevy Bolt faces another setback

Chevy Bolt

2017 Chevrolet Bolt EV on display at the Chicago Auto Show. Photo: Raymond Boyd/Getty Images

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.

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