S&P 500   4,455.48
DOW   34,798.00
QQQ   373.33
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S&P 500   4,455.48
DOW   34,798.00
QQQ   373.33
pixel
pixel
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S&P 500   4,455.48
DOW   34,798.00
QQQ   373.33
pixel
pixel
pixel
S&P 500   4,455.48
DOW   34,798.00
QQQ   373.33
pixel
pixel
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GM issues 2nd Bolt recall; faulty batteries can cause fires

Friday, July 23, 2021 | Tom Krisher, AP Auto Writer


In this Jan. 9, 2017 file photo the Chevrolet Bolt is on display at the North American International Auto Show in Detroit. General Motors is recalling some older Chevrolet Bolts, Friday, July 23, 2021, for a second time to fix persistent battery problems that can set the electric cars ablaze. The recall covers about 69,000 Bolts worldwide from 2017, 2018 and part of the 2019 model year. GM says it's still working on repairs but it's likely battery parts will be replaced.(AP Photo/Paul Sancya, File)

DETROIT (AP) — General Motors is recalling some older Chevrolet Bolts for a second time to fix persistent battery problems that can set the electric cars ablaze.

Until repairs are done, GM says owners should park the cars outdoors, limit charging to 90% of battery capacity, and not deplete batteries below 70 miles of range. The company says the Bolts should not be charged overnight, and should be parked outside immediately after they are charged.

The second recall comes after two Bolts that had been fixed under a previous recall caught fire, one in Vermont and the other in New Jersey. It covers about 69,000 Bolts worldwide from 2017, 2018 and part of the 2019 model year. All have batteries made by LG Chem in South Korea.

The recall is another bug in a growing global rollout of electric vehicles by all automakers to replace internal combustion vehicles to cut emissions and fight climate change. Ford, BMW and Hyundai all have recalled batteries recently. Also, the U.S. National Transportation Safety Board investigated a series of fires in Tesla vehicles and earlier this year said the high-voltage lithium-ion batteries pose safety risks to first responders after crashes.

GM says in a statement Friday that the faulty Bolt batteries can have two rare manufacturing defects in the same cell at the same time. So GM will now replace any defective battery modules and possibly the whole battery pack.

Spokesman Dan Flores says engineers are still working around the clock on how to find the battery defect and what the repairs will be. He said GM doesn’t know how long it will take to develop the fix. The number of Bolts with the defect is likely to be small, Flores said.

The previous recall announced in April didn't fully fix the problem. It was diagnostic software designed to look for battery anomalies. If one was found, GM said it would replace faulty parts.

Some 2019 Bolts and those from the 2020 and 2021 model years are not affected. Their batteries were made by LG in Holland, Michigan.

“We understand that the previous recall and this recall significantly inconvenience our customers,” Flores said. “We appreciate their patience and we understand their frustration.”

GM will handle customer complaints about the inconvenience and lower travel range on a case-by-case basis, he said.

The company says owners who haven’t had the first recall repairs done should still take their cars to dealers to get the fixes.

The first recall came after the U.S. National Highway Traffic Safety Administration opened an investigation into the fires last year. The agency said in a statement Friday that it is evaluating GM's recall repairs and the fires.

GM says it has confirmed battery fires in nine Bolts. NHTSA said two people suffered smoke inhalation and the battery fire spread to one house.

Once the final recall repairs are made, the Bolts’ full range will be restored. Older Bolts can go about 238 miles (383 kilometers) per charge.


7 Fintech Stocks That Will Continue To Disrupt Traditional Banking

In April 2021, JPMorgan Chase CEO Jamie Dimon described fintech companies as one of the “enormous competitive threats” to traditional banking. And with good reason. Fintech (short for financial technology) is not just “digital banking.” It’s a different approach to banking that traditional banks will not be able to replicate by outspending their competitors.

You see, cryptocurrency is getting a lot of attention for the way it’s disrupting the monetary system. But before there was bitcoin (CCC: BTC-USD), there was fintech.

What started out as a way to send money from one person to another without the need for a bank (i.e. peer-to-peer lending) has morphed into much more. Today, individuals and businesses can get loans, invest, and pay bills conveniently and securely. And they can do so without ever having to set foot into a bank.

Financial technology is democratizing finance for many individuals who have been left behind by the traditional banking system. The “unbanked” is a huge target audience. But whereas fintech started as reaching those that were unbanked out of necessity; it is cultivating a new audience among those who are going unbanked by choice.

In this special presentation, we’ll look at seven fintech companies that are leading in this space today and will do so well into the future.

View the "7 Fintech Stocks That Will Continue To Disrupt Traditional Banking".


Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Tesla (TSLA)2.4$774.39+2.8%N/A403.33Hold$612.59
General Motors (GM)3.0$52.23+0.6%N/A6.05Buy$69.00
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