Key Takeaways From GM's Update On Chevy Bolt EV Battery Production

General Motors Co GM disclosed a comprehensive action plan for customer safety regarding the Chevy Bolt EV and EUV.
The LG Chem Ltd LGCLF LG Energy Solution battery plants in Holland and Hazel Park, Michigan, have resumed production. Additionally, LG ramped up capacity to provide more cells to GM.
As a result, replacement battery modules will begin shipping to dealers by mid-October.
Within 60 days, GM will launch a new advanced diagnostic software package to detect specific abnormalities that might indicate a damaged battery in Bolt EVs and EUVs.
LG has implemented new manufacturing processes and will incorporate them in other facilities that will provide cells to GM.
GM added a notification process to inform affected customers about the availability of their replacement modules.
The new batteries will include an extended battery 8-year/100,000-mile limited warranty.
GM urged customers to leave ample space wherever they choose to park.
GM recommended that customers set the vehicle to a 90% state of charge limitation using Target Charge Level mode. It asked to charge the car more frequently and avoid depleting battery below 70 miles of remaining range.
GM asked to continue to park vehicles outside immediately after charging and not leave cars charging indoors overnight.
Price Action: GM shares traded higher by 0.65% at $49.69 in the premarket session on the last check Tuesday.