General Motors extends recall to cover all Chevy Bolts due to fire risk

General Motors has announced plans to recalle more Chevy Bolt EV electric autos to address two manufacturing defects in electric battery cells. (Getty Images North America / AFP)
General Motors has announced plans to recalle more Chevy Bolt EV electric autos to address two manufacturing defects in electric battery cells. (Getty Images North America / AFP)
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Updated 21 August 2021

General Motors extends recall to cover all Chevy Bolts due to fire risk

General Motors extends recall to cover all Chevy Bolts due to fire risk

GRAND RAPIDS, Michigan: General Motors said Friday it is recalling all Chevrolet Bolt electric vehicles sold worldwide to fix a battery problem that could cause fires.
The recall and others raise questions about lithium ion batteries, which now are used in nearly all electric vehicles. Ford, BMW and Hyundai all have recalled batteries recently.
President Joe Biden will need electric vehicles to reach a goal of cutting greenhouse gas emissions in half 2030 as part of a broader effort to fight climate change.
The GM recall announced Friday adds about 73,000 Bolts from the 2019 through 2022 model years to a previous recall of 69,000 older Bolts.
GM said that in rare cases the batteries have two manufacturing defects that can cause fires.
The Detroit-based automaker said it will replace battery modules in all the vehicles. In older versions, all five modules will be replaced.
The latest recall will cost the company about $1 billion, bringing the total cost of the Bolt battery recalls to $1.8 billion.
GM said owners should limit charging to 90 percent of battery capacity. The Bolts, including a new SUV, also should be parked outdoors until the modules are replaced.
The original recall was blamed on a manufacturing defect at a South Korean factory run by LG Chemical Solution, GM’s battery supplier. But the company said an investigation showed that the defects are possible in batteries made at other sites. Most newer Bolt batteries are made at an LG plant in Holland, Michigan.
GM issued the first Bolt recall in November after getting reports of five of them catching fire. Two people suffered smoke inhalation and a house was set ablaze.
At first the company didn’t know what was causing the problem, but it determined that batteries that caught fire were near a full charge. It traced the fires to what it called a rare manufacturing defect in battery modules. It can cause a short in a cell, which can trigger a fire.
GM said it began investigating the newer Bolts after a 2019 model that was not included in the previous recall caught fire a few weeks ago in Chandler, Arizona. That raised concerns about newer Bolts.
That fire brought the total number of Bolt blazes to 10, company spokesman Dan Flores said.
GM says it is working with LG to increase battery production. The company says owners will be notified to take their cars to dealers as soon as replacement parts are ready.
Flores said he is not sure when that will be.
The company said it will not produce or sell any more Bolts until it is satisfied that problems have been worked out in LG batteries, Flores said.
“Our focus on safety and doing the right thing for our customers guides every decision we make at GM,” Doug Parks, GM product development chief, said in a statement.
Batteries with the new modules will come with an eight year, 100,000 mile (160 kilometer) warranty, the company said. GM will replace all five battery modules in 2017 to 2019 Bolts. Defective modules will be replaced in newer models.
GM said it will pursue reimbursement from the LG.
The Bolts are only a tiny fraction of GM’s overall US sales, which run close to 3 million vehicles in a normal year. But they are the first of an ambitious rollout of electric models as GM tries to hit a goal of selling only electric passenger vehicles by 2035.
Other automakers are also announcing additional electric models worldwide to cut pollution and meet stricter government fuel economy standards.
Shares in General Motors Co. were down about 2 percent in extended trading following the recall announcement.


PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m
Updated 14 sec ago

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has posted a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022, a bourse filing revealed.


Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO
Updated 12 min 20 sec ago

Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO

RIYADH: Naqi Water Co. will start trading its shares on Saudi Arabia’s stock market on Aug. 15, after attracting huge demand during the initial public offering, according to a bourse filing.

The Saudi-based water producer generated SR560 million ($150 million) worth of subscriptions as it offered 600,000 shares to retail subscribers.

Prior to that, the final offer price was set at the top end of an indicated range of SR69, following a strong bidding period.

Naqi Water will float a 30 percent stake, representing six million shares, on the Kingdom’s main stock index TASI.


Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m
Updated 27 min 4 sec ago

Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m

RIYADH: Savola Group has entered into an SR459-million ($122 million) agreement to sell its stake in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited.

This move came in light of Salove’s strategy of focusing on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses, the group said in a bourse filing.

Knowledge Economic City is owned by Savola Group directly and indirectly at an approximate share of 11.47 percent.

Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56.


Jordan, Qatar lift restrictions on passenger, cargo flights 

Jordan, Qatar lift restrictions on passenger, cargo flights 
Updated 43 min 52 sec ago

Jordan, Qatar lift restrictions on passenger, cargo flights 

Jordan, Qatar lift restrictions on passenger, cargo flights 
  • The MoU is expected to have significant positive outcomes on the overall economic and investment activity and increase the volume of air transport between the two countries

Jordan and Qatar have lifted all restrictions on the capacity and number of passenger and cargo flights operating between the two countries, the Jordan News Agency (Petra) reported on Wednesday. 

Chief Commissioner and CEO of the Jordan Civil Aviation Regulatory Commission (CARC) Haitham Misto and the President of Qatar Civil Aviation Authority (QCAA) signed a Memorandum of Understanding (MoU) to fully resume direct air transport between the two countries. 

The MoU is expected to have significant positive outcomes on the overall economic and investment activity and increase the volume of air transport between the two countries, Petra said. 

The move is also in line with Jordan’s gradual liberalization policy of air transport under the National Air Transport Strategy, according to Petra. 


Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise

Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise
Updated 53 min 1 sec ago

Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise

Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise

RIYADH: Saudi Astra Industrial Group saw its profit soar 202 percent to SR318 million ($85 million) during the first half of 2022, bolstered by a rise in sales.

The company’s net profit almost tripled from SR105 million in the same period in 2021, driven by revenue growth of over 10 percent, according to a bourse filing.

Its revenue surged to SR1.24 billion, compared to SR1.12 billion a year earlier, while the profit per share went up to SR3.97 from SR1.32.

During the second quarter, Astra Industrial Group’s Al Tanmiya Steel sold its stake in Iraqi unit Al Anmaa for Construction Materials Production in a SR731 million deal.

Its companies are involved in various industrial segments including pharmaceuticals, steel construction, specialty chemicals and mining.