How much is the Chevy Bolt recall compensation?
The Chevy Bolt electric vehicle has been the subject of a major recall due to battery fire risks. As part of this recall, General Motors (GM) is offering compensation to affected Bolt owners. The amount of compensation can vary depending on the specific circumstances, but here's a detailed overview of what Bolt owners can expect.
Overview of the Chevy Bolt Recall
In 2021, GM issued a recall for all Chevy Bolt electric vehicles due to a defect in the battery packs that could lead to fires. The recall affected over 140,000 Bolts worldwide, including model years 2017 to 2022. The issue was traced to two manufacturing defects in the battery cells that increased the risk of fire when the battery was fully charged.
Compensation for Affected Bolt Owners
As part of the recall, GM is offering several forms of compensation to Bolt owners:
- Battery Replacement: GM will replace the battery pack in affected Bolts with a new pack that has been updated to address the fire risk. This is a free service for owners.
- Rental Car Reimbursement: While waiting for the battery replacement, Bolt owners are eligible for reimbursement of rental car expenses up to $900.
- Goodwill Payment: GM is offering a one-time $500 goodwill payment to Bolt owners to compensate them for the inconvenience of the recall.
In addition, GM is also offering the following options for Bolt owners who do not want to wait for the battery replacement:
- Buyback Program: GM will buy back affected Bolts at the vehicle's fair market value, plus an additional $3,000 incentive.
- Trade-In Program: Bolt owners can trade in their vehicle at a GM dealership and receive the fair market value, plus an additional $3,000 incentive.
The specific compensation amount will depend on the model year, mileage, and condition of the Bolt. Owners should contact their local GM dealership or the Chevy Bolt recall website for more details on their eligibility and the compensation options available to them.
What is the recall rebate on the Chevy Bolt?
Chevy Bolt EV owners may get up to $1,400 for battery recall. Those who've owned or leased a Chevrolet Bolt EV from the 2017 through 2022 model year are likely eligible for an amount ranging from $700 to $1,400, as part of a $150 million settlement amount against GM and LG Energy Solution.
How much is the Chevy Bolt settlement?
A $150 million
A $150 million Chevy Bolt settlement with General Motors and LG was granted preliminary approval by the court on September 26, 2024, bringing consumers closer to receiving compensation over claims that more than 100,000 of the electric vehicles suffer from a lithium ion battery defect.
What is the $1400 rebate on the Chevy Bolt?
He spent over 15 years in IT support before joining The Verge. Chevy Bolt owners might have the option to receive a $1,400 payout from GM as compensation for dealing with defective EV batteries in model year vehicles from 2020-2022.
How much is the Chevy Bolt payout?
General Motors and battery supplier LG have agreed to provide owners of certain recalled Chevy Bolt electric cars $1,400 each to settle a class action lawsuit.
Does Chevy Bolt qualify for $7,500 rebate?
The Chevrolet Bolt EUV qualified for the full $7,500 federal EV tax credit in 2023 and 2024.
How to get Chevy Bolt settlement?
The Claim Form may be obtained in the "File Claim" page of this website or by calling the Settlement Administrator at 1-888-726-1650. The completed Claim Form must be sent to the Settlement Administrator by mail at the address below or via the Settlement website postmarked by February 24, 2025.
How much did the Chevy Bolt recall cost?
roughly $2 billion
In October 2021, GM reached an agreement with its battery supplier LG Electronics to cover roughly $2 billion in costs associated with the Bolt battery recall. GM has since discontinued the original Bolt, which was based on the automaker's older EV platform.
How much does it cost to replace a Chevy Bolt EV battery?
While some of the original batteries for the Bolt EV were 60 kWh packs, the newer generation is a 66-kWh pack (which most Bolt EVs and all Bolt EUVs will have after the 2021 recall). Based on average EV battery pricing at $153 per kWh, a fast estimate for a Bolt's replacement battery would come in at about $10,100.
What is GM car owners across America to get $1,400 one time payment from $150 million safety settlement and its sparked recall
GM car owners will receive a $1,400 one-off payment following a $150 million settlement. Owners of the company's Chevy Bolt EV can claim their chunk of the class-action settlement between General Motors and South Korean industrial group LG following recalls over faulty batteries.
How do I get my compensation from Bolt?
If you're eligible for compensation, this will be paid to the bank account indicated in your Bolt account within 4 weeks. If you're attached to a fleet, the transfer will be sent to your fleet manager's account.
