The Chevrolet Bolt EV is not a car you want to be in right now. Numerous reports have surfaced over the last month of the little electric hatchback going up in smoke, prompting General Motors to warn owners not to park inside or charge their Bolts overnight. Although the issue has been known for a long time, GM hasn't always come to the party when customers lose their cars to fire, with one individual being told to sue if he's not happy with being left in debt with no car. It's a massive mess, but it seems that GM is finally taking responsibility.

According to a statement from the company, warranty recall costs are estimated to be high and a large chunk of cash has been set aside to fix the issue. Along with reporting net income of $2.8 billion for the second quarter of the year, GM included a warranty recall cost of $1.3 billion, "of which $(0.8) billion was related to the Chevrolet Bolt EV".

Chevy must now recall some 69,000 2017-2019 Bolt EVs (newer models are safe), some 51,000 of which are in the US. On average, that means each car recalled and repaired will cost GM $11,600, making it likely to be a net loss as a project after factoring in development and other costs.

Massively expensive recalls are not a GM-specific issue either, as Hyundai's recent EV recall, also pertaining to faulty batteries from LG, is one of the most expensive recalls ever. But for the customers who have been driving around in potential fire hazards, this is excellent news. We hope that this is the last of the issue, especially as GM claims to have identified what's causing the fires in these batteries, but we're not holding our breath too much as we've heard that exact story before.

For GM and Chevy's sake, this had better be a permanent fix, or other EVs like the GMC Hummer and future products won't be trusted by the public.