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GM Advises Bolt Owners to Park 50ft Away From Other Vehicles — Report
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GM Advises Bolt Owners to Park 50ft Away From Other Vehicles — Report

Global vehicle manufacturer General Motors (GM) has advised its customers to park their Bolt electric cars at least 50 feet away from other vehicles due to the risk of fire, according to a report published by StreetInsider.com.

The company said, “In an effort to reduce potential damage to structures and nearby vehicles in the rare event of a potential fire, we recommend parking on the top floor or on an open-air deck and park 50 feet or more away from another vehicle.”

GM has also advised not to leave Bolt EVs unattended while charging, even if the customer is using a charging station in a parking deck. Earlier, GM had requested Bolt owners to park their vehicles outdoors, away from structures, and to not charge them overnight.

The new warning comes after the company recalled over 140,000 Chevrolet Bolts, manufactured since 2016, due to the risk of batteries catching fire. There are confirmed reports of at least 12 vehicles catching fires but more continue to be reported. (See General Motors stock chart on TipRanks)

On September 13, Barclays analyst Brian Johnson reiterated a Buy rating on the stock and lowered the price target to $68 from $71 (32% upside potential).

In a research note to investors, the analyst said, “The semiconductor chip shortage is driving further downside to GM North America wholesales, but GM can still deliver results inside its guidance range.”

Overall, the stock has a Strong Buy consensus rating based on 13 Buys and 1 Hold. The average General Motors price target of $73.36 implies 42.4% upside potential. Shares of the company have gained 61.4% over the past year.

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