GM on Friday extended its review of Bolt electric vehicles (EVs) because of fire hazard from what it called battery manufacturing absconds, saying the review would cost $1 billion and that it would look for repayment from LG. The U.S. automaker said the review covers vehicles starting model year 2019 and that it would indefinitely stop Bolt sales. LG Chem said it was attempting to guarantee a smooth review. LG Chem, which is setting up an initial public offering (IPO) for battery unit LG Energy Solution (LGES), lost $5 billion in market value with its stock on track for its greatest intraday percentage loss since March 2020. "The market expected that LGES would launch its IPO in September, but with GM's expanded recall, LGES IPO is likely to be delayed for a month or two, because the company needs to reflect the recall cost before finalising the IPO paperwork," said Samsung Securities analyst Cho Hyun-ryul. GM at first reviewed 69,000 Bolt vehicles in July. Its extended review comes about seven days after a fire including a Volkswagen AG ID.3 EV carrying an LGES battery. A half year sooner, Hyundai reviewed 82,000 EVs over LGES battery fire hazard at an expected cost of around 1 trillion won ($851.90 million). Both GM's and Hyundai's reviews include pocket type batteries, instead of barrel shaped batteries provided to LGES clients including Tesla Inc. In February, South Korea's vehicle service said a joint examination with LGES and Hyundai discovered imperfections in battery cells at a LGES industrial facility in China. The examination is progressing. Neither LGES nor Hyundai have revealed how they intend to part review costs, however experts anticipate that LGES should expect to be 60%. Batteries are a monstrous part of LG Group earnings. LG Chem acquired 40% of operating profit from batteries - incorporating EV batteries - in April-June. Recently, LG Electronics Inc cut its second-quarter operating profit by in excess of a fifth to reflect GM review costs. Shares of LG Electronics, what gathers LGES cells into battery modules, fell as much as 5.8% on Monday. That contrasted and the local benchmark which was up 1.5% around early afternoon.