NHTSA probes fires in Chevy electric Bolts
The U.S. government's road safety agency is investigating complaints that the Chevrolet Bolt electric vehicle can catch fire.
The probe by the National Highway Traffic Safety Administration covers nearly 78,000 Bolts made by General Motors from the 2017 through 2020 model years.
The agency says in documents posted on its website Tuesday that it has three reports of fires that began under the rear seat while the cars were parked and unattended. One person suffered smoke inhalation.
The fire damage appeared to be concentrated in the battery compartment area, spreading into the passenger compartment.
GM said it's cooperating with the probe and is conducting its own investigation. The safety agency will determine how often the fires happen and assess the safety consequences. The probe could lead to a recall.
JPMorgan Chase profits up in quarter
JPMorgan Chase saw its profits improve marginally in the third quarter, a notable change after the nation's largest bank had to set aside billions in the last two quarters to cover losses from the coronavirus pandemic.
The New York-based bank said Tuesday that it earned a profit of $9.44 billion, or $2.92 a share, in the July to September period. That's up from a profit of $9.08 billion, or $2.68 per share, in the same period a year earlier. The results beat analysts' expectations for earnings of $2.23 a share, according to FactSet.
The biggest surprise in JPMorgan's results was the bank's decision not to set aside any significant funds to cover potentially bad loans. JPMorgan had $611 million in loan loss provisions this quarter, a fraction of the $10.47 billion the bank set aside in the second quarter.
Since the pandemic spread across the U.S. in March, banks like JPMorgan had been setting aside billions to cover loans that once were fine but suddenly were in question due to the economic shutdowns.
"It is as if COVID-19 never happened," said Octavio Marenzi, CEO of Opimas, a management consultancy firm.
Along with fewer loan losses, JPMorgan also had a solid quarter in its investment bank. The division reported profits 52% higher than a year earlier, helped by a surge of revenue from its trading desks.
— Compiled by Dave Flessner