Red LED shining up even though there's plenty of battery charge available

u-boot tries to check the battery voltage and shines the red LED when it thinks it's below a level that would allow Linux to successfully boot (2.8V):

        /* check VBAT */
        val = dm_i2c_reg_read(udev, 0x0e);
        vbat = (val & 0x7f) * 20 + 2304;
        printf("VBAT mV %d\n", vbat);

        if ((vbat < 2800) && (iinlim <= 500)) {
                /* battery voltage too low and
                 * insufficient current to boot linux.
                 */
                gpio_direction_output(LED_R, 1);
                printf("%s: voltage and current too low linux probably won't boot\n", __func__);

However, in practice, the red LED shines when the battery has still a lot of charge left. On my Dogwood, it seems to start shining red at around 60%.

Example reading done from Linux right after booting with the red LED on in u-boot:

bq25895:

POWER_SUPPLY_VOLTAGE_NOW=3604000

max17055:

POWER_SUPPLY_VOLTAGE_NOW=3613125
POWER_SUPPLY_VOLTAGE_AVG=3661640
POWER_SUPPLY_VOLTAGE_OCV=3874375
POWER_SUPPLY_CAPACITY=62