Hyundai recalls 82,000 EVs over fire risk from the battery
The cost of the recall, mostly for its Kona crossover, of $900m shows how pricey the move to electric vehicles can be
25 February 2021 - 16:44
Singapore — Hyundai Motor’s recall of nearly 82,000 electric vehicles (EVs) highlights how costly the shift to the industry’s new frontier can be for all the carmakers piling in, both to their balance sheets and their brands.
The recall mostly affects Hyundai’s best-selling electric Kona crossover and stems from fire risks in battery cells produced in China by LG Energy Solution. It is expected to cost about 1-trillion won ($900m) and will be reflected in fourth-quarter results, though the final figure will be based on negotiations with LG Energy, the South Korean carmaker said Wednesday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.