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LG Chem will cover most of Hyundai’s large EV recall costs

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In late February, it was announced that Hyundai Motor will replace LG Energy Solution batteries in approximately 82,000 electric vehicles worldwide due to the risk of fire. The recall will cost the manufacturer $ 900 million.

LG Chem has agreed to cover 70% of the recall costs, the source said.

The recall covers mainly Kona and Ioniq electric vehicles sold in South Korea, the United States and Europe. They use batteries manufactured at the LG Chem plant in Nanjing, China.

This is by far the most expensive review in the history of electric vehicles. The huge costs with a relatively small number of vehicles involved are a consequence of the need to replace the entire battery. It is known that it accounts for about 30% of the cost of an electric vehicle.

Following the agreement, the partners revised their 2020 financials to include recall costs.

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