Hyundai Motor Co. s recall of nearly 82,000 electric vehicles highlights how costly the shift to the industry s new frontier can be for all the automakers piling in, to both 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 Co. It is expected to cost about US$900 million (NZ$1.2 billion) and will be reflected in fourth-quarter results, though the final figure will be based on negotiations with LG Energy, the South Korean automaker said Wednesday. The cost of Hyundai s recall equals nearly half of its 2020 net income and underscores the significant financial risks and potential brand damage that can arise following new EV rollouts, Bloomberg Intelligence analysts Steve Man and Joanna Chen wrote Thursday.
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laura: time now for the latest installment of our defending the first series where we expose the enemies to the first amendment, free expression and free thought. the latest profile encouraged for a left-wing journalist has got to be going to new yorker editor david remnick, who invited former top strategist steve man into a new yorker festival, but when celebrity participants started to bail in protest, david remnick canceled his appearance. joining me now with the reaction about this and the absurd anonymous column in the new york times, former governor mike. first the new yorker doesn t bite to bannon, what does that tell you? they are afraid to hear voices that don t agree with the ones already in the room. that s a great tragedy, it s not about steve bannon, it s about if there is someone who has an opinion or a voice that is different than the echo chamber of the left.