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Hyundai profit hit after Kona EV recall, but LG Chem seen bearing bulk of costs


Hyundai profit hit after Kona EV recall, but LG Chem seen bearing bulk of costs
Reuters
Hyundai is recalling EVs including the Kona to replace battery packs.
SEOUL A large global recall of mostly Kona electric crossovers has led Hyundai Motor Group to sharply revise down fourth-quarter operating profit, although reports said battery maker LG Chem would bear the bulk of the costs.
LG will assume 70 percent of the estimated $900 million costs to replace battery systems in about 82,000 Kona vehicles globally, according to Yonhap news agency and other South Korean media.
But Cho Hyun-ryul, an analyst at Samsung Securities, said he estimated LG s burden was slightly lower at 62 percent of the costs. ....

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