South Korean carmaker Hyundai has adjusted its fourth quarter results due to the replacement of approximately 82,000 electric cars worldwide.
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It reduced operating profit by almost a fifth, namely by 300 billion to 1.3 trillion won (CZK 25.2 billion). The media previously said the costs would be borne by battery maker LG Chem, Reuters reported today.
According to Jonhap and other South Korean media, LG Chem will eventually cover 70 percent of the estimated costs of $ 900 million (CZK 17.4 million). Samsung Securities estimates LG Chem’s share of the exchange at 62 percent. The companies concerned declined to comment on how they shared the costs. LG Chem reduced its operating profit by more than 80 percent to 119 billion won.
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Most of the vehicles called for the risk of fire are the best-selling Kona EV electric car. The inspection also applies to some Ioniq and Elec City models. Cars made in the Czech Republic are not covered by the exchange.
The carmaker has already called the Kona for inspection in October due to a software update after a series of fires. The total cost of convening Hyundai is estimated at one trillion won. According to the South Korean Ministry of Transport, 15 fires have been reported for Kona cars, 11 of them in South Korea, two in Canada and one each in Finland and Austria.
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