Hyundai’s Battery Fire Recall Has Huge Financial Repercussions
Unsurprisingly, a recall of this scale has huge financial repercussions: it was initially feared that replacing the batteries of every affected car could cost Hyundai over $500 million. However, according to Just Auto, LG Chem, the South Korea-based company that supplied the batteries, has agreed to share the cost of replacing the batteries with Hyundai.
Hyundai will pay around 30 percent of the battery recall costs, while LG Chem will cover the remaining 70 percent. In total, the recall is expected to cost around KRW1trn ($886 million), meaning Hyundai will pay around $264 million.
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