Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
Cerebras Revenue Forecast Tops Expectations, but Margin Concerns Weigh on Stock 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
FedEx Stock Drops After Weak 2026 Earnings Forecast Despite Strong Q4 Results 
Alibaba Shares Fall After Anthropic Alleges Massive AI Model Distillation Campaign 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Hyundai announced it recalled some of its Elec City buses, Kona, and Ioniq electric cars. The recall was due to nearly a dozen reports of fires in the EVs.
It was reported that investigation reveals that the cause was the battery packs installed in some units of the affected vehicles. The battery packs used in the Hyundai EVs were said to have been made by LG Energy in its production plant in Nanjing, China.
The recalled EVs due to fire risk
The Korea Times previously reported that Hyundai Motor would recall a total of 82,000 EVs. The automaker stated that it would be replacing the batteries of 25,083 Kona electric cars, 1,314 Ioniq, and 302 Elec City buses that were sold in South Korea.
Outside of the country, Hyundai Motor recalls 50,597 Kona, 4,402 Ioniq units, and three Elec City buses for battery replacement as well. The affected models are said to have been made between the years November 2017 and March 2020.
Since Hyundai voluntarily asked for the recall, it submitted a request to South Korea’s Ministry of Land, Infrastructure, and Transport first and was approved. The company then issued the callbacks on the mentioned vehicle models.
Now, the battery replacements for over 80,000 EVs will be costly, and it was estimated to cost Hyundai around $900 million or KRW1 trillion. Thus, the carmaker hoped that LG Energy would also share the expenses since it supplied the batteries that were being pointed to be the cause of the fires in EVs.
Splitting the bill
Although LG initially refused to shoulder part of the costs as it doesn’t believe the batteries were the problem, it was reported on Thursday, March 4, that the company changed its decision and agreed to share the cost with Hyundai Motor.
As per Yonhap News Agency, LG Energy will foot the larger portion of the bill, which is equivalent to 70%, so it leaves Hyundai with just 30% to spend on the battery replacements.
The recalled electric vehicles will be examined, and battery system assembly (BSA) will naturally follow. The changing of batteries will start on March 29.
