Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Cerebras Revenue Forecast Tops Expectations, but Margin Concerns Weigh on Stock 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Nomura Stock Upgraded to Buy by BofA as Stronger ROE and Earnings Growth Boost Outlook 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
Samsung, SK Hynix to Unveil Record AI and Semiconductor Investment Plans Worth Over $646 Billion 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
Bayer Wins Major U.S. Supreme Court Roundup Lawsuit, Shares Surge 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
Hyundai Motor recalls more than 80,000 Kona electric cars after fire risk has been discovered. The call back has been carried out after the transport ministry in South Korea stated that the cause of the fires is probably the defective batteries.
Battery replacements for the affected vehicles
The Korea Times reported that Hyundai Motor Company would be replacing the battery packs of its Kona model EV cars and others that were fitted with the same battery cells. It was revealed that the batteries were made by LG Energy Solution in its manufacturing factory in Nanjing, China.
Hyundai will recall 82,000 electric vehicles, and this was approved by South Korea’s Ministry of Land, Infrastructure, and Transport. The MOLIT revealed that Hyundai Motor filed for a recall that includes 25,083 Kona cars, 302 Elec City buses, and 1,314 Ioniq EVs that were sold in Korea.
Aside from the EVs in Korea, the automaker is also recalling the same models that were sold outside of Korea for battery replacements. Globally, Hyundai will replace batteries of 50,597 Kona, three Elec City buses, and 4,402 Ioniq EVs that were manufactured between November 2017 and March 2020.
The affected vehicles will be checked and undergo battery system assembly (BSA) replacement. The changing of batteries has been set to begin on March 29.
Why Hyundai decided to issue recalls
The South Korean carmaker previously launched a recall on 77,000 Kona cars for their battery management systems (BMS) to be updated. This came after over 10 Kona electric cars worldwide were burnt. The report of fires continued, so Hyundai issued another recall for battery pack replacements.
Hyundai will have to spend KRW1 trillion or $900 million for the changing of batteries, and the company is hoping that LG Energy Solution will give their share to cover the cost. Then again, it is not certain yet if it will agree since it reportedly refused to accept the findings that their battery packs are causing the fires in Hyundai EVs. Instead, LG Energy said the BMS designed by Hyundai Kefico was to blame.
“It’s very significant for both Hyundai and LG as we are in the early stages of the electric vehicle era,” Reuters quoted senior researcher at the Korea Institute for Industrial Economics & Trade, Lee Hang Koo, as saying. “How Hyundai handles this will set a precedent not just in South Korea but also for other countries.”
