Hyundai Motor-LG Energy Solution, Kona EV Recall Cost Shared 30:70 (Update)

[Asia Economy Reporter Changhwan Lee] Hyundai Motor Company and LG Energy Solution have recently reached a broad agreement on the recall costs for the Kona recall that was recently decided.

Regarding the total recall cost of approximately 1 trillion KRW, Hyundai will bear about 30%, and LG Energy Solution will cover the remaining 70%.

Hyundai announced that it will recall a total of 81,701 units worldwide, including the Kona EV, Ioniq EV, and Elec City buses produced from November 2017 to March 2020.

Both companies have been negotiating the distribution of the recall costs, estimated at 1 trillion KRW, and recently finalized the agreement, reflecting it in last year's financial statements.

Hyundai stated, "Through close cooperation between the two companies, we will make every effort to ensure swift market action. We will prioritize customer safety and continue to actively pursue customer protection policies, doing our best to restore trust in quality."