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(Seoul = Yonhap News) Reporter Misook Seo and Hana Jang = Hyundai Motor Company[005380]And LG Energy Solutions agreed on the 4th to share the cost of recalls for 82,000 units, including Kona electric vehicles (EVs).
The two companies did not disclose detailed amounts, but it is known that Hyundai Motor Company’s 30% share and LG Energy Solution’s 70% share.
The two companies have been negotiating the allocation of recall costs estimated at about KRW 1 trillion, and after a recent agreement was reached, quality costs were reflected in last year’s financial statements, taking into account the share rate and existing provisions.
Hyundai Motor Company announced through the public announcement that last year’s annual operating profit decreased by KRW 386.8 billion from KRW 2.78 trillion to KRW 2,394.7 billion. In the third quarter of last year, after reflecting KRW 2.13 trillion in quality expenses such as provisions related to the Theta 2 engine, the company was caught up in quality issues for the second consecutive quarter.
In addition, LG Chem, a corporation just before the spin-off of LG Energy Solutions, corrected and announced that last year’s operating profit decreased from 6736 billion won to 118.6 billion won in the financial statement change disclosure.
Operating profit declined as about 550 billion won was lost due to recall expenses.
Hyundai Motor Company previously produced 81,701 units, including Kona EVs (75,680 units), Ioniq EVs (5,716 units), and Elexity buses (305 units) produced from November 2017 to March 2020. It was announced on the 24th of last month that it will be recalled from all over the world.
In Korea, the recall targets a total of 26,699 units, including 25,000 Kona EVs, 1,314 EVs for Ioniq, and 302 Elec Citys.
The two companies decided to replace all the high-voltage battery systems (BSA) of vehicles produced during the period.
According to the Ministry of Land, Infrastructure and Transport, some of the high-voltage batteries initially produced at LG Energy Solution’s Nanjing plant in China (September 2017-July 2019) among the batteries used in these three vehicle types were lit due to internal short circuits due to cell manufacturing defect The possibility of me was confirmed.
The picture shows firefighters extinguishing a fire after a fire broke out in a Kona electric vehicle (EV) that was charging in Daegu on the 23rd.[독자 송영훈 씨 제공, 재판매 및 DB 금지] [email protected]
Hyundai Motor Company said, “We agreed with LG Energy Solutions that we should minimize customer discomfort and market confusion, and reached an amicable agreement on sharing the recall cost.” I will do my best to restore trust in Korea.”
LG Energy Solutions said, “We plan to actively cooperate with the recall by putting consumer safety first, and the two companies agreed to share the cost necessary for this, and we reflected a reasonable level of expenses as a provision in the fourth quarter results.”
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2021/03/04 17:05 sent