[Infostock Daily=Reporter Lee Ji-sun] Hyundai Motor Co., a manufacturer, and LG Energy Solution Co., a battery supplier, reportedly agreed to the recall cost at a ratio of 3 to 7, respectively, over the Kona Electric Vehicle (EV) fire.
On the 4th, LG Chem announced that it revised its consolidated operating profit in the fourth quarter of last year from 673.6 billion won to 118.6 billion won. The difference is 555 billion won, reflecting the cost of recalling the Kona EV.
On the same day, Hyundai Motor also announced that it would revise its overall operating profit from 2.78135 trillion won to 2.394671 trillion won last year. It reflects 386.634 billion won in provisions from the Kona EV recall in the fourth quarter of last year.
LG Chem's operating profit remained in the black in the fourth quarter of last year due to the cost of the recall, but by business sector, LG Energy Solution turned to the red in three quarters.
According to the recall decision, Hyundai plans to replace batteries for a total of 81,701 vehicles at home and abroad.
Reporter Lee Ji-sun stockmk2020@gmail.com
