April 13, 2021

Indian & World Live Breaking News Coverage And Updates

Indian & World Live Breaking News Coverage And Updates

Hyundai Motor Revises Down Fourth-Quarter Operating Profit After Costly Kona EV Recall

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Hyundai said that the quarter’s profit came in at 1.3 trillion won ($1.2 billion), down from the 1.6 trillion won it had initially reported in late January.



, Hyundai Motor Revises Down Fourth-Quarter Operating Profit After Costly Kona EV Recall, Indian & World Live Breaking News Coverage And UpdatesView Photos

The recall mostly concerns the Kona EV, Hyundai’s biggest-selling electric car

South Korea’s Hyundai Motor Co revised down its fourth-quarter operating profit by nearly a fifth after a costly $900 million recall to replace battery systems in some 82,000 electric vehicles globally.

It said on Thursday that the quarter’s profit came in at 1.3 trillion won ($1.2 billion), down from the 1.6 trillion won it had initially reported in late January.

The recall mostly concerns the Kona EV, Hyundai’s biggest-selling electric car which was first recalled late last year for a software upgrade after a spate of fires.

Hyundai’s Kona EV uses batteries manufactured by LG Chem Ltd’s wholly owned battery division LG Energy Solution.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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