New Delhi: South Korea’s Ministry of Transport has issued a statement saying that Hyundai Motor Company’s high-voltage batteries have been recalled due to faulty construction and the possibility of short circuits. The Ministry of Transport said in a statement that 25,564 such electric vehicles built between September 2017 and March 2020 would be called in from October 16 to update software and replace batteries after inspection.
All necessary steps will be taken
The company said that this is being done for safety reasons so that the reasons for the high-voltage batteries used in vehicles are defective. The company also said that all necessary steps would be taken to ascertain the real cause of the fire. Also, customers will know what they want.
13 incidents of fire were reported
A statement from the office of ruling party legislator Jung Kyung-tai on Thursday, October 8, said a total of 13 fires had been reported in Kona electric vehicles, including one each in Canada and Austria.
Shares of Hyundai fell
According to analysts, this is the reason why Hyundai’s shares have fallen by 1.4%, which is definitely a cause for concern for investors. Because the return and replacement of the battery can prove to be a very expensive deal. Batteries account for 30% of the cost of EVs. Shares of LGChem have risen 1.8%.