LGCLF - LG Chem on the hook for world's most expensive EV recall

LG Chem (LGCLF) has agreed to be responsible for a majority of the cost of a recall of electric vehicles tied to the risk of battery fires.The 1T won ($890M) recall covers 81,700 Hyundai Motors (HYMLF) vehicles sold in South Korea, the U.S. and Europe.The recall is especially costly due to the need to replace the entire battery assembly. Hyundai's operating profit was cut by 34% to 2.39T won due to the recall and LG Chem lowered its operating profit by 555B won to 1.8T won.The recall is being called the world's most expensive electric-vehicle recall to date.In the EV sector, investors were put to the test last week.

For further details see:

LG Chem on the hook for world's most expensive EV recall