Hyundai Motor Co will voluntarily recall its Kona electric vehicles as a possible short circuit due to faulty manufacturing of its high-voltage battery cells could pose a fire risk, South Korea's transport ministry said on Thursday.
FILE PHOTO: The logo of Hyundai Motor is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song/File Photo
Starting Oct. 16, the recall, which includes software updates and battery replacements after inspections, involves 25,564 Kona electric vehicles built between September 2017 and March 2020, the transport ministry said in a statement. Some 13 incidents of fire involving the Kona EV, including one each in Canada and Austria, were documented so far, according to a statement by ruling party lawmaker Jang Kyung-tae’s office on Thursday.
Hyundai’s shares fell 1.4%, reflecting investor concerns that the recall and battery replacements could be costly, as the battery takes up about 30% of an EV’s price, analysts said.The Kona Electric is the South Korean automaker’s first long-range subcompact SUV EV.
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