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<blockquote data-quote="Weather Man" data-source="post: 16588520" data-attributes="member: 137766"><p><a href="https://seekingalpha.com/news/3670078-lg-chem-on-the-hook-for-worlds-most-expensive-ev-recall" target="_blank">LG Chem on the hook for world's most expensive EV recall</a></p><ul> <li data-xf-list-type="ul">LG Chem (<a href="https://seekingalpha.com/symbol/LGCLF" target="_blank">OTCPK:LGCLF</a>) has agreed to be responsible for a <a href="https://asia.nikkei.com/Business/Automobiles/LG-Chem-agrees-to-cover-most-of-Hyundai-s-900m-EV-recall" target="_blank">majority</a> of the cost of a recall of electric vehicles tied to the risk of battery fires.</li> <li data-xf-list-type="ul">The 1T won ($890M) recall covers 81,700 Hyundai Motors (<a href="https://seekingalpha.com/symbol/HYMLF" target="_blank">OTCPK:HYMLF</a>) vehicles sold in South Korea, the U.S. and Europe.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">The recall is being called the world's most expensive electric-vehicle recall to date.</li> <li data-xf-list-type="ul">In the EV sector, investors were <a href="https://seekingalpha.com/news/3669955-electric-vehicle-stocks-sell-off-to-put-investors-to-the-test" target="_blank">put to the test last week</a>.</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16588520, member: 137766"] [URL='https://seekingalpha.com/news/3670078-lg-chem-on-the-hook-for-worlds-most-expensive-ev-recall']LG Chem on the hook for world's most expensive EV recall[/URL] [LIST] [*]LG Chem ([URL='https://seekingalpha.com/symbol/LGCLF']OTCPK:LGCLF[/URL]) has agreed to be responsible for a [URL='https://asia.nikkei.com/Business/Automobiles/LG-Chem-agrees-to-cover-most-of-Hyundai-s-900m-EV-recall']majority[/URL] 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 ([URL='https://seekingalpha.com/symbol/HYMLF']OTCPK:HYMLF[/URL]) 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 [URL='https://seekingalpha.com/news/3669955-electric-vehicle-stocks-sell-off-to-put-investors-to-the-test']put to the test last week[/URL]. [/LIST] [/QUOTE]
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