Hyundai to recall 82,000 electric cars globally due to fire risk

Hyundai Motor has announced that it will be recalling about 82,000 electric vehicles globally due to fire risks and will be replacing their battery systems.

Combined with an earlier recall, this decision will cost the automaker an estimated amount of $900 million.

It is also important to note that most of the electric vehicles being recalled are Kona EV, which is Hyundai's best-selling electric car. The new recall includes around 76,000 Kona EVs, and some Ioniq EV and Elec City models as well.

Moreover, LG Energy Solution, which is a unit of LG Chem that makes the batteries also explained that Hyundai had misapplied its suggestions regarding battery management, and the batteries themselves should not be seen as a fire risk.

There have been 15 cases of fires involving the Konar IV. Although most of them took place in South Korea, two took place in Canada and one each in Finland and Austria.

In addition to this, Hyundai Motors and LG Chem also witnessed a fall in its shares by 3.7 percent and 1.9 percent respectively in afternoon trade as compared to a 2 percent decline in the broader market.