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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Hyundai Motor Company    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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GM recalling nearly 69,000 Bolt EVs for fire risks

11/13/2020 | 07:30pm EST
A red 2018 Chevrolet Bolt EV vehicle is seen on the assembly line at General Motors Orion Assembly in Lake Orion, Michigan,

DETROIT/WASHINGTON (Reuters) - General Motors Co said on Friday it was recalling 68,677 electric cars worldwide that pose a fire risk after five reported fires and two minor injuries.

The recall is for 2017-2019 model year Chevrolet Bolt EVs with high voltage batteries produced at LG Chem Ltd's Ochang, South Korean facility.

The National Highway Traffic Safety Administration (NHTSA) last month opened a preliminary investigation into the Bolt EVs after reports of three Bolts catching fire.

GM said the vehicles pose a fire risk when charged to full, or nearly full capacity. The Detroit automaker said it had developed software that will limit vehicle charging to 90% of full capacity to mitigate the risk, while it determines the appropriate final repair.

"We're working together around the clock to deploy a final remedy as soon as possible after the first of the year," Jesse Ortega, executive chief engineer for the Chevrolet Bolt EV, told reporters on a conference call.

LG Chem said in a statement; "We will cooperate with GM and sincerely proceed with an investigation to identify the exact cause of fire."

NHTSA said Bolt owners "should park their cars outside and away from homes until their vehicles have been repaired, due to a new recall for the risk of fire."

The recall includes 50,932 U.S. Bolt vehicles.

Smoke inhalation injuries were reported in a March 2019 incident in Belmont, Massachusetts. A Bolt caught fire in the driveway and the owner said strong fumes permeated the home during a three-hour fire requiring professional cleaning. The owners also reported they suffered headaches from contact with the smoke.

Dealerships will update the vehicle's battery software beginning next week.

Other electric vehicles have faced fire risk recalls.

Last month, Hyundai Motor Co issued a recall for nearly 77,000 Kona EVs worldwide, saying possible defects in battery cells increased the risk of a short circuit or fire.

The affected vehicles in Hyundai's recall also use LG Chem battery cells, produced in the supplier's factory in Nanjing, China.

LG Chem denied any cell defects but said it was working with Hyundai.

(Reporting by Ben Klayman in Detroit and David Shepardson in Washington; Additional reporting by Hyunjoo Jin in SEOUL; Editing by Chris Reese, David Gregorio, Richard Chang and Tom Brown)

By Ben Klayman and David Shepardson


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY -3.03% 49.97 Delayed Quote.20.00%
HYUNDAI CORPORATION -2.27% 17250 End-of-day quote.8.15%
HYUNDAI MOTOR COMPANY -4.19% 240000 End-of-day quote.25.00%
LG CHEM, LTD. -3.07% 979000 End-of-day quote.18.81%
LG CORP. -2.30% 106000 End-of-day quote.21.14%
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Financials
Sales 2020 103 971 B 94,1 B 94,1 B
Net income 2020 1 881 B 1,70 B 1,70 B
Net Debt 2020 57 348 B 51,9 B 51,9 B
P/E ratio 2020 32,5x
Yield 2020 1,57%
Capitalization 50 732 B 46 009 M 45 913 M
EV / Sales 2020 488x
EV / Sales 2021 441x
Nbr of Employees -
Free-Float 71,0%
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Mean consensus BUY
Number of Analysts 27
Average target price 266 370,37 KRW
Last Close Price 240 000,00 KRW
Spread / Highest target 66,7%
Spread / Average Target 11,0%
Spread / Lowest Target -41,7%
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Managers and Directors
NameTitle
Eui-Sun Chung Chairman & Co-Chief Executive Officer
Won-Hui Lee Co-President, Co-CEO & Director
Eon-Tae Ha Co-Chief Executive Officer & Director
Chang Jae-hoon Co-President & Co-Chief Executive Officer
José Munoz Global Chief Operating Officer
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