New York (CNN Business) – Hyundai will recall 82,000 electric cars globally to replace their
batteries after 15 reports of fires involving the
vehicles. Despite the relatively small number of cars involved,
Hyundai’s recall is one of the most expensive in history, signaling how
electric car defects could create hefty costs for automakers — at least in the
The recall will cost Hyundai 1 trillion Korean won, or $900 million. On a per-vehicle basis, the average cost is $11,000 — an astronomically high number for a recall.
Replacing an entire battery is an extreme measure, requiring a similar amount of work and expense as replacing an entire engine of a traditional internal combustion-powered car. Very few recalls of gasoline powered cars require an entire engine to be replaced. One of the few exceptions was a 2014 recall of 785 of the Porsche 911 GT3 sports cars. Porsche did not release the cost of that recall, but it was certainly more expensive on a per-vehicle basis than this Hyundai recall. —read more—