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Hyundai Motor Recalls Over 145,000 EVs with Power Train Issues
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Hyundai Motor Recalls Over 145,000 EVs with Power Train Issues

Story Highlights

A new Hyundai recall has it promising to replace faulty components that can lead to power drive loss in more than 145,000 EVs.

South Korean automobile manufacturer Hyundai (HYMTF) is recalling more than 145,000 electric vehicles (EVs) due to power train issues. That covers the company’s IONIQ 5, IONIQ 6, Genesis GV60, Genesis GV70, and Genesis G80 EVs, with model years ranging from 2022 to 2025.

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According to the National Highway Traffic Safety Administration, there are problems with the integrated charging control units in these Hyundai EVs. This makes them prone to damage, which results in the EVs’ 12-volt battery no longer charging. When that happens, it can cause drive power loss.

What to Do with Affected Hyundai EVs

Owners of the Hyundai EVs included in this recall can have it fixed for free by the company. All they have to do is take it to a dealership for repairs. That covers software updates and fuse replacements for the components.

What This Means for HYMTF Stock

It’s not uncommon for shares of an automotive company’s stock to fall alongside recall news, but that isn’t the case with Hyundai. Instead, HYMTF stock is up slightly on Friday morning.

HYMTF stock is doing well in 2024, with the shares up 28.18% year-to-date. The stock has also experienced a 32.1% increase over the last 12 months.

What Else Is Happening at Hyundai?

Other recent news from Hyundai includes a change in leadership. Jose Munoz was announced as the next president and CEO of the automobile maker. That will see him replace Jaehoon Chang at the start of 2025. Chang isn’t leaving Hyundai but will instead be promoted to Vice Chairman.

Is HYMTF Stock a Buy, Sell, or Hold?

Turning to Wall Street, there’s a lack of analyst coverage for HYMTF shares over the last three months. As a result, TipRanks isn’t providing a consensus rating or price target for the shares.

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