$60,000 EV Battery? Hyundai Canada President Speaks Out
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- Опубликовано: 29 май 2024
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You may have heard a story about a Hyundai IONIQ 5 owner that damaged his battery in an accident and the car was written off because a new battery was going to cost almost $60,000 cdn How likely is this to happen and if you own not just a Hyundai EV but any electric vehicle, should you be worried?
I’ve said this from the start, batteries are expensive but the chance of a battery needing to be replaced other than in an accident where it’s covered by insurance is almost nil. Even off warranty, these batteries are designed for thousands of cycles meaning hundreds of thousands of miles before they show any significant loss of range. By the time anyone should need a non- warranted battery serve or replacement, battery technology would have advanced to the point of much lower costs to repair or replace with much higher power density and the ability to rapid individual cells.
Are electric cars the ultimate solution right now? For some yes but for many the infrastructure still isn’t there especially for those that need to rely solely on public charging. 
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Of course no one’s ever paid $60K for a battery. When presented with that price, the insurance company just “totals” the car.
Completely agree. The question should have been "Have people been quoted $60k for a battery?" and "How much is a battery if I went to a dealer to buy one today?" That was a truthful reply but totally misleading.
People have been quoted $60 000 for the batteries from dealerships. I think a better question is " Why are people being quoted $60 000 from dealerships" let him answer that one. @@mincooper
I was thinking the same thing. Or course nobody paid that much, its more than the value of the used car it came out of. Cheaper to buy a brand new one with no miles.
“We negotiate with insurers to get the car back on the roads, at a loss to us”
That said it all
@@CoFRTheGamerXxXFunny thing is in both incidences they did not negotiate and both cars were totaled .
The gentleman did not give a straight or fair answer to the cost to replace the battery. He said no one ever paid $30K for a battery. Does that means the battery is at least $29,999? BTW, why does Hyundai has to negotiate with insurance companies to settle on battery replacement cost? A lot of what he said did not make sense!
No one ever paid $60K for a Hyundai EV battery replacement as the car ends up being scrapped instead at that repair cost.
I would have liked a clearer answer on the $60,000 EV battery replacement since it could affect insurance cost to the person getting the battery replaced and maybe everyone else as the company decides to cover the cost. But I appreciate that you asked the question. Thanks.
Buy a NEW Tesla model Y for 42,000...
And if after 15 years if your battery has lost 10-15% of it's range, you could buy a new one (although the old one still will work fine). Tesla sells new battery packs for about $20K (US) and $15K (US) for refurbished battery packs.
Put it this way, if the battery was 20K not 60 K and was damaged in an accident, you would still make a claim on your instance which would raise your rates or you’d lose a portion of your safe driving discount. The cost of the battery would make no difference in the increase if your premium.
@@mikafiltenborg7572 yes and the battery in the tesla is no where near $60k. No reason to buy Hyundai (atleast until things are fixed, and maybe the new battery manufactor can produce cheaper batterys.. but still someone needs to pay for the facility aswell)
The battery was never $60k lmao do a bit of research if you want a real story.
Two comments from a guy who had a reservation for a Ionic 5, but cancelled
1.) Your own dealer service department quoted me $60,000+ for the battery
2.) When will you adopt LFP like the new Kia EV2?
They make the batteries for Kia as well.
I brought my 2020 Kona electric in because the backup camera stopped working. They called me to say it is going to be fixed under warranty and also they had some strange readings on the battery so it also was being replaced under warranty. The price was listed as around $55,000 - $60,000 but stated no charge.
@@EverydayReviews2022 Kia and Hyundai are effectively the same company, however my understanding is that the new Kia models EV2 EV3 etc. are being produced in China with LFP batteries
Yes the battery comes way down 49 thousands it ok
I have already watched a well done comprehensive video on this and YES customers were being quoted $60,000 for replacement battery packs in Canada. Corporate LIED saying it wasn't true but it was. I have also seen a recent video of a Tesla model 3 power in California quoted $9,000 for new replacement pack for his car. I'm sorry but $60,000 is absolutely insane and example of 1) how car dealerships RIP YOU OFF and 2) that Hyundai has way too markup on them as a part. Two separate dealerships quoted two separate customers $60, 000. I bet dealer cost is probably $30,000. I bet mfg cost is at worst $15,000. I would absolutely avoid Hyundai EVs.
Must be a democratic battery. It both 'ping lings... 'lies flat"' ... and just plain lies.
Indonesian users have had worse damage repaired for under $10k. $60k is a "we don't want to do this. Go away" quote, rather than a serious one. Replacement modules aren't that expensive.
@@user-nr7jm1so5j Trumphart fool. Red hatted deflector. LOL
5:35 TAKE A LOSS TO HELP INSURANCE Co. Come on Man!
I was waiting for the lightning to strike 😂
He’s like a politician…answers the question but does not address the key issue of the question. As for the “ I wouldn’t worry one bit” comment…I would because he didn’t answer the question.
Yeah,.......those legalized drugs clearly have gotten to u
No mention of refreshed Sonata on the display. Notice 2 red ones in background. Red colour is not available on Preferred model but is on Ultimate Turbo. So what is the 2nd car behind the Ultimate ? I have a Preferred AWD on order.
Nobody has ever paid $30,000 for a battery replacement is because they would rather junk the car then pay that much, because its more than what the car is worth.
Actually I had thought I recorded it but it’s have been afterwards where he actually said no one has even paid $2000 for a battery.
As a Canadian, until battery science comes up with better technology, I really can't imagine buying an EV for any reason.
Reduced range in winter, long charge times, picky batteries, i.e 80% charge,
Conditioning the battery in cold weather.
Limited infrastructure.
Warm weather climates are much better suited for this than colder ones.
A hybrid is the best solution at this point in time, not full-time EV's, in my humble opinion.
EVs are not for everyone for sure at this time. As Don said, the infrastructure isn’t anywhere near of what it needs to be.
Norway, a place as cold or colder than most of Canada, has been doing just fine with EVs. About 90% of new car sales are electric now. All good and nothing for anyone in Canada to worry about.
@@Hakone457 Norway is a smaller country so people drive smaller distances on average. That said I agree that range would not be a concern if infrastructure was in a better spot. If you had a fast, working charger every 30-50km along the highway like you got gas stations in most places you'd really not have to worry about it.
Charge times and range will keep getting better and prices will decrease - otherwise I'd already say EVs are a better product than ICE vehicles (quieter, more efficient, better torque aside from being more environmentally friendly esp if you live in a big city). I think people should just keep an open mind. Covid threw a wrench in the EV growth curve because supply chains didn't expand the way they normally would in a growth industry because of shortages and we're playing a lot of catchup now. I think people are too freaked out about the mandate. No-one is forcing you to buy an EV for a decade. In 10 years EVs will definitely be cheaper than ICE cars and have the same range as a tank of gas and likely similar times to recharge (it'll probably still be 10-15 minutes but the delta at that point will likely be acceptable for people if that gets them 500-600 miles of range (thanks in part to the mandates because they give the manufacturers planning security to scale up to reach the point where the cost does become lower).
@@Lor-dn1vz Big compared to enormous maybe, but they have a similar climate. They forgave the VAT on EVs, making them a lot cheaper to buy. I watched the RUclipsrs like Bjørn Nyland in Norway for a while before buying one. Their charging wasn’t always great, but with lots of them on the road came opportunity. If you own your home and have a driveway, my experience is it’s worth it. $7 to charge gives me a range of 300-400km at home, plus no more driving across town and lining up for cheap gas. Half a dozen trips where I have to use a commercial station for a half hour is no big deal.
All over blown reasons for not buying an EV. They were just fine in Canada. Don't believe the BS you read as the EV haters are everywhere.
I appreciate the lack of pushback on the $60k battery replacement story. We wouldn’t want to risk being banned from those car shows sponsored by Kia.
Hyundai did not deny the battery cost $60K. If it's damaged by a rock hitting it, the warranty is voided.
@@peterandrewjand hitting a rock happens. I don't know how it got there but I hit a 7" diameter bolder 6 years ago with a 2015 Explorer. 4-5 inches of snow on hwy 17 and I didn't see it till the last second.
Exactly! He didn’t ask any questions that I put in my comment, which a normal person would want to know! And I don’t even consider myself normal…lol
The issue is minor dings from road debris are causing total losses to these cars… there should be better protection underneath (titanium) and more investigation into repairs when anything does go wrong
Can you please ask more information about the Kia EV5 please because I heard it’s gonna come in Canada
Hyundai shows the prices of each compartment online, so mechanics won't overcharge them. And afaik, the battery assembly cost around 2~25,000 USD. If they charge over 30,000 USD, they are telling lies
where can I find this online site?
I don't blame hardworking folks who dare NOT touch any Kia or Hyundai vehicle. With the massive bill they shouldered from the engine failure/engine fire fiasco plus other major safety recalls, guess who will foot the bill eventually?
If you look into that $60,000 battery fisco, the whole thing was a dealer scam. It was a dealer in BC Canada who did no diagnostics, they didn't get Hyundai engineers involved (as per protocol), nor did they even drop the skid plate to look at the battery; there was only a scuff on the skid plate, and the car was working fine. ICBC should subrogate against them; I'd like to know who bought that Ioniq5 from ICBC auction, as they would have made a bunch of money selling it, even as a rebuild. The same week there was another incident in NS where the dealer did everything right and said the battery was fine, but a body shop subsequently wrote the vehicle off after doing no diagnostics.
You can find the full story on the Motormouth BC youtube channel.
Btw, I talked to the first dealer he went to and apparently they didn’t do a diagnostic on it besides the owner refused to pay and wanted it for free under warranty which makes no sense since he drove it off the road himself. He then took it to another dealer with the same story. No one ever interviewed the dealer and got their side of the story.
Did you see this one about an Ionic 5 owner with a terrible post sales experience. The guy seems really fair and and a fan of Hyundai... He was super patient with them but it sounds like he had a lemon... ruclips.net/video/zYV97F2Qqyk/видео.html
@@EverydayReviews2022 -- Someone posted that they tried to get the dealer's side, but they wouldn't talk. I read nothing about the guy taking it to another dealer.
@@davidrandall2742 had no problem talking to the GM of the first dealer. No one asked them. Guy brought it to a second dealer. There’s even more to the story but I don’t want to get into it. Don’t feel like opening another can of worms. All I can say is that they wanted to do the diagnostics but he didn’t want to pay.
The dealer didn’t right it off. The insurance company did. The first dealer it was brought to told him they needed to do a diagnostic on it but he didn’t want to pay the fee and thought it should be under warranty. Not saying that it should have been written off but there weee failures along the way including ICBC not questioning the price and just rolling with it which is ridiculous because under normal circumstances, it’s like squeezing blood out of a rock to get anything from them so for them just to lay down and pay is crazy. I’m sure they didn’t do too bad though as the unit would have been sold for quite a bit so they’d recover quite a bit reducing the overall payout. I thought it was crazy that the dealer didn’t diagnose too until I talked to the initial dealer recently and he told me what happened.
Batteries on wheels...What a stupidity! Public charging infrastructure....nobody speaks about the amount of energy that has to be produced for that...and the source for that energy, etc...
I think the government should not rebate new EV buyers but take that money and expand the charging network. Offering $100,000. to Gas Station owners in strategic locations to install 2 chargers makes sense to me.
So he said hyundai works with you while under warranty. So when the warranty expires, how much does the battery cost then?
And, of course, the warranty doesn't cover the impact situations of the people who had their cars written off due to 60k bills.
$55K.
Fantastic interview! this earned my subscription
Will those chargers be NACS tho? almost all of the current manufacturers are moving to this format!
I would think so.
no clear addressing the $60,000 battery story. don't answer my question I won't buy from you.
Yeah... He's not worried but he's not the one losing a car. 3 cases in Canada alone had to write off the the cars from Hyundai because the battery was quoted as 60k to be replaced.
He didn’t lie. Nobody paid $60,000 for a battery but only because they decided to scrap the car instead. If EV's become throw-away cars just because they need a new battery, nobody will buy them.
Do a tiny bit of research and you find that the dealership screwed up with the $60k quote. Hyundai Canada already confirmed it costs less than half that.
I did "a tiny bit of research", the battery in question is listed at multiple Canadian dealers for $56,650 and for $37,000 US south of the border. Just search the part number. Hyundai is not truthful here, just like with the defective gasoline engines.
Watch the whole video smartass
I am deciding on my new car, right now the finalist are the Mitsubushi Outlander Phev(Overpriced a bit in my opinion especially when I am not getting bigger sleeker screens and also just a bit small, would like they had a say grand Outlander) and the new Santa Fee pending reviews and test drive. A distant 3rd depending on price is the F-pace.
The new Santa Fee is the one to go with for the reasons you mentioned why the PHEV Outlander is not. And no need to wait for the reviews, as you get way better everything compared to the Outlander.
i didn't know mitsubishi still makes cars😅
YES THEY DID PAY $ 56000 FOR A BATTERY . I SAW THE VID WHERE THEY CALLED AND GOT A QUOTE .
That’s a quote.
The new Santa Fe looks vaguely similar to the Ford Flex.
It does !
Sounded like a politician answering.
30,000 charging stations won’t cut it.
What would "cut it" for you?
Even if "we usually take a loss"
means,
"we can't let people know the true cost of battery replacement now, because it will destroy our future market, and in the future they will pay full price".
battery prices have been on a downward trend.
There is at least one manufacturer that is saying they will cut prices by another 50% this year.
It is entirely possible that batteries will be one of the cheaper parts of all EVs by 2030.
The other question that needed to be asked is, if you wanted a battery how long would you have to wait to get one?
I would guess as long as it would take to come via ship. Not sure if they would have any inventory locally. Should help once the US plant opens this year so it can be thrown on railcar.
Hes not answering questions. $60,000 for a battery replacement? You’ll never see me driving around in a Huyndai!
Thanks for asking this question. I have to say that his answer did not increase my confidence in Hyundai. I hope they figure it out or they will get the same reputation for EV's that they have to ICE cars. On the other hand, I'm really looking forward to the announcement with FLO about charging infrastructure.
Love hyundai vehicles !!! Owned one since 2007. But I will only buy gas or hybrids !!!!
... so the whole car is 60 000 CAD + tax and they want $60 000 just for the battery because the batteries are 'expensive' 🤨🙄
I had no clue it was so cheap to build the rest of the car, tires, generators, seats, body, windows, lights, etc.
So why are we paying $1000 plus for a new headlight!?
Something doesn't add up here, and it sounds like they are ripping their customers off no matter how you look at it.
My 2013 Hyundai Santa Fe engine blew up at only 66k miles. Purchased a Tesla online and never looked back.
OK I like this guy. I came here expecting to hear a lot of lame platitudes. He really knows his stuff and I wish Hyundai the best. They seem to be in a very solid position transitioning to the future, which is EVs.
I like how he said; battery prices will come down as battery technology moves forward? Lithium ion is still the most practical battery to manufacture for EVs?
BYD is now manufacturing a sodium battery too.
Nope. That’s why they are all moving to Sodium (supposedly).
Much cheaper, no thermal runaway.
Actually its CATL that's currently manufacturing sodium ion batteries and though they are cheaper to produce, they don't have the energy density of lithium ion.
The chase for sodium ion batteries has been undercut by the complete collapse of the cost of source lithium.
😂 the 2nd inning
Shit that means 7 more to go.
He just said it will basically take forever to actually achieve this 😂
good interview
How about publishing the list price of all EV replacement batteries. The awards appear not to have any value at all.
Nobody’s ever paid $30,000 for a battery the man in the dark jacket says. But plenty paid $29,999.
Ya, now you have to pay these cost until we figure it out. .. in the near future. 😅
Why do you have to pay? If you’re think g about insurance, there’s a car stolen every 5 minutes in Canada and most of those vehicles are written off. That is what is affecting your insurance rates. Not the handful of battery write offs.
What costs? Like he said, they do less than one battery a month. And 99% are under warranty.
The news likes to splash every EV battery bad news story across the headlines. If they did the same with transmissions, people would think there was a national crisis and demand action from the legislature.
It's easy to stir up a panic. It's literally the oldest trick in the book.
Boo!! (did I scare you?)
At that point, we'll quote you 60,000 dollars for a new one.
I liked the ionic 5, even was on a waiting list. But not if a nick in the battery totals the car because of a 60000 price tag. I would worry if I was an ionic 5 owner. We are sticking with tesla till OEMs properly support their cars.
Greetings from southern Ontario Canada this article made me laugh and sad at the same time theres an investigation of the hyundai ioniq5 with the battery replacement through the motormouth couple Zack and Andrea Spencer from Vancouver two different consumers 1 in nfld and bc both had an accident that involved with replacing the batteries
I am deciding on my new car, right now the finalist are the Mitsubushi Outlander Phev(Overpriced a bit in my opinion especially when I am not getting bigger sleeker screens and also just a bit small, would like they had a say grand Outlander since they do not have the Pajero here) and the new Santa Fee pending reviews and test drive. I like the Jeep 4XE but at that price I may as well just go to the car I really like F-Pace which is number 3 on my list right now. All depends on price, and disappointed and horrified as some of the basic trims(Guess still better then years ago when Nissan had their AC a 65 hundreds optional, are they trying to kill me?). Also second hand market muddys the pictures a lot too. I really liked the D-Max pickup from Isuzu trip oversea with the orange color. And others like Li Auto or Xpeng I won't get into.
No Rav4 unless I cant get a really good price on second hand phev model
EV battery should be easy replacement like replacing your penlight and should only cost like replacing your ordinary 2M or 3M car battery.
No, he did.
He said 1) nobody ever paid 60 or 30,000$ 2) they negotiate with dealers/insurance carriers to bring costs way down (at a loss to manufacturer) to put the car back on the road.
Canadian cases were either dropped by customer or not perused by insurers.
That’s not Hyundais fault, that’s theirs.
Seems like a lot of people just want to stay mad at Hyundai
The problem with Hyundai is that they create good cars but that they can’t deliver them in a timely manner. I waited 25 months for an ioniq5 that never came. I finally lost patience and bought a Tesla Y. I had been very loyal to Hyundai so far. My 6 last cars had been Hyundai cars. The dealers cannot order anything. They have no clue when the cars are going to arrive. Very sad. I live in Canada.
Nobody should worry about replacing batteries. You're right. I don't worry because I'm not going to buy an EV at least not in the near future
When the president of a company says "a lot of the negative publicity is right" my gut tells me you are probably looking at a company that is going to do great things in the future.
Yes, but the quote for Ioniq 5 battery replacement is nearly $60000 in Hyundai Dealer was true and the CEO didnt say shit about that.
It’s true and he didn’t deny it.
I have to say that the batteries are okay over the warranty period is he then saying once the warranty is expired the car is only good for trashing because the battery isn’t warranty isn’t reliable. imagine if that happened with a vehicle and you told that the engine has to be replaced after five years soon should go on and on and on for 10 or 15 years
I sure in 2031 batteries will be like 4K
I don’t get people, how many new drivers are there? You buy a car how long does your battery last with that car? Even if they tell you 72 months warranty getting it to last 48 months is problematic enough! This is a regular battery so you know dam well that a replacement is in the works after 48 months regardless of what type of battery it is! Fully electric cars are extremely dangerous because they charge differently, they have way more explosive capacities when it comes to overheating or expansion of the batteries! These batteries need more time to cool down to!
Race to put them out without doing proper research on collisions, charging infrastructure, battery testing, supercharging batteries then getting back on the road constantly increasing the heat on these cells up and down on long trips! One bad cell can easily explode into flames causing a chain reaction and everything is lost!
No one's ever paid $60k for a battery is not the same as "no one's ever been quoted 60k for a battery) 😏
That said i do agree that their strategies to bring the battery cost down will happen.
Even if the battery was 20 or 30K, an average driver would still make a claim on their insurance.
Perhaps the battery was better protected you would not have to make a claim at all. Maybe they need to look at how well the battery is protected and review their testing. @@EverydayReviews2022
I've heard rumors that CATL will be slashing battery prices by another 50% this year.
If that's true, batteries are going to be getting a lot cheaper.
could be cheaper , if the car manufacturer passes along those battery savings.CATL just makes the modules not the complete battery.@@jimthain8777
Tesla batteries, arguably better than Hyundai batteries, are in the $9000 region with both the service dealer and Tesla making decent margins.
"We eliminated our mark-ups". Year right
"Nobody's paid $60,000, nobody's paid $30,000 for a battery!" He's absolutely right. The insurance companies scrap the car. The more unfortunate issue is, you pay $60,000 for your EV pre-pandemic then the car gets scrapped because the price of the battery is almost par with the price of the vehicle. Now Billy buys a new EV which is priced $15,000 higher, his interest rate jumped from 3% to 7.9% and his insurance nearly doubles.
I really think, they should think about speeding up battery charging times, when it's faster EV's will sell (thirty minutes to one hour is too long).
I’m sure down the road but at this time like with any battery, the faster you charge, the harder it is on the battery which can reduce the longevity of it.
I charge at home. It takes 5 seconds to connect and I always leave in the morning with a full "tank". No hunting for gas stations, freezing my butt in rain fueling, I never have to breath cariogenic fueling fumes, and the cost is less than 1/3 of gas to fill up. Trips are a breeze, as I stop for a snack or lunch, and the car is charged between 20-30 minutes - often faster than my meal. With an EV you don't have to wait by the car while "fueling" as you do with a gas car. So actual wasted time on a trip is often less than fueling with gas. For an EV, it is important to have plenty of charging locations, so Tesla is by far the best EV choice if you plan to go on trips. Others EVs will eventually adapt to the Tesla standard, but it's still a ways out.
Folks in various Ioniq 5 groups have gotten quotes from their dealerships and confirmed the cost is around 28k. Hyundai Canada confirmed the 60k quote was a screw up by the dealership. Can people do at least a modicum of fact checking before spreading nonsense?
Ah Bagdad Bob.. you should paste in the reciepts from owners in the backgrounds.
With this battery fiasco, forget Hyundai. I am not buying any electric vehicle until the cost of a replacement battery is made crystal clear.
With deceptive executives like this, ill continue purchasing used.
Hmm, it is already totally possible to replace individual cells. I have seen it with my own eyes. At Hyundai. He doesn’t know what he is talking about…
Then you do it. Good luck with warranty and safety. 🙄
What’s more realistic is a core charge for the pack, based on the number of failed or depleted cells. It takes less than 2 hours to swap mine out. It then goes to a specialty shop for refurbishment, like an automatic transmission, which is what I thought he was saying. Not all companies are there yet, but those that drop the ball may want to reconsider their options.
@@JohnLee-db9zt ??? Why would I do it myself? Hyundai will do it for me. As I said, they have already showed me an opened Ioniq 5 battery on which they were replacing one faulty cell.
Not a good idea. Tesla already determined out 12 years ago that replacing a single cell or even a module with a new one in a used pack (> 6 months old) is a really bad idea. It will stress the entire pack to the point of causing other cell failures as some cells are either over or under-charged. The entire pack's cells are a unit that ages together. You can replace a cell or module if very closely matched in wear with the rest of the pack. That's very difficult to find that matching cell or module. Some charlatans prey on those that want a cheap solution, but it's a very short-term fix. Often the pack will fail within months.
@@tesla_tap I meant modules not cells. But you are against that too. Your argument doesn’t apply though when modules are connected in series like in this case. If some are parallel like for a Tesla, I see your point. In series, the weakest modules determine the overall amperage and just slow down the newer ones. It’s basic electrics.
I just watched the CNBC RUclips video of their trip to Norway to see what their EV adoption has been like and it’s an eye opener that shows how backward things are where I live in Canada… they even have chargers on city streets set up like parking meters, and CircleK is a charging station service provider and not just a convenience store like where I’m from 🤯
To be fair, Norway is a much smaller country, and a way smaller population.
My car is with dealership for stalling and its been seven months since they have the car and no one is helping and irony they cannot even figure out whts wrong with the car. I'm going into financial strain and mental health has started to affect. If anyone can help plz help.
What car and what year?
He lies so easily about the cost of a battery
Who in their right mind would buy a Hyundai EV ? Hyundai doesn't sell replacement batteries as EV cars end up being scrapped with such astranomica! repair costs once batteries are dented.
Well who is going to pay 60k$ when the car is less. Of course nobody has paid it
Toyoda Akio was right. I don't believe this EV future.
The same guy who got demoted for not doing anything about EV's? The Tesla Model Y was the best selling car in the world.... in the world in 2023, was he right about that???
😂😂😂Look at Norway! 🇧🇻
P. S. Tesla model Y was the Best selling carmodel on planet Earth in year 2023 🥇🏆🎉
what about hydrogen?
@@trippplefive Hydrogen will never work for passenger cars, its old news
toyota was caught in a emissions scandal that makes VW's scandal seem like a nothing-burger. don't always believe your toyota god.
Terrible answer about the $60k battery. In reality- several customers have paid $60k (and/or had their EV vehicle written off due to minor battery damage). When an insurance company pays WE ALL PAY!
I just saw a news report today about insurance premiums likely to increase for that very reason.
Absolutely we all pay however the frequency and numbers are so small. We should be all more concerned about every 6 min a car is being stolen and most are written off. That’s a real concern and I bet insurance companies that are raising rates on EVs are just using it as an excuse because these stolen cars being written off are 100 fold more if not more. Either way EV or. It, insurance companies will always find reasons to increase premiums, things a gimme for them but in reality, EVs are still a very small percentage if any type of claims compared to ICE.
Glad to see that lack of public chargers is being acknowledged as the bottleneck to BEV adoption.
How do they manage to sell the car for the price of the battery?
Because they, and battery manufacturers were getting incredible subsidies from tax payers. But when they supply a spare part we see a real cost of a 1000pound product stuffed with rare minerals.
The same way XEROX charges $400 for replacement ink cartridges for a $199 printer.
or a Phone company selling mobiles cheap.
Ignore the man behind the curtain, the great oz sez EVs are great and full battery replacement is not 60k
Yet the 60k battery cost has been reported now buy many owners….oz lied!
‘Economies of scale’… really means that the first adopters get screwed first. And the battery lasting the ‘warranty period’ doesn’t help those who are buying used/in a few years/higher mileage cars… at all! It just means that someone later/used… will get burned with that multi-thousand(s) expense. Or rather… ‘higher than the price/value of that used car’. Never! … would be my advice.
Until they offer a lifetime or at minimum 500,000km battery warranty I will not be buying.
Batteries are expensive but you don't 60k for them you don t even pay 25 k for .but thanks for giving us all a heads up on not to buy your junk .maybe fix those motors that been blowing up for 10 years as well .toyota was correct right from the get go
Why does he make ABS sound like a big imposition ? He almost sounds like he to this day wishes he could sell cars without ABS
I see that you completely missed his point.
Don Romano is impressive. Excellent video - I admire your energy. I watched this twice - excellent. Flo is the very best EV infrastructure company.
The way he worded it, he said that no one has spent $60k on buying a battery. What he did not say is that the owner decided to NOT pay $60k and instead the insurance company wrote off the vehicle.. because fixing it would have entailed paying $60k for a new battery. So the reason why no one has paid $60k for a battery is because the cars were written off, because of the $60k cost of the battery.
True but if you think about it. Even if the battery was 30K, the owner would still make an insurance claim so the insurance company would pay that amount meanwhile when they wrote it off for 60k, they probably sold the old car for 30k and it was repaired and registered back as a rebuilt so both numbers are the same regardless if it’s 30 or 60K. I get it, we all want that battery number to be 10K but at this time, it’s just not going to happen until there a tons of batteries in abundance. I truly believe that the quoted number is almost arbitrary as they don’t want to sell you a battery so price it high. I do honestly believe though that there’s not a lot to worry about because most likely for the life of your car, if it needs a replacement it’ll be either under warranty or insured. If it doesn’t fall into those categories, your car will probably have 500k+ miles on it so buy a refurbished battery for less than 10K. Could I be wrong, absolutely but I don’t think a company that has worked for 50 years to get where it is to risk it all to make a few extra bucks on a battery.
No one paid 60,000 because they junked the car
I don’t know why people think that when a cars written off it’s junked that couldn’t be farther from the truth. The written off car will supply tons of parts from windshield to seats to other accident cars, the battery will be either repaired and resold or recycled. The car can even be repaired, inspected and resold as a rebuilt. So funny people think if it’s written off it’s off to the crusher.
He admitted to markup of battery costs hmmmm
Yes, corporations make markup on the things they sell.
This is not news.
It is the fact that the batteries cost more than the entire car for some reason is the news.
Tesla batteries, arguably better than the Hyundai batteries, cost around $9000 to replace and both the service dealer and Tesla are making margin on those.
So something is systemically wrong at Hyundai.
No one’s ever paid 60,000 for a battery. That is true. But people have written off almost new cars for a minor scratch on the battery and were quoted 60,000 to replace it.
Repairing damaged batteries is great, but the recovered cost should be credited to the original owner. It hardly seems beyond technological capability to build sensors that can give the battery health.
There is already battery health, but its hidden in service menus in Tesla for example. One problem with battery is if a few cells have lower or higher voltage than others for example. Usually its these that sets how much you can charge the battery, or uncharger.
This guy is so full of crap! I’d never buy Hyundai or Kia junk.
this Hyundai ceo is as phony as a $3 bill. Total doublespeak. No one has paid 60k is likely true right now, because that would be stupid!!!!! That would be written off as junk. He didn’t say no one was quoted $60k for a battery!!! And he did say they negotiate with each customer. Why negotiate? It should be the same price for everyone!!!!!
He said that prices would drop dramatically when the new battery plant is online. That says you should not buy now since used ones will drop in value.
Battery prices will drop not car price. Pretty sure they don’t drop the price of the cars as up until now their profits are very small on EVS compared to ICE. Companies need to recoup from all the initial design and costs.
ruclips.net/video/UmDpVPnIlR4/видео.html - this and the expensive battery replacement....LOL!
Brian awesome video. Your interview needs to reach mainstream media, as the EV haters keep regurgitating the $60,000 battery replacement BS story.
The story is not BS. The battery cost $60k. Period. Someone found a link with the part number on a Hyundai dealer site. This CEO is full of crap saying no one paid $60k. That’s because they get written off so technically “no one pays” means insurance pays which gets passed onto anyone looking to buy an ev soon.
Hyundai makes ok cars. Their corporate culture is scummy, more so than most. They got exposed and rightly so.
SHAME ON YOU FOR LYING. There are several well documented news articles addressing the $60,000 battery replacement charged by Hyundai as shown on Hyundai's invoice.
Well aware. That’s why I asked. The thing is there was not a battery charged to anyone. It was quoted so the insurance company decided to write the cars off without any question. No battery was ever sold. There’s a difference between quoting and actually selling a battery. It’s like reading the room rate in a hotel which is usually 5 times the price of the room and never charged however if there’s ever an insurance claim where someone needs to stay paid by the insurance company, you know they’re not paying the cheap rate.
The president appears to be full of it. (💩)
insurance companies don't buy them either.
they write 60k battery off as the whole car.
we've already seen at least 2 invoices publicly stating exactly that.
so paid more than 30k too.
liar.
now they got caught they are back pedalling.
bought a chevy bolt just because of hyundia and kia's warranty problems since the engines burning up in fossil lines of theirs they wouldn't stand up for.
if they actually wanted to repair their vehicles i might have bought 1.
I’m going to try and find out how much they sold the car for? I’m very curious. Lots of money for the rest of the car for parting out, battery recycling. I know there’s a shortage of parts for people in accidents as I’ve heard of long wait times for replacement parts. Would be a good deal for someone if you could pick it up for a decent price.
Wow talks and talks and says absolutely nothing must be a politician
JOE ISUZU IS BACK!
Only this jamoke is all bs and no fun.
"The insurance is paying for it!"
And you will be paying higher insurance rates forever.
"We are getting the battery costs down."
So the battery will only cost $40,000?
I was hot for an Electrified GV70 until I saw the battery story.
Now, no way, no how.
Well Brian, your channel is a complete puff piece accommodation for Hyundai/Genesis/Kia group based on what I've just watched. The complete lack of contrition from Don of 2 cases where the battery was effectively damaged after a relatively low level strike to the point the dealer AND their HQ advised it needed replacement. A $60k replacement which makes it a complete disaster for the consumer and insurance industry to cover EVs at a reasonable rate. I used to be a fan of this company but this combined with a recent review by an owner who received completely subpar after sales service on his Ionic 5, helped me see they have devolved and their EV range is not practical. Fail on Don's response and you accepting this BS. Your audience will realise that, 'no worries at all'.
His answers and demeanour didn’t inspire confidence at all.
If you’re worried about insurance cost rising , you really shouldn’t be concerned of all the write offs for stolen cars which happen every 6 minutes in Canada. The CR-Vs and F-150s should be your concern, EV battery write offs aren’t even on the radar in terms of numbers and insurance costs compared to these. The 60K number is only relevant if anyone ever paid it. The insurance company wrote a cheque to the claimant but then turned around and sold the car for X amount so it’s not a total loss compared to all the stolen cars headed off in containers to other lands.
@@EverydayReviews2022 you reminded me how Hyundai/Kia also failed in that space, making it especially easy for their cars to be stolen...once again, placing a burden on their customers and the insurance industry.
ruclips.net/video/BnRdLPaTs00/видео.html
No EVs for me, and if I was going to buy a new car Hyundai would be at the bottom of my list.
I thought the same as well. What’s more surprising is my wife was a complete badge snob and only drove German cars until she got into a Genesis. If you asked me 5 years ago if we would ever own a Korean car, I would have laughed but here we and I can honestly say that our I5 has been the best car we’ve owned. Is it perfect ? No but what car is? For the money it’s pretty hard to beat even compared to the BMWs we’ve owned.
Dude, the more you defend Hyundai on this the worse your credibility is.
Thanks for your support and comment. Cheers👍
Hyundai IONIQ? Or Hyundai Ironic?
Electrification is going off a cliff..lol
Tesla seems to be the real choice unfortunately battery cost + charging ability vs combustion engine .
Prices are gonna come way down so pretty much you’re saying don’t buy any electric cars from Hyundai because the prices are gonna come way down. That’s not very good sales pitch to sell cars right now though. What if everybody said well just wait till prices come way down to all the stuff that you already made. Nobody’s gonna buy let’s say then. What do you do with those cars crush him reuse the parts because prices are gonna come way down. Why would you pour $60,000 into let’s say a Kia EV9 only to have it dropping value drastically because the prices have come down. And then why wouldn’t you wait until the infrastructure is there? It’s a nightmare! But to you It’s not a nightmare. For the people trying to buy these cars it’s a nightmare. Electric cars right now are for the wealthy because they’re the only ones that can afford to take a loss and afford to have two other cars that are combustion engine powered, where they don’t have to worry about taking their electric car 600 miles. Blah blah blah blah. 😂😂😂
Tesla model Y : 41000$...