Multiple U.S. owners of Hyundai's popular Ioniq 5 electric SUV have complained of completely or partially losing propulsive power, many after hearing a loud popping noise, the National Highway Traffic Safety Administration said Saturday.
Hyundai said it would offer a software update beginning next month and replace affected components if necessary.
The NHTSA said in a notice posted online that it received 30 complaints about the problem in 2022 models, of which it estimated 39,500 were on U.S. highways.
The Office of Defects Investigation at the NHTSA has opened a preliminary investigation and says Hyundai indicated in an initial review that a power surge was damaging transistors, preventing vehicles' 12-volt battery from recharging.
Hyundai spokesperson Ira Gabriel said the company was fully cooperating with the investigation and was launching a service campaign in July to update affected vehicles' software and, if necessary, replace the component involved. It's called an Integrated Control Charging Unit.
General Motors, Mercedes-Benz, Hyundai, Stellantis and Volkswagen have also issued recalls since February of 2020, most due to internal battery failures that can increase the risk of fires.
The U.S. National Transportation Safety Board also investigated a series of fires in Tesla vehicles and said the high-voltage lithium-ion batteries pose safety risks to first responders after crashes.
Many governments are counting on EVs to replace gasoline-burning vehicles that emit greenhouse gases that cause global warming.
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Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
