Hyundai-Kia could pay $100M for compensating consumers after inaccurate MPG figures

Hyundai - Kia Motors
Hyundai - Kia Motors

13 Kia and Hyundai models affected.

Moody's Investors Service says that Hyundai-Kia could end up paying $100 million after overstating fuel economy numbers.

As we reported earlier this week, Hyundai-Kia have admitted inflating fuel economy ratings for 13 models, affecting more than 900,000 units. Both carmakers said that customers will get a debit card for reimbursing the differences with the EPA fuel economy rating, based on miles driven and fuel price in that area. An extra 15 percent will be added to make up for the inconvenience.

According to Moody’s senior credit officer Chris Park, North America accounted for approximately 24 percent of Hyundai’s global sales during the first nine months of 2012. Because of this delicate issue and coupled with the absence of new models on the horizon, Hyundai-Kia could end up losing 9.2 percent of its new vehicle market share in the United States.

Source: autonews.com

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Comments (5)

Siawa Siawa
I never get the MPG mentioned on the stickers, can I also sue 6 different car brands?
Nov 8th, 2012 11:36pm
0 0
$100 million! Thats a lot. May be the defference in 0.2 or 0.3 MPG and this is not a big issue!
Nov 8th, 2012 9:32pm
1 1
JC.Euro JC.Euro
Look, Toyota did the same with the Prius MPG numbers and no one really cared. So what is the difference here...Hyundai and Kia are stepping up to the plate to take care of those affected. All this will pass and Hyundai and Kia will continue to innovate to the top 5 manufactures.
Nov 8th, 2012 9:09pm
1 1
thats what they get for lying....
Nov 8th, 2012 9:06pm
1 2