Hyundai and Kia could pay nearly US$400 million in fuel settlement
December 25, 2013, 12:18 am TWN
Hyundai and its sister company Kia said Monday that they will pay up to US$395 million to consumers as part of a proposed settlement over overstated gas mileage.
The Environmental Protection Agency found inflated numbers on 13 Hyundai and Kia vehicles in November of 2012.
Hyundai and Kia acknowledged the problem, changed the fuel economy numbers and blamed a procedural error. Since then, Hyundai and Kia have been compensating owners with payments of around US$88 annually, which is based on the amount the mileage was overstated and the average price of gasoline.
Hyundai Motor Co. and Kia Motors are also offering an option of a lump-sum payment. The companies put a figure to it Monday, saying Hyundai would pay up to US$210 million and Kia up to US$185 million.