Nov. 6, 2014, 6:12 AM
- Hyundai (OTC:HYMLY) and Kia (OTC:KIMTF) are aiming to increase the average fuel economy of their vehicles by 25% by 2020 to meet emissions regulations in South Korea, the U.S. and Europe.
- The automakers will develop next-generation engines and transmissions, reduce the weight of key models and expand their line-up of environmentally friendly vehicles to reach their target.
- The news comes on the heels of the South Korean duo's settlement earlier this week, when they agree to pay a $350M fine to the U.S. government for overstating fuel economy ratings.
- Previously: Hyundai, Kia agree to record settlement for overstating mileage
Nov. 4, 2014, 6:48 AM
- Hyundai (OTC:HYMLY) and Kia (OTC:KIMTF) will pay $350M in penalties to the U.S. government for overstating fuel economy ratings, resulting in the largest fine ever issued under the Clean Air Act.
- "This will send an important message to automakers around the world that they must comply with the law," says Attorney General Eric Holder.
- The deal follows a $395M settlement the automakers agreed to pay last December to resolve claims from the owners of the vehicles, bringing the companies' total cost for the mileage overstatements to more than $700M.
Oct. 30, 2014, 3:52 AM
- In its latest shift away from consumer finance, General Electric (NYSE:GE) is in early-stage talks to sell its 43% stake, likely worth more than $1B, in its South Korean auto-financing and credit-card businesses.
- The sale would unwind a partnership that began a decade ago between GE and Hyundai Motor (OTC:HYMLY).
- It isn’t exactly clear how much GE will receive from the sale, but it has already received some of its original investment back through dividends.
Aug. 18, 2014, 2:47 AM
- Russia may impose restrictions or a ban on vehicle imports from Western countries, if the U.S. and EU impose additional sanctions on Moscow, Reuters reports quoting the Vedomosti.
- The paper says that the proposals have already been sent to Putin for consideration but no decision has been made yet.
- The new ban, however, would not apply to foreign automakers' production inside Russia. Ford (NYSE:F), Volkswagen (OTCQX:VLKAY), Renault (OTC:RNSDF), Toyota (NYSE:TM) and Hyundai (OTC:HYMLF) all have production facilities inside the country.
- Related stocks: AN, KMX, CRMT, GM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTCPK:BAMXY, OTCPK:MMTOF, OTC:PEUGF, TTM, OTCPK:FUJHY.
Aug. 8, 2014, 6:20 AM
- Hyundai (OTC:HYMLF) has been fined $17.4M for not reporting a brake malfunction in timely fashion to U.S. safety regulators.
- "Rather than issue a recall, Hyundai instructed dealers to change the brake fluid in affected vehicles without explaining the consequences of failing to change the brake fluid," says the National Highway Traffic Safety Administration.
- The defect can cause corrosion in Hyundai Genesis braking systems, and affects 43.5K vehicles.
Jul. 2, 2014, 2:52 AM
- Hyundai (HYMLF) is recalling 58k Elantra Touring cars in North America due to a support bracket defect. The bracket can cause injuries if it is dislodged during a side air bag deployment.
- Adhesive strips will be placed on the brackets in order to fix the issue.
- The company states that no injuries have yet been reported.
Jun. 26, 2014, 7:22 AM
- Hyundai (HYMLF) is likely to be fined $1M by the South Korean Transport Ministry for overstating the fuel economy of its Santa Fe. Tests revealed the SUV's fuel economy was 8.3% lower than marked.
- Contradictory results were released by the Industry Ministry which declared the percentage to be in a 5% acceptable margin of error following its test results.
- Kia and Hyundai both admitted to overstating the fuel economy on about 900k cars in the U.S. last year, leading to a settlement worth up $395M.
Dec. 23, 2013, 6:02 PM
- Hyundai Motor (HYMLF) and Kia Motors (KIMTF) will pay as much as $395M to settle lawsuits by customers claiming the automakers overstated fuel-economy ratings on vehicles of the 2011-2013 vintages.
- Hyundai will make payments of up to $210M and Kia as much as $185M.
- The Korean manufacturers blamed the overstatements on "procedural errors" at a joint testing facility.
Sep. 10, 2013, 4:24 AM
- The auto market in Europe is stabilizing after five years of steep declines, car executives have said, but they expect the recovery to be long and slow due to high unemployment and soft bank lending in the region.
- Europe should "see the end of the tunnel next year," said Renault (RNSDF.PK) chief Carlos Ghosn, who was speaking at the Frankfurt Motor Show.
- Meanwhile, Volkswagen (VLKAF.PK) aims to increase car sales to 9.5M this year from 9.3M in 2012, helping to boost shares 2.1% in Frankfurt. Brand sales dropped 1% in August to 461,600 cars, giving a year-to-date figure of 3.84M. That up 3.1% from last year.
- Auto Tickers: F, GM, TM, HMC, CARZ, FIATY.PK, PEUGF.PK, BAMXF.PK, DDAIF.PK HYMLF.PK, NSANF.PK
Apr. 4, 2013, 5:55 AM
South Korea's Hyundai (HYMLY.OB) and affiliate company Kia (KIMTF.PK) have recalled over 1.7M vehicles in the U.S. from five model years due to a defect that could stop brake lights from illuminating and the cruise control from turning off. The companies are also recalling 160,000 vehicles in South Korea for the stop-lamp problem, while Hyundai is recalling over 186,000 Elantras due to problems with a support bracket in the car's interior.| Apr. 4, 2013, 5:55 AM