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Mon, Aug. 18, 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.
Fri, Aug. 8, 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.
Wed, Jul. 2, 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.
Thu, Jun. 26, 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.
Apr. 4, 2013, 5:55 AMSouth 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. | Comment!
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