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Hyundai, Kia to pay up to $395M in proposed settlement over fuel economy

Hyundai and its sister company Kia said Monday that they will pay up to $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 $88 annually, which is based on the amount the mileage was overstated and the average price of gasoline.

Kia Motors sees 35% drop in Q1 profit

South Korea's Kia Motors said Friday that its first quarter net profit plunged 35 percent from a year earlier due to a strong won and work stoppages. Consolidated net profit fell to 784 billion won ($706 million) in the January-March period, from 1.2 trillion won a year earlier, the country's second largest car maker said. Operating profit fell 35 percent from a year earlier to 704.2 billion won, and sales were down six percent at 11.08 trillion won.

(News Focus) Hyundai-Kia-recall

SEOUL, April 4 (Yonhap) -- A massive vehicle recall in the United States and South Korea by Hyundai Motor Co. and its smaller sister company Kia Motor Corp. is feared to dent their hard-won reputation abroad, highlighting the challenges the carmakers face in becoming premium global brands, market watchers said Thursday.
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