Hyundai, Kia agree to record $100mln settlement for fuel economy suitNovember 4, 2014 - 09:44 AMT PanARMENIAN.Net - U.S. regulators have announced that Hyundai and Kia have agreed to a record $100mln settlement for overstating the fuel economy of their cars, BBC News reports. The South Korean carmakers were accused of exaggerating the fuel efficiency of 1.2 million vehicles. The penalty is the largest ever paid for violation of the Clean Air Act, according to regulators. "We are pleased to put this behind us," said Hyundai U.S. chief David Zuchowski, in a statement. In November 2012, the two carmakers admitted to having overstated the fuel economy of their cars by up to six miles per gallon. This, in turn, meant that the companies underreported the cars' greenhouse gas emissions to the US Environmental Protection Agency by around 4.75 million metric tons. As a result, Hyundai and Kai will also be forced to forfeit emissions credits for the difference between the original and the overstated data - worth approximately $200mln. "This unprecedented resolution with Hyundai and Kia underscores the Justice Department's firm commitment to safeguarding American consumers, ensuring fairness in every marketplace, protecting the environment, and relentlessly pursuing companies that make misrepresentations and violate the law," said U.S. Attorney General Eric Holder in a statement announcing the settlement. Shares in both Kia and Hyundai declined nearly 6% in trading after markets had closed. The allegations concern the Hyundai Accent, Elantra, Veloster and Santa Fe vehicles and the Kia Rio and Soul models. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |