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 | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. |