by Nate Wooley | November 2, 2012 10:56 am
An audit of the fuel efficiency of Hyundai (PINK:HYMLF) and Kia (PINK:KIMTF) vehicles by the U.S. Environmental Protection Agency reveal that the companies overstated the gas mileage for up to 13 vehicles over the past three years.
The audit began when multiple owners complained to the EPA that the mileage for their cars was not matching the sticker when the cars were purchased. An EPA spokesman says it’s the first time this sort of problem was identified across multiple models from individual manufacturers. Only two other mileage errors have been found since 2000.
The vehicles in question are model years 2011 through 2013 and include Hyundai’s Elantra, Sonata Hybrid, Accent, Azera, Genesis, Tucson, Veloster and Santa Fe, and Kia’s Sorrento, Rio, Soul, Sportage and Optima Hybrid.
Hyundai and Kia are owned by the same company and share production and development facilities. The companies claim the misstatements come from differences in how they and the EPA test for mileage.
They’re planning to offer annual payments to those who purchased vehicles with incorrect stickers. The amount of the payment will be determined by the size of the error and the number of miles driven each year. The companies are also being required to change their mileage claims on the showroom stickers by anywhere from 1 to 6 miles per gallon.
Source URL: http://investorplace.com/2012/11/oops-hyundai-kia-overstated-gas-mileage/
Short URL: http://invstplc.com/1fq0Tt7
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.