KIMTF - Hyundai Kia to pay $210M in combined penalties to U.S. regulator

November, 27 2020 02:57 PM Kia Motors Corp Ord

U.S. units of Hyundai (HYMLF) and Kia (KIMTF) agree to pay a record $210M in combined civil penalties after the National Highway Traffic Safety Administration said they failed to recall 1.6M vehicles for engine issues in a timely fashion.The NHTSA says the two affiliated Korean automakers agreed to consent orders after they had inaccurately reported some information to the agency regarding the recalls in 2015 and 2017 for manufacturing issues that could lead to bearing wear and engine failure.Under the consent orders, Hyundai is subject to a total civil penalty of $140M, including a $54M upfront payment, and Kia is subject to a $70M total civil penalty.Earlier: Hyundai looks to avoid hot legal mess over EV battery fires (Nov. 18)

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Hyundai, Kia to pay $210M in combined penalties to U.S. regulator

Company Name:	Kia Motors Corp Ord
Stock Symbol:	KIMTF
Market:	OTC

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