Hyundai, Kia Announce Settlement Deals on Fuel Economy LawsuitMonday, December 23, 2013
Hyundai Motor America Inc. and Kia Motors America Inc. said they've reached agreements with customers on claims related to the automakers’ restatement of the fuel economy ratings on a number of vehicles.
The two automakers said last year they were lowering the fuel economy estimates on several 2011-13 model year vehicles in a move estimated to affect some 900,000 combined vehicles.
Hyundai said Monday its settlement agreement would cost about $210 million, a figure that could change depending on whether a consumer opts for a one-time, lump sum payment averaged out to $353, or stays on a debit card reimbursement program for the length of their vehicle ownership.
Kia’s proposed settlement totals about $185 million, with an average lump sum payment of $667.
The courts are expected to rule on the proposed settlements early next year.