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Hyundai and Kia set aside $412 million for false mileage claims

We still don't know how the whole fuel economy ratings debacle is going to play out for Hyundai and Kia, but both automakers are preparing to make good on their promises to reimburse vehicle owners for lower-than-promised mileage figures. According to Automotive News, Hyundai and Kia have set aside a combined total of $412 million ($225 million for Hyundai and $187 million for Kia) as compensation, which will be sent out on a case-by-case basis via debit cards depending on the vehicle and the mileage driven.
Announced back in November, the exaggerated miles per gallon claims affect around 900,000 Kia and Hyundai products produced for the 2011 through 2013 model years sold in the US and Canada. This whole deal has had plenty of action ranging from suspected whistleblowing from a rival US automaker and even insider trading, but it has probably been most frustrating for vehicle owners who, in most cases, saw their vehicles' city and highway ratings drop between one and three digits.

Hyundai reveals new Creta crossover in India

It's been less than a month since Hyundai told us to start anticipating the arrival of the new Creta, and even less time since it released the first teaser sketch. Now the Korean automaker has taken the wraps off the finished product. Unveiled over the weekend in India, the new Hyundai Creta applies the company's latest design language to a smaller crossover form. Full details have still yet to be released, but those body panels are laid over a structure the manufacturer calls Hive. It makes use of a high proportion of high-strength steel to keep the chassis rigid yet lightweight. Powertrain options – for the Indian market anyway – include a 1.6-liter four with 121 horsepower or a choice of diesels with as much as 126 hp. Hardly earth-shattering stuff, but short of more potent turbocharged offerings, those engines ought to make it perfectly competitive with the company it intends to keep. Relative output and fuel choices aside, the engines channel their power through a six-speed manual or automatic transmission, though there's no mention as of yet of the availability of all-wheel drive. We'll have to wait for a release with a wider purview to find out more. At this point Hyundai isn't showing us around the interior, either, but you can scope out what images have been released thus far in the slideshow above. It'll be a while longer before anyone can determine whether it'll prove a worthwhile competitor to the likes of the Nissan Juke, Jeep Renegade, and Honda HR-V, to name just a few likely rivals. With fellow Korean automaker SsangYong eager to make its mark with the similarly compact Tivoli as well, the Creta will have quite a fight on its hands. Hyundai Showcases the Global SUV- CRETA No. 1512015-06-278 hit • Strong structural strength with adoption of Hive body structure • Stable & confident ride & handling for ultimate driving experience • Powerful engine options with first in segment Diesel Automatic Transmission Chennai, 27 June 2015- Hyundai Motor India Ltd, the country's leading premium car manufacturer and the largest passenger car exporter today, unveiled India's most awaited stylish, powerful and dynamic SUV - 'CRETA'. The CRETA marks Hyundai's entry in growing SUV segment with strong product offering boosting Hyundai's product line up to a robust 10 product portfolio.

Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.