Tuesday, September 26, 2023

Hyundai tries to cushion fallout from New York regulators’ statement

The largest conglomerate values ​​in South Korea, Hyundai and Kiawhen under pressure New York sued the manufacturers for what they say is that their vehicles are too easy to steal.

  • Among other things, regulators cited the lack of an immobilizer, a standard safety feature. He accused manufacturers of choosing ‘margins and profits’ over safety and deviating from industry standards;
  • Recently, some of the group’s models have been the subject of ‘viral’ videos on TikTok, where users were able to see easy ways to steal them, which eventually led to an increase in robberies across cities.

Both Hyundai and Kia have said they have taken steps to combat the thefts and are willing to cooperate with US transportation and safety regulators. Hyundai (HYUD.DE) They are trying to recover and are losing less than 2%. Kia Corp was one of the worst-performing majors on Korea’s KOSPI index, declining more than 4%.

Hyundai Tries To Cushion Fallout From New York Regulators' StatementHyundai (HYUD.DE). Source: xStation5

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