Hyundai, Kia earmark $760 million to settle U.S. lawsuits over engine fires

Reuters
Hyundai, Kia earmark $760 million to settle U.S. lawsuits over engine fires

Hyundai and affiliate Kia have earmarked 900 billion won ($758 million) to settle U.S. class action litigation and address engine-related issues including fires and failures in the United States and South Korea. The move marks the South Korean auto giant's first major effort to resolve years of trouble over engine defects that have also sparked probes by the U.S. safety regulator and prosecutors. Hyundai Motor will make a provision of about 600 billion won in its July to September earnings while Kia will book one for about 300 billion won, they said on Friday.