New York City Lawsuit: Hyundai and Kia Stocks Plunge!

New York City Lawsuit: Hyundai and Kia Stocks Plunge!

-As “Vehicles that are prone to theft”-

Report from Business Korea article

Hyundai and KiaStock prices fall on the Korean stock market:New York City has filed a lawsuit against Hyundai Motor and Kia Motors.Stock prices fell on the Korean stock market. Investor sentiment for both stocks cooled.

Hyundai closed at 196,400 won, down 2.29%.

Kia dropped 4.87% to close at 82,000 won.

NY City sues:

Hyundai and Kia are seeking unspecified and punitive damages in federal court in Manhattan.

In the complaint, the City of New York stated that from 2011 to 2022:

Hyundai and Kia do not install anti-theft engine immobilizers in most of their vehicles.

Lawsuits are also pending in Seattle, Baltimore, San Diego, Cleveland, Milwaukee and other US cities.

Last year’s challenge video:It spread rapidly on social media such as TikTok.Shows how to steal Hyundai and Kia cars, leading to a spate of thefts across the United States.

Hyundai and Kia owners:

Owners of Hyundai and Kia vehicles have filed class action lawsuits against two South Korean companies.

In May, Hyundai and Kia agreed to pay the plaintiffs $200 million (27 billion won) in damages.

Korea Ministry of Land, Infrastructure and Transport (MOLIT):

On June 7th, Kia Motors and others are recommended by a vehicle correction order.

http://www.businesskorea.co.kr/news/articleView.html?idxno=116125