Eight Hyundai and Kia properties were raided in Germany and Luxembourg in an operation coordinated by European Union agency Eurojust.
Korean car manufacturer Hyundai and Kia have been raided by German authorities for allegedly taking 210,000 suspected diesel cars off the streets, the Frankfurt state prosecutor’s office told Reuters. Beaters are systems that can change a vehicle’s emissions levels, but it’s unclear if automakers are actually using these devices to mask the true pollution levels of their vehicles. are not.
In 2015, Volkswagen admitted that it used software to cheat US emissions tests on some diesel engines. In the case of Hyundai and Kia, the suspected cheating devices are believed to have come from parts companies Bosch and Delphi, which are now owned by the Borgwarner group of companies.
Eight carmakers’ properties were raided in Germany and Luxembourg in an operation coordinated by European Union agency Eurojust. The raids were confirmed to Reuters by a spokesman for Hyundai Motor Group in Seoul, which represents both That and Hyundai.
According to Kim Joon-sung, an analyst at Meritz Securities in Seoul, the investigation could be expanded or lead to punitive damages. He also stated that in the mid-2010s, Hyundai and Kia diesel models sold in Europe were investigated, and no evidence was found of the possibility of emissions manipulation.
After new companies were raided in Germany, their shares fell more than 6% on Wednesday, as investors feared it could lead to an expanded investigation and damages. harmful. Shares of Hyundai Motor and Kia fell 5% and 4%, respectively, less than the broader market’s 1.5% decline.
First published date: June 29, 2022, 11:18 AM IST