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Hyundai finally settles inflated fuel economy claims lawsuit for $41.2 million

Remember when Hyundai and Kia changed their claimed fuel economy numbers for a bunch of models? That happened back in 2012, and Hyundai has finally settled a lawsuit concerning the economy adjustment with a payment of $41.2 million. The lawsuit was filed by 33 state attorneys general, as well as one from Washington D.C. Each state will decide how to use its money from the settlement. According to Hyundai, this settlement was an "amicable agreement," and the company also denies any wrongdoing in changing claimed fuel economy numbers. Hyundai also reports that the agreement was reached, in part, due to the reimbursement program instituted after the economy adjustment. This program allows owners to be reimbursed the extra fuel cost, with payments determined by miles driven. The payments are sent after an owner has an affected car's odometer checked by a dealer. In addition, Hyundai also offered lump-sum payments as an option after the results of a class-action lawsuit. So far, the company reports about 75 percent of eligible owners have participated in the program. This isn't the only major payment Hyundai has made concerning the fuel economy issue. In 2014, Hyundai paid roughly $300 million in fines to the EPA. The company was also sued for inflated fuel economy claims in South Korea. In the US, models affected by the adjustment include the Hyundai Santa Fe, Accent, Veloster, Sonata Hybrid, Tucson, Genesis and Azera, along with the Kia Soul, Rio, Sorento, Sportage and Optima. Related Video: Image Credit: Patrick T. Fallon/Bloomberg via Getty Images Government/Legal Green Hyundai Kia

Hyundai-Kia forecasts slowest sales growth in 8 years

Even with the arrival of the new Hyundai Genesis Sedan (above) and the expected introduction of at least two other new vehicles in 2014, Hyundai-Kia is estimating its sales will only increase by about 4.1 percent this year. Bloomberg has found that figure, which works out to a total of 7.86 million vehicles worldwide, to be lower than average analyst estimates of eight million vehicles. If the automaker is correct, that figure will represent the most sluggish growth for the Korean brands since 2006.
Based on an exchange rate of 1,050 won to the dollar - right now it's trading at anywhere from 1,050 to 1,052 depending on where you look - Hyundai is predicting a 3.8-percent uptick for sales of 4.9 million units, while Kia is expecting a 4.7-percent uptick for sales of 2.96 million units. That exchange rate is predicted to be part of what will hamper sales this year, with a stronger South Korean won making Japanese cars more price-competitive when cross-shopped. It's unclear how Hyundai derived its exchange rate, but 1,050 won to the dollar almost matches the 52-week high for all of 2013.
The company chairman mentioned a "low growth era" in the world economy, and weaker US sales are rumored to at least part of the reason John Krafcik recently vacated the post of Hyundai Motor America CEO, a post that has been filled by executive vice president of sales, David Zuchowski. That unexpected news capped a year in which two top execs resigned over quality issues and recalls and Hyundai agreed to settle a consolidated lawsuit over inflated fuel economy ratings for $395 million.

Is it time for the car-based trucks to return?

Back in 1957 Ford began producing the Ranchero. In 1959 the El Camino made its debut. In time, other manufacturers would execute their own version of the "Car Truck" anomaly. Dodge, Subaru, and Volkswagen would all join in the category before eventually ceasing production for the United States. Although production ran longer overseas, including Australia, where the "utes" were very well received, in the United States the last ute offering, the Subaru Baja, would cease production in 2006. The manufacturer offerings were very diverse. Powerplants ranged from 4 to 8 cylinders. The number of driving wheels were also diverse. Some were 2 wheel drive, others 4 wheel drive. Even more differentiation could be found in how the manufacturers decided to pursue the utility portion of their vehicle by providing either a unibody architecture for improved mileage, or a solid chassis for extra load bearing capacity and better towing ratings. Here's a brief (not comprehensive) production history of ute history in the United States... Chevy El Camino/ GMC Caballero: 1959-1960 then 1964-987 Dodge Rampage/ Plymouth Scamp: 1982-1984 Ford Ranchero: 1957-1979 Subaru Brat: 1978-1987 Subaru Baja: 2003-2006 Volkswagen Rabbit Sportruck: 1978-1984 That brings us to 2017. Trucks are huge sellers for manufacturers. However, miles per gallon ratings are huge concerns for those same manufacturers. So, automakers are looking to increase the efficiencies of their products to make them more palatable to the increasingly green conscience buying public. Enter a ute revival. A reborn unibody ute would meet that need as it would have the mileage numbers more closely tied to a car than a truck. It seems that I'm not the only one thinking this way. Hyundai has identified the emptiness of this car truck niche, looked at its own portfolio, and recognized the lack of pickup trucks. Fixing that emptiness is one of their concerns. So, they have viewed the active traditional pickup market, while also watching the unibody Ridgeline sales over in the Honda camp and determined that the niche needs to be filled with their own twist. They are rumored to have green lighted the 2019 Hyundai Santa Cruz for sales beginning in 2018. Hyundai's twist however, is that their vehicle would be based on a crossover chassis, possibly the Tucson. Remember, this is a rumor. So, it could change to a red light from the manufacturer or just as easily change to a Genesis chassis overnight.