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Hyundai Motor shares slide following U.S. probe of airbag failures

SEOUL — Shares in Hyundai Motor tumbled on Monday on a U.S. probe into why airbags failed to deploy in some of its Sonata sedans, with investors fretting about potential recall costs for the once popular cars. The probe, which follows crashes that reportedly killed four people and left six injured, will review the 2011 Sonata sedan as well as the 2012-2013 Forte made by affiliate Kia Motors, encompassing some 425,000 vehicles. It marks the second investigation by the U.S. National Highway Traffic Safety Administration into the South Korean duo in less than one year, exacerbating headaches for Hyundai which reported in January its worst annual earnings in seven years. Hyundai has issued a recall for more than 150,000 U.S. Sonatas after incidents of non-deployment were linked to electrical overstress in the airbag control unit, but said it did not have a final fix. "What I am concerned about is that the recall will be expanded to other markets," said Ko Tae-bong, an analyst at Hi Investment & Securities. The Sonata and Forte sedans were responsible for driving sales for Hyundai and Kia in key markets in recent years, although they are no longer as popular as they once were. Ko estimated the U.S. recall could cost as much as $575 million if airbags were replaced in 425,000 vehicles under review and the automakers were found responsible for the problem. Hyundai Motor shares tumbled 4.8 percent while Kia Motors lost 3.7 percent. Parts supplier Hyundai Mobis fell 5.4 percent while the broader market was down 0.7 percent. Hyundai declined to comment on whether the recall would be expanded. Kia said it has not confirmed problems with the airbags but added it would "act promptly to conduct a safety recall, if it determines that a recall would be appropriate." The automakers told the South Korean regulator that the Sonata and Forte models sold in the domestic market were not affected, an official at South Korea's transport ministry told Reuters. The U.S. regulator said the airbag control units were built by ZF Friedrichshafen-TRW, a German auto supplier that acquired TRW Automotive in 2015, adding that it would determine if any other manufacturers used similar airbag control units and if they posed a safety risk. The NHTSA also said that electrical overstress appeared to be the root cause in the 2016 recall by Fiat Chrysler America of 1.4 million U.S. vehicles for airbag non-deployments in significant frontal crashes.

2020 Kia Tellurides recalled for seatbelt problem

Just over 30,000 2020 Kia Telluride SUVs are being recalled in the U.S. due to a seatbelt installation problem. Year to date, Kia hasn’t sold much more than 30,000 Tellurides, so the recall applies to nearly every Telluride on the road right now. Documents posted on the NHTSAÂ’s website explain that the wrong seatbelt assemblies may have been installed in certain Tellurides. Instead of American-spec assemblies, Kia says the Middle East-spec seatbelt assemblies may have been installed on some Tellurides. HereÂ’s why thatÂ’s an issue: Kia states that the seatbelts in the passenger seat, second row and third row may not be equipped with an automatic locking retractor (ALR) feature. In case you werenÂ’t familiar with the terminology, automatic locking retractor belts are seatbelts that lock into place once theyÂ’re snug to whatever theyÂ’re holding — they lock into place, instead of allowing a passenger to tug them back out again. This is necessary for securing child seats into place via the seatbelt, because you donÂ’t want there to be any give or movement in a crash. U.S. regulations require that every forward-facing seat that isnÂ’t the driverÂ’s seat has the ALR feature so that a child seat can be properly secured in it. Kia says “If a non-ALR seat belt is used to secure a child seat in the front passenger, second or third row seats, it may not tightly secure a child restraint system, increasing the risk of injury to a child seat occupant in a crash.” As of now, there are no reported deaths or injuries as a result of this issue. Owners of these potentially affected Tellurides will have to bring their vehicles into the dealer to be inspected. If they have the non-ALR Middle East-spec seatbelts installed in them, Kia will change them out for American-spec belt assemblies free of charge. The recall is scheduled to begin Aug. 30, so owners should expect a notification in the mail soon. This recall is the first experienced by the popular Telluride SUV.

2023 New York Auto Show Mega Photo Gallery: See all the new cars from the show

The 2023 New York Auto Show was a rather lively show full of North American vehicle debuts and a lot of new metal we’ve never seen before. As always, we were on the ground covering it from every angle for you, including photographing all the reveals on the show floor. There were a ton of new EVs shown and even a stunning concept with the Genesis GV80 Coupe Concept. YouÂ’ll be able to see them all, from the production Ram REV to the little (but now much bigger) Kona, in the numerous galleries below.   2024 Kia EV9 2024 Kia EV9 View 7 Photos 2024 Kia EV9 GT-Line 2024 Kia EV9 GT-Line View 5 Photos 2025 Ram REV 2025 Ram 1500 REV View 6 Photos Genesis GV80 Coupe Concept Genesis GV80 Coupe Concept View 9 Photos 2024 Hyundai Kona Electric, N Line and Limited 2024 Hyundai Kona Electric View 21 Photos 2024 Jeep Wrangler 2024 Jeep Wrangler 4xe View 22 Photos 2024 Subaru Crosstrek Wilderness 2024 Subaru Crosstrek Wilderness View 14 Photos 2024 VW Atlas Peak Edition 2024 VW Atlas Peak Edition View 7 Photos Hyundai Ioniq 5 Disney100 Platinum Concept Hyundai Ioniq 5 Disney100 Platinum Concept View 9 Photos   Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Genesis GV80 Coupe Concept is coming to reality