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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.

2018 Kia Stinger will start at $32,795

The 2018 Stinger proves that Kia can indeed make a credible performance sedan. And now we know exactly how much it will cost to park the rear-wheel-drive hatchback in your garage. The 2018 Kia Stinger starts at $32,795 with its standard 255-horsepower turbocharged four-cylinder engine. Opting for all-wheel drive, which is available across the board, bumps the price up by $2,200. A Stinger with the premium package that brings LED lights, a sunroof, power seats, navigation, and a nice sound system will set you back just under $38,000. If you want a Stinger GT and its 3.3-liter twin-turbo 365-hp V6, expect a sticker of at least $39,895. A fully loaded Stinger GT2 will run $50,395. That sounds pricey, but only if you're basing your buying decision on the badge. We tested this performance-bred Kia on the world's best-known race circuit, the Nurburgring, and came away mightily impressed. The Stinger is aimed at premium brands like Audi, BMW, and Mercedes-Benz, and with that in mind, it's priced appropriately. Only time will tell if the car-buying public at large agrees. We'll find out soon; the Stinger will hit dealerships within the next few weeks. Related Video: Featured Gallery 2018 Kia Stinger View 37 Photos News Source: Kia Auto News Kia Car Buying Hatchback Performance Sedan kia stinger gt kia stinger

Kia recalls 2006-10 Sedona and 2007-09 Sorento for risk of electrical short

Kia Motors has issued a precautionary recall on 228,829 units of 2006-10 Sedona minivans and 2007-09 Sorentos due to a rare possibility of a short circuit that could cause a fire in the engine compartment. Kia expects about 1% of the cited vehicles could have moisture in the anti-lock braking system (ABS) module. National Highway Traffic Safety Administration (NHTSA) campaign No. 20V088000 says that some 2006-2010 Sedonas and 2007-2009 Sorentos have a Hydraulic Electronic Control Unit (HECU) within the ABS module that could be susceptible to moisture damage. Should moisture enter the HECU, it could cause an electrical short circuit, which could then spark a fire. Because the HECU is energized when the car is turned off, this issue could arise even while the vehicle is parked.  Kia has yet to determine exactly how and why moisture is getting into the HECU, and it's not the first time this type of problem has caused a recall. Hyundai Motors recalled 429,686 Hyundai Elantra and Elantra Touring models for the same issue.  Because there isn't a certain root defect to fix, Kia has devised a plan to reduce the risk of fire. Kia will install a relay in the vehicle's main junction box, free of charge. This will prevent power from going to the HECU while the ignition is off. Kia will alert owners of affected vehicles starting April 10, 2020.  Kia and Hyundai have also been involved in completely separate engine-fire-related recalls in the recent past. Throughout the previous few years, Kia and Hyundai have recalled millions of cars, crossovers, and SUVs with faulty oil pans and high exhaust temperatures that damage catalytic converters. As a result, the NHTSA opened an investigative probe into Kia's and Hyundai's handling of the recalls and resolutions.   Related Video: