Hyundai Motor Co. said it and its affiliate Kia Motors Corp. aim to improve the fuel efficiency of their vehicles by 25% over the next six years, by expanding the use of high-strength steel to make them lighter and developing new engines and transmission systems. The news came just a few days after the South Korean duo were slapped with a record fine of $300 million for overstated fuel-economy ratings.
A Hyundai representative said today’s news wasn’t related to the Monday penalty and that the efficiency improvement plan is part of the company’s long-term road map. The auto makers will replace seven of the 10 engines they use in their vehicles with next-generation engines by 2020, Hyundai said in a statement.
The mileage-improvement goal may not quickly improve weak consumer sentiment, experts said.
“Fuel efficiency is the top priority when people consider buying a new car, particularly at a time like this when the economy is bad,” said Kim Pil-soo, an automotive-engineering professor at Daelim University College.
“Hyundai’s move is the right thing to do. But the problem is its target isn’t impressive. Given the rapid pace of technological development, its rivals can achieve more.” The two companies said Monday they agreed to settle for a combined $300 million claims that they overstated fuel economy statistics for about a quarter of its 2011-2013 model vehicles sold in the U.S.
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