If you bought a Hyundai or Kia over the past three years, you could soon be getting some money back from the two automakers.
The Environmental Protection Agency says the South Korean carmakers, owned by the same parent company, overstated the gas mileage on 900,000 vehicles over the past three years. The EPA discovered the bloated figures during an audit of gas mileage tests undertaken by the companies. The agency said last week it was investigating how the carmakers arrived at the numbers.
As the presidential race zeroes in on Ohio, and the auto industry gets renewed focus in the all-important swing state, Mitt Romney's campaign is touting the backing of former Chrysler CEO Lee Iacocca and the company's former president, Hal Sperlich.
"In our opinion, Mitt Romney is the leader we need to help turn our economy around and ensure that the American auto industry is once again a dominant force in the world," Iacocca and Sperlich write on Romney's website.
If the airbag in your car was replaced sometime in the past three years, and it wasn't done at an auto shop attached to a car dealership, there is a small possibility the part could be fake.
The National Highway Traffic Safety Administration is expected to issue an alert today telling consumers whether they should have their vehicles checked for the real McCoy. More than 100 types of vehicle airbags could be involved.
The Obama administration filed a lawsuit with the World Trade Organization this week alleging that China is illegally subsidizing its auto industry.
The US says China provides cheap loans and grants and other incentives to their car industry, and that these favors go to companies who are already successful exporters. That, says US Trade Representative Ron Kirk, is unfair.
Originally published on Tue September 11, 2012 2:07 pm
It's been four years since the U.S. launched a massive bailout of the financial system and the auto industry. While much of the bailout money has been paid back, the government still owns large shares in companies such as AIG and GM, and has yet to recoup some $200 billion in bailouts.