Hyundai Motor shares dive 8 percent after overstating U.S. fuel economy

SEOUL Sun Nov 4, 2012 11:22pm EST

The logo of Hyundai Motor is seen on the wheel of a car at a Hyundai dealership in Seoul October 25, 2012. REUTERS/Kim Hong-Ji

The logo of Hyundai Motor is seen on the wheel of a car at a Hyundai dealership in Seoul October 25, 2012.

Credit: Reuters/Kim Hong-Ji

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SEOUL (Reuters) - Shares in Hyundai Motor (005380.KS) extended losses on Monday, to trade down 8 percent at their lowest levels in more than a year, after the automaker and affiliate Kia Motors (000270.KS) admitted they overstated the fuel economy of more than 1 million vehicles sold in the United States and Canada.

Investors fretted about a potential blow to their brands in the key North American market, as well as the cost of compensating customers which could reach tens of millions of dollars annually.

Kia shares slumped more than 7 percent.

(Reporting by Hyunjoo Jin; Editing by Edwina Gibbs)

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