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SEOUL Jan 25 Kia Motors has set
aside provisions of about 200 billion Korean won ($187.13
million) to compensate drivers in North America for its
overstated fuel-economy claims, Joo Woo-jeong, a director at the
automaker, said on Friday.
Hyundai Motor and its affiliate Kia Motors
conceded early November that they overstated the fuel economy on
more than 1 million recently sold vehicles in the United States
and Canada, and agreed to compensate owners for the additional
Hyundai said on Thursday it has earmarked 240 billion won to
cover the compensation costs.
Hyundai and Kia posted disappointing results for the
December quarter, hit by the stronger local currency and costs
to compensate drivers for false mileage claims, sending their
shares tumbling on Thursday and Friday.
($1 = 1068.7500 Korean won)
(Reporting by Hyunjoo Jin; Editing by Shri Navaratnam)