14 billion yuan compensation! Hyundai and Kia reached a settlement in a collective lawsuit in the United States for car theft
Hyundai and Kia settled a collective lawsuit in the US for car theft, paying out 14 billion yuan in compensation
【PhoneAuto News】The controversy caused by the Hyundai-Kia car theft videos that went viral on TikTok has finally come to an end today. According to foreign media reports, Hyundai-Kia Group has reached a $200 million settlement (approximately RMB 1.4 billion) for the collective lawsuit filed by car owners due to massive car theft. The agreement covers about 8.3 million Hyundai and Kia vehicles from 2011 to 2022, which generally use traditional key ignition systems that lack anti-theft devices, and therefore face significant theft risks.
It is understood that the settlement amount reached by Hyundai-Kia is as high as $145 million, which is used to compensate consumers whose Hyundai or Kia cars were stolen for cash losses suffered. The compensation includes two major parts: damage to vehicles and personal property, with a maximum compensation of $6,125, and insurance-related expenses of $3,375, such as insurance deductibles or increased insurance premiums. In addition, the agreement also includes compensation for transportation expenses not covered by rental, taxi, or other insurance. Car owners can also claim reimbursement for towing, fines, and other penalties after their vehicles are stolen.
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Previously, both Hyundai and Kia have stated that they will provide software upgrades for affected vehicles without anti-theft locking systems to help reduce the risk of car theft. For vehicles that cannot be upgraded with software, both companies have stated that they will provide customers with up to $300 in funds to purchase steering wheel locks or to upgrade their anti-theft systems through other third-party options.
Previously, someone uploaded a video on TikTok showing how to steal Hyundai and Kia cars that are not equipped with electronic ignition or anti-theft devices. As the video became popular, thefts of Hyundai and Kia models soared, to the point that several major insurance companies threatened to stop insuring affected vehicles, or refused to insure new customers who recently purchased these vehicles.
The affected Hyundai vehicles include the Elantra, Tucson, Sonata, Atez, Kona and Santa Fe from 2011 to 2022, while Kia includes the Forte, Optima, Rio, Sedona, Sorento, Soul and Sportage. Hyundai said the anti-theft software update can be completed in less than an hour. Each updated vehicle will receive a window sticker to remind potential thieves that the vehicle has new anti-theft technology installed.
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