10 automakers fined $7.6 million for selling cars with poor safety standards
The ministry said the fines were based on corrective measures against defective parts of the companies' models from January to June of last year, reports Yonhap news agency.
The South Korean government said on Wednesday that it has imposed fines totalling 10.3 billion won ($7.6 million) on 10 foreign and domestic automakers for selling cars with inadequate safety standards. Of those, nine were foreign companies, including Volkswagen Group Korea, Mercedes-Benz Korea, Ford Sales & Service Korea, Porsche Korea and BMW Korea, while Hyundai Motor Co. was the sole South Korean firm, according to the Ministry of Land, Infrastructure and Transport.
The ministry said the fines were based on corrective measures against defective parts of the companies' models from January to June of last year, reports Yonhap news agency. Volkswagen Group Korea was subject to the largest fine of 3.5 billion won, followed by Mercedes-Benz Korea with 2.5 billion won. Ford Sales & Service Korea and Porsche Korea were subject to 1 billion won each.
The ministry said it also imposed separate fines totalling 39 million won on five companies -- Stellantis Korea, Mercedes-Benz Korea, Volkswagen Group Korea, Ford Korea and Kia -- for selling cars without correcting defective parts. Last week, Hyundai Motor and Kia voluntarily recalled nearly 170,000 electric vehicles (EV) to address a software error in the charging system.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
10:43 AM IST