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Automobiles

Hyundai, Kia raided over suspected defeat devices in Germany

South Korean automakers shares drop

Hyundai logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, Sep.8, 2021.   © Reuters

BERLIN/SEOUL (Reuters) -- German authorities have raided Hyundai and Kia over allegations that they put over 210,000 diesel vehicles with suspected illegal defeat devices onto the road, the Frankfurt state prosecutor's office said on Tuesday.

The announcement sent shares of the two South Korean automakers down more than 6% on Wednesday, as investors fear it may lead to an expansion of the investigation and punitive damages.

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