Hyundai and Kia’s marketing heavily relied on their vehicles achieving 40 mpg or more, but the brand’s images have now been tainted by the mpg mess up, and share prices have already taken a hit because of it. The “purchase intent” for Hyundai’s Elantra, previously touted as a 40 mpg model, has gone from 6.7 percent on October 28, down to 6.3 percent as of November 18.
“Purchase intent,” is associated with a customer buying a particular vehicle within three months of checking it out.
Kia’s small Soul hatchback saw the sharpest loss in “purchase intent” numbers, dropping to 7.3 percent from 9.2 percent in just under a month. The Soul lost 6 mpg highway after the fuel economy numbers were clarified, representing the largest loss out of all the vehicles involved.
Although Hyundai and Kia have both apologized and initiated a reimbursement program for consumers, the tarnishing of both brand’s reputation is playing against them when it comes to sales.
[Source: Automotive News]