Hyundai joins the list of automakers seeking to exploit Toyota’s recall

Article by Christian A., on August 25, 2010

Hyundai Motor America is the latest automaker to offer incentives to disgruntled Toyota car owners to entice them to trade in their cars for one of its own. Hyundai spokesman Chris Hosford said that through Feb. 1, consumers who exchange a Toyota to buy a Sonata, Elantra or Elantra Touring model will get $1,000 added to any other incentive.

Barclays Capital said that Hyundai is one of the automakers that it thinks is best poised to exploit the situation.

Toyota had halted the sales and delivery of eight models affected by the recall. Barclays estimates a short-term market share gain by GM of 2.4%, Honda 2.1%, Ford 1.6%, Nissan 1.1% and Hyundai 0.7%.

In a research note released recently, Barclays stated that the suspension of the sales of Toyota's bestsellers will not materially affect industry sales but that Toyota's market share will suffer somewhat.

It expects that Toyota's January sales will be down year-on-year. He also added that its 2010 U.S. auto sales forecast of 11.7 million vehicles is unchanged.

It can be recalled that last year's total was 10.4 million. Last Wednesday, GM launched a month-long incentive to Toyota and Lexus owners supposedly because it wanted to respond to the clamor from Toyota owners asking for help.

Topics: hyundai, toyota, recall

If you liked the article, share on:

Comments

Recommended

We first heard of the fifth generation SEAT Ibiza earlier this year, and last week, the company finally revealed the all-new Ibiza at the international launch in Barcelona. The new...
by - May 22, 2017
The aftermath of the Takata airbag recall still largely resounds in the automotive industry, as big automotive companies like BMW, Mazda, Subaru and Toyota were extensively hit with what is...
by - May 22, 2017
Amid reports that major rival Volkswagen would cease producing 2016 and 2017 model year diesel cars following the wake of the "Dieselgate" scandal, it’s believed that Chevrolet sees its opportunity...
by - May 22, 2017
Honda recently whips out a new feature for the S660 Bruno Leather Edition. Any guesses? Well, it’s going to be an iPhone app that goes by the name Rev Beat....
by - May 22, 2017
And so it goes, Ford is not at all closing its doors to an all-electric F-150 pickup. The American manufacturer initially laid out its plans for an F-150 hybrid earlier...
by - May 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries