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:

Pin It

Comments

Recommended

Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 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