Hyundai joins the list of automakers seeking to exploit Toyota’s recall
By Andrew C., 30 Aug, 2010. 0 Comments
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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.
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