Asian car makers' January sales robust
By Hyunjoo Jin and Chang-Ran Kim |
February 2, 2011, Wednesday
|
Print Edition
Print Edition
ASIAN auto makers, led by outperformer Hyundai Motor, got off to a strong start for 2011 with robust January sales as they gear up for the sector's broad recovery.
But growth in China and India is seen cooling off, while an uneven recovery in advanced markets such as the United States and Europe remain a concern, analysts said.
"Hyundai posted firm sales despite concerns that its China sales would fall sharply because of the end of tax subsidies... Now the focus is its US sales figures, which will be released overnight," said Yoon Phil-joong, a Samsung Securities analyst.
"US cars sales are expected to fall from December because of heavy snow and year-end inventory clearance. But the US market should gradually recover this year, albeit not drastically," Yoon said.
US auto sales lost momentum in the final weeks of January, auto executives and a leading analyst cautioned on Monday, setting the stage for a softer start to 2011 than the industry had expected.
Auto makers in the US were set to report January sales later yesterday.
Hyundai and its affiliate Kia Motors, which outperformed their overseas rivals during the economic downturn, are set to report strong sales and earnings this year, driven by improved brand image and quality and new models, analysts said.
Hyundai saw its global sales jump 14 percent in January, while Kia sales rose by a third.
New auto sales in Japan, excluding 660cc mini vehicles, fell 21.5 percent in January, declining for the fifth straight month after subsidies to replace older cars expired.
But the pace of decline slowed from the previous two months, and an industry official termed the drop as relatively tame, noting that sales volume in January marked a 7.4 percent rise from the same month two years ago.
Michiro Saito, general manager at the Japan Automobile Dealers Association, said new and refreshed models may have helped.
But growth in China and India is seen cooling off, while an uneven recovery in advanced markets such as the United States and Europe remain a concern, analysts said.
"Hyundai posted firm sales despite concerns that its China sales would fall sharply because of the end of tax subsidies... Now the focus is its US sales figures, which will be released overnight," said Yoon Phil-joong, a Samsung Securities analyst.
"US cars sales are expected to fall from December because of heavy snow and year-end inventory clearance. But the US market should gradually recover this year, albeit not drastically," Yoon said.
US auto sales lost momentum in the final weeks of January, auto executives and a leading analyst cautioned on Monday, setting the stage for a softer start to 2011 than the industry had expected.
Auto makers in the US were set to report January sales later yesterday.
Hyundai and its affiliate Kia Motors, which outperformed their overseas rivals during the economic downturn, are set to report strong sales and earnings this year, driven by improved brand image and quality and new models, analysts said.
Hyundai saw its global sales jump 14 percent in January, while Kia sales rose by a third.
New auto sales in Japan, excluding 660cc mini vehicles, fell 21.5 percent in January, declining for the fifth straight month after subsidies to replace older cars expired.
But the pace of decline slowed from the previous two months, and an industry official termed the drop as relatively tame, noting that sales volume in January marked a 7.4 percent rise from the same month two years ago.
Michiro Saito, general manager at the Japan Automobile Dealers Association, said new and refreshed models may have helped.
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