Korean duo gains amid Japan woes
By Mayumi Negishi and Neha Singh |
June 2, 2011, Thursday
|
Print Edition
Print Edition
JAPANESE auto sales fell by a third in May, the lowest total for the month since 1968, as car makers struggled to restart production after the earthquake and tsunami that roiled the country in March.
South Korean rivals, however, continued to gain traction with Hyundai Motor and affiliate Kia Motors posting double-digit growth in sales driven by solid demand for new models.
Despite the ninth consecutive drop in monthly new vehicle sales, Japanese car makers are recovering faster than expected with market leader Toyota Motor expecting its output to return to 90 percent of its pre-quake levels by this month.
Still, overall production in 2012 could be almost a million vehicles less than Toyota had planned to build at the start of the year. Lost output by the end of May was 900,000 cars.
Nissan Motor Co and Honda Motor Co have also said they are working to bring production back to pre-quake levels as soon as possible, most likely during the financial third quarter from October-December.
Sales of vehicles, excluding 660cc minicars in Japan, fell 37.8 percent from the year before to 142,154 units last month. Toyota, the world's biggest automaker, led the drop with a 56.6 percent fall.
Meanwhile in Europe, auto sales in France fell 8.3 percent in May on an adjusted basis, a decline attributed to the ending of government incentives to replace older models.
South Korea's Hyundai and sibling Kia, which rank fifth in global car sales, saw robust sales growth in May. Hyundai's sales climbed 13.6 percent, while Kia's sales soared 22 percent as a jump in its overseas sales offset a dip in sales at home.
Investors are waiting for United States sales numbers to be released later to gauge whether the South Korean duo will gain share from Japanese car makers in the key market.
South Korean rivals, however, continued to gain traction with Hyundai Motor and affiliate Kia Motors posting double-digit growth in sales driven by solid demand for new models.
Despite the ninth consecutive drop in monthly new vehicle sales, Japanese car makers are recovering faster than expected with market leader Toyota Motor expecting its output to return to 90 percent of its pre-quake levels by this month.
Still, overall production in 2012 could be almost a million vehicles less than Toyota had planned to build at the start of the year. Lost output by the end of May was 900,000 cars.
Nissan Motor Co and Honda Motor Co have also said they are working to bring production back to pre-quake levels as soon as possible, most likely during the financial third quarter from October-December.
Sales of vehicles, excluding 660cc minicars in Japan, fell 37.8 percent from the year before to 142,154 units last month. Toyota, the world's biggest automaker, led the drop with a 56.6 percent fall.
Meanwhile in Europe, auto sales in France fell 8.3 percent in May on an adjusted basis, a decline attributed to the ending of government incentives to replace older models.
South Korea's Hyundai and sibling Kia, which rank fifth in global car sales, saw robust sales growth in May. Hyundai's sales climbed 13.6 percent, while Kia's sales soared 22 percent as a jump in its overseas sales offset a dip in sales at home.
Investors are waiting for United States sales numbers to be released later to gauge whether the South Korean duo will gain share from Japanese car makers in the key market.
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