PRLog (Press Release) – Apr 13, 2011 – Hyundai Motor Co. (005380) and Kia Motors Corp. (000270) rose in Seoul trading after Japanese rival Toyo first drive audi a6 ta Motor Corp. said it would halt some vehicle production in Euro 2011 Chrysler 200 Convertible pe and warned its U.S. dealers of a possibly tighter vehicle supply.
Hyundai rose 6 mustang car .3 percent, the most since October 2009, to close at 212,500 won i Infiniti m hybird n Seoul, while affiliate Kia advanced 4.6 percent to 73,500 won. South Korea's benchmark Kospi index gained 1.6 percent.
Toyota, the world's largest automaker, will halt output at five European plants for several days in late April and early May because of a shortage of parts after last month's earthquake in Japan, the company said yesterday. Reduced availability of Toyota cars may be boosting expectations for Hyundai and Kia's sales and profits, said Kim Byung Kwan, a Seoul-based analyst at Mirae Asset Securities Co.
"Hyundai and Kia are expected to expand sales in the U.S. as Toyota will likely continue to struggle with supply shortage," Kim said. "Toyota's sales likely won't normalize until the first quarter of next year."
Toyota shut most plants in Japan after the March 11 natural disaster and has also announced output halts in North America. The Toyota City, Japan-based carmaker warned its U.S. dealers earlier this week that vehicles may be in short supply into the third quarter.
Hyundai has gained 13 percent in Seoul trading since March 10, the day before the earthquake, while Kia has surged 19 percent. Toyota has lost 10 percent in Tokyo trading in the same period.
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