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Hyundai Sales Through The Roof

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On: Thu, Apr 22, 2010 at 2:53PM | By: John Welch


Hyundai Sales Through The Roof

The new Hyundai Sonata is an interesting-looking automobile. Part eel, part cheese grater, the front end of the Sonata stimulates discussion, if not disgust. We 'Murrikens don't care. The car is different, and "different" means everything in the American market. The sales figures prove it.

Hyundai has seen a 26% increase in sales during the first quarter of 2010, on the backs of redesigned Sonatas and Tuscons. On top of that, the average price of cars exported from South Korea climbed 13 percent. They have been able to really put the screws to Japan; a strengthening yen has made it difficult for Japanese companies to make money in export markets such as ours. Should Honda be worried about its market share?  . . . possibly . . .

 


The value of the Korean won has allowed Hyundai to keep its prices relatively low, while continually increasing quality. Hyundai's popularity in its home market is at an all-time high, with a whopping 30 percent sale jump over Q1 2009. The new Sonata has risen to be the highest selling new car in South Korea.

"The yen is weakening from the previous peak, but it hasn’t weakened enough to threaten Hyundai’s price competitiveness yet," said Stephen Ahn, head of investment at LIG Investment & Securities Company. "Although the won is gaining steadily, there’s no imminent threat as long as the currency stays around 1,100 won a dollar level."

"With a better product portfolio and worldwide recovery in auto demand, Hyundai should continue its earnings and market share expansion," said Heo Pil Seok, CEO at Midas Asset Management Company. "Its (Hyundai's) brand and quality is steadily improving, narrowing the gap with leaders like Toyota."

Will this wacky trend keep its momentum? It will, in its home market. The lack of a V6 option in the new Sonata may hamper its chances over here. The up-level turbo-four will surely be a performer, but will it cruise and lope about as comfortably as a six would? Doubtful, but we will have to wait a few months for a definitive answer, one way or another. Besides, even if you do trash your transmission and spin turbo-bearings trying to pass Luminas on the local interstate/speedway, Hyundai offers a pretty swell warranty. Just don't get caught breaking stuff on purpose.


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Comments

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James Roberts | 4:14PM (Thu, Apr 22, 2010)

They are a very smart company, since the 2011 Sonata is now out and is vertually the same price as the 2010 Hyundai has a $2500 rebate on top of rebates for college grads and military service folks. I disagree and think the new Sonata is a sharp looking car for the money but if I could pick up a new 2010 model for 17 grand with an incredible warranty I would. Actually I just did! My daughter needed a car and I couldn't even touch a little Honda Civic for the deal I received from Hyundai. The Sticker was $22,060 and I knocked over 5 grand off the price. They are moving so fast they will all be gone soon enough and they will then focus on the 2011 which I think has a better body style but $5000 to too much to pass up!


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RoadKill | 5:01PM (Thu, Apr 22, 2010)

I like the look of the Sonata, it has the looks of a more expensive car



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