Bloomberg News

Hyundai Motor, Kia Shares Fall as Sales Miss Expectations

October 03, 2011

Oct. 4 (Bloomberg) -- Hyundai Motor Co. and Kia Motors Corp. slumped in Seoul trading after sales in the U.S. missed consensus expectations and concern Europe’s debt crisis is deepening dragged down South Korean stocks.

Hyundai fell 4.7 percent to 201,000 won at 9:57 a.m. on the Korea Exchange, its biggest decline in more than a week, and Kia dropped 4.3 percent to 68,800 won. The benchmark Kospi Index fell 5.7 percent.

The Seoul-based automakers sold a combined 87,660 vehicles in the U.S. in September, below the 20 percent gain that was the average of three estimates compiled by Bloomberg. Sales were 14 percent higher than a year ago.

Hyundai, South Korea’s largest automaker, sold 52,051 vehicles, up 12 percent from a year earlier. Kia, a Hyundai affiliate, sold 35,609 vehicles, up from 30,071 year ago.

--Editor: Brett Miller

To contact the reporter on this story: Rose Kim in Seoul at rkim76@bloomberg.net

To contact the editor responsible for this story: Kae Inoue at kinoue@bloomberg.net


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