Hyundai leads U.S. sales rally for Asian carmakers

Hyundai Motor Co., South Korea's biggest carmaker, led Asia-based automakers to a U.S. sales increase last month as industrywide demand stabilized amid signs of economic recovery.

Hyundai said its October sales in the U.S. jumped 49 percent from a year earlier, while affiliate Kia Motors Corp.'s rose 45 percent. Toyota Motor Corp., the world's largest automaker, gained less than 1 percent while Nissan Motor Co.'s sales rose 5.6 percent and Honda Motor Co.'s fell 0.4 percent.

"Hyundai and Kia continue to be the biggest beneficiaries of current market conditions," said Jesse Toprak, head of industry analysis for TrueCar Inc., a vehicle pricing and data service in Santa Monica, California. "Consumers keep looking for the most car they can get for the money. Hyundai and Kia are giving them that."

Industrywide sales were little changed in October as the U.S. economy returned to growth in the third quarter after a yearlong contraction, expanding 3.5 percent. Orders placed with U.S. factories rose in September for the fifth time in six months, according to a government report yesterday.

U.S. auto sales totaled 838,052 cars and light trucks last month, down 104 vehicles from a year earlier, according to Autodata Corp. in Woodcliff Lake, New Jersey. Asia-based brands expanded sales 4.9 percent, increasing their market share to 46.6 percent, according to the research firm.

Cars, Trucks

General Motors Co. and Ford Motor Co. reported increases of 4.7 percent and 3.3 percent, respectively, for cars and light trucks, while Chrysler Group LLC's sales dropped 30 percent. Combined market share for the three automakers' U.S.-based brands fell 1.9 percentage points to 44.6 percent, Autodata said.

"Last October, sales fell off to hell in a handbasket after Lehman's collapse," Al Castignetti, vice president of the U.S. Nissan brand, said in an interview. "There's definitely more confidence out there than a year ago."

Toyota, Japan's largest automaker, sold 152,165 Toyota, Lexus and Scion vehicles, 164 more than a year earlier. The Toyota City, Japan-based company's Lexus RX sport-utility vehicle, Prius hybrid, Tundra pickup and RAV4 compact SUV generated the biggest volume gains.

The company's sales for the month were affected by limited supplies of some models, Bob Carter, group vice president for Toyota's U.S. sales unit, said on a conference call yesterday.