Hyundai Falls to 8-Month Low on Recall Speculation
“Market rumors that Hyundai may have a big-size recall in the U.S. are driving shares lower,” Lee Sang Hyun, an analyst at NH Investment & Securities Co., said by phone today. Hyundai Motor declined to comment in an e-mail response to questions.
The U.S. National Highway Traffic Safety Administration said in July the South Korean company was recalling some 2007 through 2009 Santa Fe sport-utility vehicles and some 2012 and 2013 model-year Sonata sedans for issues related to airbags.
Hyundai Motor last week reported third-quarter profit that exceeded analysts’ estimates as it benefited from anti-Japan protests in China and the i10 minicar helped the company buck the slump in Europe. Deliveries last month increased 14 percent to 412,189 vehicles from a year earlier, the company said today.
-- Editors: Subramaniam Sharma, Chua Kong Ho