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Express News | Reported Saturday, Hyundai Motor America Reports February Sales of 62,032 Units (+3% YoY), HEV Sales +57%, Electrified Sales +35%
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Asian auto stocks declined as Trump announced new auto tariff measures.
Asian auto manufacturers and Auto Parts companies fell after U.S. President Donald Trump warned of new tariffs on autos. Trump stated on Friday that the U.S. would impose tariffs on autos around April 2, but did not disclose further details. South Korea's Hyundai fell 2.9%, Kia dropped 2%. Japan's SUBARU CORP Unsponsored ADR fell 4%, Mazda dropped 2.3%, and Honda fell 2.2%.
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Trump discusses tariffs, causing South Korean steel companies' stock prices to drop.
After President Trump of the USA announced new tariffs, stocks of South Korean Steel manufacturers fell on Monday. POSCO's stock price dropped 3.6% to 0.2305 million won, the lowest since October 2022; Hyundai Steel's stock price fell 2.9%, reaching a historical low. Trump stated that he would announce a new 25% tariff on all steel and aluminum imported into the USA on Monday, which will be a significant escalation of his trade policy reform on top of the existing Metal tariffs. Stocks of South Korean Auto Manufacturers also weakened, with Hyundai Motors down 0.7% and Kia down 2%, along with the South Korean benchmark stock index.
Reports say that Hyundai has suspended the production of two models of electric Autos for a period of five days.
According to sources in the automotive industry, due to the continued slowdown in demand for electric vehicles, Hyundai Motor has decided to suspend the production of its Ioniq 5 and Kona electric vehicles. The sources stated that Hyundai will interrupt the Operation of Line 12 at its Ulsan Plant from February 24 to 28 to adjust production in response to sluggish domestic sales and a decrease in Orders. This production line is used to manufacture the Ioniq 5 and Kona electric vehicles. Last month, Hyundai Motor sold only 75 Ioniq 5s in South Korea, with the total sales of this model in South Korea for 2024 expected to be around 16,600 units, falling short of market expectations.
Express News | Reported Saturday, Hyundai Motor America Achieves Record January Sales of 54,503 Units (+15% YoY), HEV Sales +74%, Electrified Sales +41%
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