General Motors Co. Vice Chairman Bob Lutz says recent U.S. sales gains by Hyundai Motor Co. Ltd. have not come at the expense of his company, and he expects a weaker dollar to further level the playing field between Detroit and its Asian competitors. “That’s imports beating up on imports,” Lutz says of Hyundai’s momentum.
According to Ward’s data, the South Korean auto maker’s share of the U.S. market grew to 4.3% in October, compared with 3.1% year-ago. GM’s share fell to 19.9% from 22.3%.
But with a weakened dollar, Lutz doubts Hyundai’s steady march can continue much longer.
“Hyundai’s success is based on very aggressive pricing,” he tells Ward’s prior to the introduction of the new-for-’11 Buick Regal here. “Over time, it’s not sustainable, because of the drop in the dollar vs. the Korean won.”
The Japanese yen also is strengthening, which further will level the playing field between GM and longtime rivals, such as Toyota Motor Corp., he says.
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