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LOS ANGELES - Hyundai Motor America joined the list of automakers seeking to exploit Toyota's recall crisis by boosting incentives to lure Toyota trade-ins, reported Automotive News.
Through Feb. 1, consumers who exchange a Toyota to buy a Sonata, Elantra or Elantra Touring model will get $1,000 added to any other incentive, said Hyundai spokesman Chris Hosford.
Hyundai is among the automakers that Barclays Capital said is best poised to take advantage of the situation if potential buyers of eight Toyota models whose deliveries were halted this week move to competitors with similar vehicles.
Barclays sees a short-term market share gain by GM of 2.4 percent, Honda 2.1 percent, Ford 1.6 percent, Nissan 1.1 percent and Hyundai 0.7 percent.
On Wednesday, GM said it will offer a month-long incentive to Toyota and Lexus owners in response to “thousands” of calls and e-mails to dealers and GM employees from Toyota owners asking for help.
On Thursday, Ford targeted Toyota and Honda owners by offering $1,000 in trade-in assistance towards a new Ford, Lincoln or Mercury model.
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