Korean car makers profit on Japan-China tensions

South Korean car manufacturers Hyundai Motors (005380.KRX, 005385.KRX, 005387.KRX) and affiliate Kia Motors (000270.KRX) expect to exceed sales targets this year after a territorial row in the East China Sea turned Chinese consumers away from Japanese products, including autos, South China Morning Post reported. Hyundai said the two companies would exceed their projected sales figure of 1.25 million vehicles. Combined auto deliveries for the companies increased to 127,827 last month, 9.5% more than last year. Anti-Japanese sentiment peaked in September when Japan claimed to nationalize several disputed islands, known as Diaoyu in Chinese and Senkaku in Japanese. The Langdong and K2 models led September sales for the Korean car makers, Hyundai said. Car sales during the month climbed 15% at Hyundai and 0.3% at Kia.