Company hopes chip shortage will ease in Q2
Hyundai Motor Co. is hoping that the global automotive sector’s semiconductor shortage would alleviate in the 2nd period, allowing it to recover to pre-pandemic sales volume this year.
Hyundai’s vice chairman Gang Hyun-SEO said the microchip shortfall is anticipated to remain until the end of the current period, after which production could return to normal.
This year it is planned to increase sales of environmentally friendly cars by 30%
In Tuesday’s trade, Hyundai shares plunged 3.6 percent, the most since October 1 of the previous year.
Last quarter, the company’s global retail sales were down 15%, with sales in China down 43%, South Korea down 8.9%, and North America down 7.9% and 7.9%, respectively. The exception was Europe, which grew at a rate of 7%.
“Hyundai expects to sell 4.32 million vehicles this year, with a 30% growth in green car sales accounting for up to 40% of sales in Europe, and the new Loniq 6 electric vehicle set to debut in South Korea during the first part of the year,” the firm said in a release.
Asset prices, in addition, to supporting sustainable challenges, have become a strain for the corporation. In the third quarter, iron ore prices increased by 63 percent year on year to $165 per ton, aluminum prices increased by 40% to $2,384 per ton, and copper prices increased by 48 percent to $9.188 per ton, according to Hyundai.
n Indonesia, Hyundai and LG Energy aim to establish a $1.1 billion battery facility. Hyundai’s global electric vehicle market shares, following Hana Financial Investments in Seoul, is anticipated to be 5.7 percent based on sales from January to November 2021.