Hyundai Reported 17% Decline in Car Sales Amid Chip Shortage
Hyundai Motor sold 3,12,602 vehicles in November, down from 3,77,193 units a year earlier, the company said in a statement.
South Korea’s biggest carmaker Hyundai Motor saw sales fall 17 per cent last month from a year earlier amid global chip shortages.
Hyundai Motor sold 3,12,602 vehicles in November, down from 3,77,193 units a year earlier, the company said in a statement.
Sales in South Korea declined 11 per cent to 62,071 units from 70,035, as the lack of semiconductor parts continued to affect vehicle production and sales, it said.
Overseas sales dropped 18 per cent to 250,531 from 307,158 amid the extended Covid-19 pandemic, reports Yonhap news agency.
From January to November, Hyundai’s overall sales rose 5.4 per cent to 3.55 million autos from 3.37 million units in the year-ago period.
To reflect chip supply shortages, Hyundai revised down its sales target to 4 million vehicles for the year from 4.16 million units announced early this year. Last year, it sold 3.74 million autos.
Recently, Hyundai Motor and affiliate Kia unveiled their electric concept SUVs at the Los Angeles Auto Show as they strengthen their all-electric portfolios in line with rival carmakers’ electrification push.
Hyundai and Kia debuted the large-sized “Seven” and flagship “EV9” concept models built on Hyundai Motor Group’s dedicated EV platform, called E-GMP, at the US motor show during a two-day media preview.
The carmakers are planning to gradually phase out combustion-engine cars in global markets as governments are adopting more aggressive policies to fight climate change.
