Friday, August 12, 2022

Hyundai feels pinch of chip shortage, global sales drop 4.5%

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Hyundai Motor, South Korea’s largest automaker, said Friday that June sales fell 4.5 percent from a year earlier as a global chip shortage continued to affect car production and sales.

Hyundai Motor A total of 340,534 vehicles were sold in June, up from 356,631 units a year earlier, the company said in a statement.

Domestic sales fell 13 percent to 59,510 units from 68,407 during the period, while overseas sales fell 2.5 percent to 281,024 from 288,224, the report said. Yonhap news agency

From January to June, sales fell 7.6 percent to 1,877,193 cars, from 2,031,185 units in the same period last year.

Hyundai has set a sales target of 4.32 million units for this year, higher than the 3.89 million sold last year.

Hyundai said Thursday it is setting up a new investment subsidiary in the US, following on from its pledge to invest $10.5 billion in the world’s largest economy.

The new subsidiary, tentatively named HMG Global, will be incorporated in the US state of Delaware and funded by Hyundai’s three flagship arms: Hyundai Motor, kia and Hyundai mobisaccording to regulatory filings posted by the companies.

Hyundai Motor and its smaller subsidiary Kia will jointly inject a combined $578 million into the new US unit.

The new US affiliate is expected to launch around August after regulatory approval.

The move came as a follow-up to Hyundai’s announcement in late May that it will spend $5.5 billion building electric vehicle and battery cell plants in Georgia.

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