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Hyundai’s January Sales Fall 12 Percent Amid Chip Shortage

Rahul Bhagat
Rahul Bhagat
Rahul Bhagat is a Digital Marketer and strategist with more than 7 years of experience in Marketing, SEO, Analytics, Marketing Automation and more.

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Hyundai Motor, South Korea’s biggest carmaker, has announced its sales fell 12 percent last month from a year earlier amid global chip shortages.

The company said that Hyundai Motor sold 2,82,204 vehicles in January, down from 3,21,068 units a year earlier.

“We will adjust vehicle production schedules to ride out ongoing semiconductor shortages, while focusing on boosting sales of new models and enhancing profitability,” the company said in a statement.

The statement said that sales in South Korea declined 22 percent to 46,205 units from 59,501 during the period, as the lack of semiconductor parts continued to affect vehicle production and sales.

Overseas sales also dropped 9.8 percent to 2,35,999, from 2,61,567 amid the extended Covid-19 pandemic.

For the whole of 2021, Hyundai’s overall sales rose 3.9 percent to 3.89 million autos from 3.74 million units a year earlier.

It has set a sales goal of 4.32 million units for this year.

Meanwhile, Hyundai resumed the operation of the Asan plant after suspending it from January 3-28 to prepare for the production of electric vehicles, reports Yonhap news agency.

Hyundai Motor will halt the Asan plant from Jan. 3-28 to upgrade the facilities before beginning production of EVs next year, the company said in a regulatory filing.

The 3,00,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV.


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