Hyundai and Kia sold 6.67 million vehicles in 2021, about 3.7% less than their combined target of 6.92 million vehicles, mainly due to supply problems including chip shortages, which have reduced vehicle shipments.
see photosHyundai and Kia sold 6.67 million vehicles in 2021, nearly 3.7% less than their combined target
South Korea’s Hyundai Motor Co and affiliated Kia Corp on Monday projected their combined global sales to grow 12.1% in 2022, even as last year’s sales fell short of target due to global chip shortages . The companies sold 6.67 million vehicles in 2021, about 3.7% less than their combined target of 6.92 million vehicles, largely due to supply problems including chip shortages, which have reduced vehicle shipments. They said they would target global sales of 7.47 million vehicles this year.
Hyundai Motor said, “In 2022, Hyundai Motor will continue its growth through efforts to stabilize chip supply and demand, adjust vehicle production schedules, strengthen the electric vehicle lineup, as well as optimize sales profits and losses. Plans are made to expand market share and strengthen profitability.” Statement. Due to supply problems and increased demand for consumer electric gadgets during the pandemic, shortages have hit the auto industry hard, with millions of vehicles around the world not being produced because critical parts are missing.
The auto industry has been hit hard due to supply problems and increased demand for consumer electric gadgets during the pandemic.
Analysts said this year’s target seemed reasonable. Lee Jae-il, an analyst at Eugene Investment & Securities, expects demand for vehicles to remain strong in 2022, with supply constraints denting demand from consumers unable to buy vehicles last year. “It appears that chip shortages are showing some signs of easing … however, their profitability may be impacted by rising raw material prices,” Lee said.
Shares of Hyundai Motor closed 0.7% higher, compared with a 0.4% rise in benchmark market KOSPI. In October, Hyundai Motor cut its 2021 global sales target of 4.16 million vehicles by about 4% to 4 million vehicles.
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