Hyundai Motor’s 2021 global sales fall short of target amid chip shortage

Mon Jan 03 2022
Mark Cooper (3085 articles)
Hyundai Motor’s 2021 global sales fall short of target amid chip shortage

South Korea’s Hyundai Motor Co (005380.KS) said on Monday its 2021 global sales were 3.89 million vehicles, just short of its target of 4 million vehicles.

The South Korean automaker set its 2022 sales target at 4.32 million vehicles.

“In 2022, Hyundai Motor plans to expand its market share and strengthen profitability through efforts to stabilise chip supply and demand, adjust vehicle production schedules, strengthen electric vehicle lineups as well as optimising sales profit and loss by region,” Hyundai Motor said in a statement.

In October, Hyundai Motor cut its 2021 global sales target by about 4% to 4 million vehicles from 4.16 million vehicles amid a global chip shortage.

Mark Cooper

Mark Cooper

Mark Cooper is Political / Stock Market Correspondent. He has been covering Global Stock Markets for more than 6 years.