Hyundai Motor Co.’s Sales Shrink 11.6% in April Due to Semiconductor Shortage - Businesskorea

2022-05-21 16:56:06 By : Ms. Nicole Wang

Hyundai Motor Co.’s domestic and overseas sales nosedived 11.6 percent year on year in April.

The company said on May 2 that it sold a total of 308,788 units in the global market in April -- 59,415 units in Korea and 249,373 units abroad. This is a decrease of 11.6 percent compared to the same period of 2021. Domestic sales fell 15.4 percent, while overseas sales dropped 10.6 percent. In particular, the company's domestic passenger car sales plunged 34.9 percent in April. During the same period, domestic sales of the Genesis brand also shrank 18.7 percent to 11,290 units.

Kia Corp. sold 238,538 units in April, down 5.8 percent from the same period of 2021 -- 50,095 units at home and 188,443 abroad. Its domestic sales slid 2.0 percent and overseas sales 6.8 percent.

Hyundai Motor Group’s sluggish sales are blamed on deepening production disruptions due to the prolonged shortage of automotive semiconductors. Moreover, COVID-19-related lockdowns of cities in China, including Shanghai, disrupted the supply of wiring harness parts. At the same time, the war in Ukraine put a halt to the operation of Hyundai Motor’s factory in Russia, adversely affecting sales.