33.1 C
Delhi

Hyundai has a semiconductor shortfall and a 4.5 percent drop in global sales

The largest automaker in South Korea, Hyundai Motor(HM), reported on Friday that its sales dropped 4.5% in June compared to a year earlier as a result of a continuing global semiconductor shortage.

Hyundai Semiconductor Sales Drops

According to a statement from the firm, HM sold a total of 340,534, down from 356,631 units a year earlier. Yonhap news agency reported that domestic sales decreased by 13 percent, to 59,510 units, from 68,407 units, and international sales decreased by 2.5 percent, from 288,224 units to 281,024 units.

Hyundai has a semiconductor shortfall and a 4.5 percent drop in global sales
credits -timesofindia.indiatimes.com

Sales of automobiles fell 7.6% between January and June from 2,031,185 units in the corresponding period of 2017. In contrast to the 3.89 million units it sold last year, Hyundai has increased its sales target for this year to 4.32 million units.

The company announced on Thursday that it is establishing a new investment affiliate in the US as part of its commitment to invest $10.5 billion in the greatest economy on Earth.

- Advertisement -TechnoSports-Ad

About the HMG Global

As per regulatory filings made public by the firms, the new affiliate, tentatively called HMG Global, will be based in Delaware state in the US and financed by Hyundai’s three main subsidiaries, HM, Kia, and Hyundai Mobis.

Hyundai has a semiconductor shortfall and a 4.5 percent drop in global sales
credits – indianautosblog.com

Together, HM and its smaller subsidiary Kia will invest $578 million in the new American business. Following regulatory approval, it is anticipated that the new US affiliate will begin operations in August. The action followed Hyundai’s statement that it will invest $5.5 billion to construct electric vehicle and battery cell factories in Georgia in late May.

Read: Fossil and Google are working together to make the new companion app compatible with WearOS 3

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TechnoSports-Ad

Popular

TechnoSports-Ad

Related Stories

More from author

The 12 Football Teammates who hated each other the most

Fighting between teammates is uncommon, but opposing teams and players acting aggressively and initiating a brawl, on or off the field, is widespread. Some...

Top 8 Fastest Hat tricks in UEFA Champions League history

Liverpool thrashed Rangers 7-1 at Ibrox after Mohamed Salah came off the bench to record the fastest hat-trick in Champions League history. With 38...

Top footballers who have represented Real Madrid and Barcelona

The Clasico and the Champions League final are the two most-watched football games worldwide. Both teams are competing for the top spot in La...

Top 5 players with the Most Hat-Tricks in the Bundesliga

The Bundesliga is regarded as one of the most thrilling football leagues in the world. Bayern Munich, on the other hand, has dominated the...