SEOUL– Hyundai Motor Co., South Korea’s biggest carmaker, said Thursday its sales rose 11 percent last month from a year earlier despite an extended chip shortage.
Hyundai sold a total of 351,179 vehicles in November, up from 317,181 units a year earlier on steady sales of high-end models, the company said in a statement.
Domestic sales fell 1.8 percent to 60,926 units from 62,071 during the period, while overseas sales were up 14 percent to 290,253 from 255,110, the statement said.
Hyundai expected the resurgence of the COVID-19 pandemic, higher raw materials prices, higher interest rates and the passage of the Inflation Reduction Act (IRA) will remain major woes for the automobile industry.
The IRA excludes electric vehicles built outside North America from tax credits. The new law is widely expected to deal a blow to the Korean carmakers, which manufacture all of their EVs at home.
Hyundai revised down its annual vehicle sales target by 7 percent to 4.01 million units from 4.32 million set early this year.
From January to November, its sales rose 1.2 percent to 3,600,138 autos from 3,556,749 units during the same period of last year.
Source: Yonhap News Agency