Hyundai's Oct. sales fall 21% amid chip shortage

This file photo shows the electric GV60 SUV built on the E-GMP platform. (Hyundai Motor)

Hyundai Motor Co., South Korea's biggest carmaker, said Monday its sales fell 21 percent last month from a year earlier due mainly to global chip shortages.

Hyundai Motor sold 307,039 vehicles in October, down from 387,197 units a year earlier, the company said in a statement.

Domestic sales declined 12 percent to 57,813 units from 65,669, as the lack of semiconductor parts continued to weigh on vehicle production and sales, it said.

Overseas sales dropped 23 percent to 249,226 from 321,528 amid the extended COVID-19 pandemic, it said.

From January to October, Hyundai's overall sales rose 8.1 percent to 3.23 million autos from 2.99 million units in the year-ago period.

Domestic sales in the first 10 months fell 7.8 percent to 598,655 units from 649,333 in the year-ago period, while overseas sales climbed 13 percent to 2.64 million units from 2.34 million during the same period.

To reflect chip supply shortages, Hyundai revised down its sales target to 4 million vehicles for the year from 4.16 million units announced early this year. Last year, it sold 3.74 million autos. (Yonhap)