WATCH: Hyundai says it expects output to rebound in the first half of this year as the chip crisis eases, while Japan's Toyota is reported to be aiming for record output to make up for production lost as a result of the shortage
Hyundai Motor expects chip supply to improve gradually from Q2forecast on Tuesday its vehicle production would rebound in the first half of this year as a global chip shortage is expected to ease gradually from the second quarter.
The shortage will continue in the first quarter due to the spread of the Omicron variant, Seo said, adding it was the prolonged COVID-19 pandemic in Southeast Asia and resulting chip sourcing troubles that pushed Hyundai's sales to less than the targeted 4 million vehicles in 2021.
It reported a net profit of 547 billion won , versus 1.1 trillion won a year earlier. That compared with an average analyst forecast of 1.5 trillion won compiled by Refinitiv SmartEstimate.
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