ALBAWABA - South Korean automaker Hyundai Motors reported a 21 percent increase in sales in March, compared with the corresponding month in 2022, despite a serious shortage of chips.
The company sold 381,885 units in March, up from 314,704 in the previous year. Hyundai said the increase was to satisfy a strong demand for its luxury and multi-purpose sports cars.
Domestic sales increased by 41 percent to 74,529 units, while exports increased by 17 percent to 307,356 units.
From January to March, Hyundai's sales increased by 13 percent to 1,020,316 units.
The US inflation tax, which exempts electric cars assembled outside of North America from tax, remains a major concern for the company and its subsidiary Kia.
Kia produces electric vehicles for export to the U.S. Hyundai has set a sales target of 4.32 million units, including 3.54 million overseas sales, in the global market for 2023.
