Jung Eui-sun "Semiconductor Situation Expected to Ease Early Next Year"

Chairman Chung Eui-sun of Hyundai Motor Group [Photo by Yonhap News]

[Asia Economy Reporter Changhwan Lee] Chung Euisun, Chairman of Hyundai Motor Group, predicted that the prolonged shortage of automotive semiconductors is expected to ease around early next year. He also expressed his intention to further expand electric vehicle sales in the future.

According to the automotive industry, Chairman Chung returned to Gimpo Airport on the 27th afternoon after a three-week overseas business trip. Earlier this month, he visited the United States, Europe, and Indonesia in sequence for on-site inspections abroad.

After returning, Chairman Chung told reporters, "(Regarding the European market) I came to report on business matters," adding, "Our cars are still selling, and we plan to further expand electric vehicle sales."

When asked if he felt Hyundai Motor Group's image improving in the local markets, he replied, "We need to raise it even more going forward. I think there is still a long way to go."

Regarding the decrease in production and sales of Hyundai and Kia in the third quarter due to the semiconductor shortage, he said, "Because semiconductor supply was not smooth, the results were not as good as expected," and added, "I think the situation will ease by early next year, in the first quarter."