Hyundai Motor Co., South Korea’s biggest automaker, said its sales rose 7.3% last month year-over-year despite a prolonged shortage of chips, Yonhap news agency reported on March 2. .
Hyundai sold a total of 327,718 vehicles in February, up from 305,331 a year earlier due to strong demand for its SUV models, the company said. Domestic sales increased 23% from 53,010 to 65,015 units during the period, while overseas sales increased 4.1% from 252,321 to 262,703 units, the statement said.
From January to February, its sales rose 8.5% to 637,841 vehicles from 587,987 in the same period last year.
Hyundai said the protracted COVID-19 pandemic, high interest rates and the Inflation Reduction Act (IRA) remain the main challenges for the auto industry this year.
The IRA excludes electric vehicles manufactured outside of North America from the tax credits. The new law could affect Hyundai Motor and its subsidiary Kia Corp. as they build electric vehicles in South Korean factories for export to the US.
The Sonata Palisade sedan and SUV maker has set a global sales target of 4.32 million units, including overseas sales of 3.54 million units in global markets in 2023.
Source: Rossa Primavera
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