Chip shortage force Hyundai Motor to cut investment

Asia's Tech News Daily

Chip shortage force Hyundai Motor to cut investment

The Chevrolet Silverados and GMC Sierra pickups built at Flint Assembly are packed on Sept. 21, in this file photo. AP-Yonhap

By Kim Yoo-chul

Hyundai Motor announced it will reduce its investment in manufacturing as it continues to deal with the global semiconductor shortage.

In a conference call to investors after the release of its third quarter earnings results Tuesday, the country’s largest vehicle manufacturer said it will cut facilities investments to about 8 trillion won from the 8.9 trillion won announced earlier.

According to the new plan, Hyundai Motor will invest 3.3 trillion won in research and development (R&D) projects and 3.9 trillion won in facilities. Around 800 billion won has been set aside for “strategic investments,” though the company didn’t elaborate.

Regarding the decision, Hyundai Motor said: “We have to respond better to the various challenges arising from the continued supply and demand mismatch in semiconductors. We are on track to secure more liquidity.”

The announcement came after major carmakers Renault Group, Skoda and Ford decided to pause operations at their European factories as the chip shortage continues to impact car production.

“The semiconductor shortage will continue in the fourth quarter and we expect it will have a lasting impact through next year. However, in the fourth quarter, we are seeing some positive signs such as extended production dates from the third quarter,” Hyundai said, adding it was in talks with major chip companies as new sources for semiconductors. Chief of global operations Jose Munoz said earlier that the automaker wanted to develop its own chips.

In the first nine months of the year, Hyundai Motor sold 94,000 electric vehicles (EVs), up 40 percent year-on-year. Meanwhile, Hyundai said it didn’t have any battery sourcing issues. “We will try to keep the battery supply chain working via LG Energy Solution’s battery plant, which will go online from 2023,” it told investors.

Hyundai Motor reported a net profit of 1.3 trillion won for the third quarter, compared to last year when it reported a loss of 336 billion won after being hit hard by one-time charges related to engine quality issues and a massive recall.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Black Friday gaming PC deals 2021: the best offers still available now

Some Black Friday gaming PC deals have lasted longer than the day itself, meaning you can still get yourself one of the best gaming PCs at incredibly aggressive prices even ... Read more »

The best Cyber Monday laptop deal is the Dell XPS 13 for just $649 - and it's live right now

This Dell XPS 13 for just $649.99 (was $949.99) is an incredible offer and might just be the best Cyber Monday deals we’ll see – even though the day itself ... Read more »

The Best Buy Cyber Monday sale is live: here are the 19 best deals you need to see

The Best Buy Cyber Monday sale is up and running, which means you can score epic deals before anyone else on everything from TVs, laptops, and headphones to vacuums, air ... Read more »

Apple Watch SE is almost $60 off again in early Cyber Monday deal

Just before Black Friday, we saw a pretty decent discount on the Apple Watch SE which brought it down from $280 to $220, which was a bit better than the ... Read more »

The best Michael Kors Black Friday deals you can still find on purses, handbags and wallets

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Whether you’re looking to coordinate your style from head to toe ... Read more »

The James Webb space telescope: in search of the secrets of the Milky Way

Photograph: Dotted Zebra/Alamy Billions of dollars over budget and years late, the most expensive, complex telescope to be sent into space will launch next month. What will it learn? In ... Read more »

Notorious Pegasus spyware faces its day of reckoning

Photograph: Amir Levy/Getty Images The infamous hacking tool is now at the centre of international lawsuits thanks to a courageous research lab If you were compiling a list of the ... Read more »

Best Black Friday laptop deals 2021: Offers on Microsoft, HP, Apple Macbooks and more

(Black Friday) When it comes to bagging a serious bargain, there’s really no better time than Black Friday. The annual sales event is one of the biggest days in the ... Read more »

COPY OF 15 Bose Black Friday deals not to miss — save up to $100

We may receive commission from purchases made via links on this page. Pricing and availability are subject to change. It’s a Bose bonanza! Score speakers, headphones, earbuds and more at ... Read more »

Quick! Get Hulu for just 99 cents a month in this unbeatable Cyber Monday offer

Want to try Hulu? Then you can’t ask for better than this Cyber Monday deal, which lets you stream the ad-supported version for just 99 cents per month: a massive ... Read more »

Shop the best REI Cyber Monday sales on outdoor gear, clothes and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Looking for the perfect holiday gift for the outdoor enthusiast in ... Read more »

Archaeologists unearth 800-year-old mummy in Peru

A 600-year-old mummy was found in the Mangomarca archaeological site, east of Lima, last year (AFP via Getty Images) Archaeologists have found a mummy estimated to be at least 800 ... Read more »

Best Black Friday AirPods deals 2021: all the biggest sales still live this weekend

Black Friday AirPods deals are still alive and well, even though the official day of sales have come to an end. While we’re already seeing some deals go back to ... Read more »

Four more countries added to red list after Omicron variant found in the UK

(AFP via Getty Images) Four more countries have been added to the red list after a new Covid-19 variant was detected in the UK for the first time. Angola, Mozambique, ... Read more »

Cyber Monday tablet deals 2021: sales on iPads, Galaxy Tabs and more

The Cyber Monday tablet deals are here, although we’re still chronologically closer to Black Friday than its tech-discount-themed counterpart. We could see better tablet deals on Cyber Monday itself, but ... Read more »

The Nothing Ear (1) wireless earbuds appear in black in newly leaked images

The rather oddly named Nothing Ear (1) wireless earbuds have so far only been available in white, but that could be about to change – new image leaks have added ... Read more »

Hulu Black Friday Deal: Get a full year of Hulu for less than $1 per month—but act fast

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Update 9:55 AM EST: Hulu’s Black Friday deal is running right ... Read more »

‘I don't believe it': Anger as Nadine Dorries dismisses MP's allegation of groping by Boris Johnson's father

Nadine Dorries says she does not believe a fellow Conservative MP’s allegation that she was groped by Boris Johnson’s father, sparking anger. Caroline Nokes has accused Stanley Johnson of smacking ... Read more »

The Omicron variant carries a number of genetic mutations that might cause it to spread quickly, even among vaccinated people: report

A healthcare worker collects a swab from Bronwen Cook for a PCR test against the coronavirus disease (COVID-19) before traveling to London, at O.R. Tambo International Airport in Johannesburg, South ... Read more »

These are the best Black Friday tool deals on Milwaukee, Dewalt and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Black Friday sales aren’t over yet! For the DIY-ers, from amateur ... Read more »

CCTV shows fierce gun battle between two gangs which left man, 22, dead

CCTV of the shootout in Lozells, Birmingham. (SWNS) Shocking CCTV shows the moment two rival gangs had a gun battle in broad daylight which left a man dead. Naasir Francis, ... Read more »

A Sam's Club membership for $19.99. Plus a $10 gift card and other freebies for Black Friday

TLDR: Enjoy warehouse store savings with a 1-year membership to Sam’s Club at a Black Friday price that you definitely won’t see every day. With the holiday season here, it’s ... Read more »

Want to develop ethical AI? Then we need more African voices

Artificial intelligence (AI) was once the stuff of science fiction. But it’s becoming widespread. It is used in and . It powers tools for and . But concerns have emerged ... Read more »

If you've ever wanted to learn to be an animator, this package can make it happen

TLDR: The Complete Cartoon Animator 4 Pro Mac Bundle can help turn any budding artist into an experienced and seasoned animator for just $29.99.  You’ve probably seen a behind-the-scenes documentary ... Read more »

Indore Smart City to help DAVV students grow their startups

INDORE: Indore Smart City Seed Incubation Centre has decided to use its expertise in helping Devi Ahilya Vishwa Vidhyalaya (DAVV) students develop their business ideas into successful commercial projects.Indore Smart ... Read more »

Bounce partners with Park+ for battery swap infra

With this infrastructure in place, customers wouldn't have to wait for the scooter to charge, be anxious about the range or remember to charge it, Bounce said. Electric scooter rental ... Read more »

Why Flash Gordon seems a more exciting project for Taika Waititi than Star Wars

Taika Waititi is turning his attentions to the stars. Once he’s got the upcoming Thor: Love and Thunder and sports comedy Next Goal Wins out the way, the in-demand writer, ... Read more »

Hackers are using Cloud accounts for crypto mining, Google issues warning

The tech giant Google on Saturday warned that the cloud service is under threat saying that cyberhackers have been using compromised accounts to mine cryptocurrency. Google’s cloud service offers a ... Read more »

Democratic countries need to think about creating safe, accountable internet: MoS IT

New Delhi, Nov 27 (PTI) Democratic countries need to join hands to think about creating safety, trust and accountability on the internet which has no boundaries, Minister of State for ... Read more »

Best Black Friday deals in 2021 live - AirPods, Chromebooks, Apple Watch and more

Refresh 2021-11-27T13:38:18.122Z Right, here’s one that’s dropped in price from yesterday to today, back down to the lowest we’ve seen from earlier in the week. If you just want a ... Read more »

$3.98 for 10TB online is what the best Cyber Monday cloud storage costs and it's exclusive to TechRadar

IDrive is the latecomer to our Cyber Monday cloud storage deal lineup but they delivered the best deal out there, by far, bar none. How they did it, we don’t ... Read more »

Video: Airbus A340 makes successful landing in Antarctica

Historic flight could be the first of many for tourists and scientists to the continent at the bottom of the world. Read more »

OMG Apple, why are you so boring?

I used to be really fat. Then I lost so much weight so quickly that the doctor sent me for tests. At the end of the diet, I went to ... Read more »

Crystal Palace vs Aston Villa live stream: how to watch Premier League from anywhere

Having battled it out in midfield in their playing days, this afternoon’s match at Selhurst Park sees Patrick Vieira and Steven Gerrard take each other on from opposing dugouts. Read ... Read more »

2022 could see biggest change ever for Android smartphones but you won't even notice it

You probably have never heard of RISC-V but this is an exciting new hardware development fostered primarily by the Chinese government to reduce the domestic influence of CPU and GPU ... Read more »

Nvidia RTX 3050 could arrive in Q2 2022 for more budget GPU options

Nvidia’s long-rumored desktop version of the RTX 3050 (as opposed to the existing laptop model) could be here in the second quarter of next year, so perhaps as soon as ... Read more »

Liverpool vs Southampton live stream: how to watch Premier League from anywhere

Liverpool will look to continue their recent impressive showings by claiming their third win in eight days, as they welcome Ralph Hasenhuttl’s Saints to Anfield. Read on to find out ... Read more »

A man on a lockdown stroll across English farmland discovered an 'extraordinary' Roman villa with epic Trojan War mosaic

Aerial view of the excavations of a large Roman mosaic in Rutland, England.Historic England Archive A man taking a lockdown walk on his father's farm stumbled across a rare Roman ... Read more »

COVID-19: Increasing fears over risk of new Omicron variant impacting Christmas

Thousands have already had their travel plans disrupted as the festive season gets under way and scientists say there are similarities between the spread of the new variant of concern with that of the Alpha variant last December. Read more »

Nordstrom Black Friday isn't over yet—you can still get nearly 50% off everything, including Dyson, Coach and more (live updates)

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Black Friday might be behind us, but the sales at Nordstrom ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic