Hyundai said it will focus on luxury models, SUVs and electric vehicles to achieve what it expects to be record high earnings this year even as challenges such as inflation and fluctuating raw material prices persist.
While supply chain disruptions continue to stoke uncertainty, and currency volatility and higher marketing costs in the face of tougher competition will be a burden, the global chip shortage should ease in the fourth quarter, Hyundai said Monday as it announced quarterly results.
The company said it will “focus on the recovery of sales” through a plan that will “enhance its product mix with SUVs and luxury models.”
Its Grandeur flagship sedan, named Azera in markets outside Korea, is in high demand following its launch this month and will help spur domestic sales momentum, Hyundai said. The Ioniq 6 full-electric car, which was introduced in Korea in the third quarter, is also selling well, it said.