Hyundai Motor's global sales fall short, Know why

Hyundai Motor Company disclosed on Monday that global sales for 2021 totaled 3.89 million vehicles, falling short of the company's goal of four million. The South Korean carmaker wants to sell 4.32 million automobiles by 2022. Hyundai stated in a statement that this year it will focus on growing its market share while also working to improve profitability by stabilising semiconductor supply and demand.

The brand will also change car manufacturing schedules, boost electric vehicle lineups, and optimise sales profit and loss per area, according to the statement. Because of the continued semiconductor shortfall, the manufacturer had to decrease its worldwide sales target for 2021 by 4%, bringing it down to four million cars from 4.16 million in October of last year.

In terms of overall wholesales, Hyundai Motor India's sales statistics fared well in comparison to its global numbers. Last year, the firm reported a double-digit increase in the overall number of wholesale units compared to 2020. The company stated that it expects to maintain its pace this year as well, thanks to positive factors such as increased semiconductor supply.

Hyundai Motor India Director (Sales, Marketing, and Service) Tarun Garg is said to be cautiously optimistic about the year 2022. "With so much of the consumer booking backlog, there are more benefits than problems, and we are looking forward to a stronger year." Moreover, our product line-up has been updated," he said.

Total dispatches grew by 21.6 percent to 6,35,413 units in 2021, compared to 5,22,542 units in 2020, according to the company. It also stated that it sold 5,05,033 units in the domestic market last year, an increase of 19.2 percent from 4,23,642 units in 2020.

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