South Korean automaker Hyundai Motor plans to produce semiconductor chips in order to be self-reliant, company COO Jose Munoz has told reporters. The company is carrying on studies on the subject as this plan will take a lot of investment and time.
Lower demand for automobiles and the global semiconductor shortage amid surging demand for electronic products during the pandemic caused major automakers including Hyundai Motor to stop production temporarily.
Hyundai Motor aims to recover its auto production to its original target in the fourth quarter this year and offset some of its production losses next year, SteelOrbis understands. Hyundai is one of the few automakers which increased global sales despite the chip crisis, while experiencing the “toughest months” in August and September.
The company said it also continues to focus on producing electric cars.
Meanwhile, other major automakers such as Tesla and General Motors also plan to develop their own semiconductor chips, according to media reports.