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- Hyundai Motor (OTCPK:HYMTF +1.6%) wants to develop its own semiconductor chips following a global shortage that continues to plaque automakers.
- Hyundai had to temporarily shut down some of its factories due to the chip shortage but COO Jose Munoz says that the problems have reached their peak following the "toughest months" of August and September.
- Companies such as Intel (INTC +2.9%) have been investing in expanding semiconductor chip capacity at factories. "But also in our case, we want to be able to develop our own chips within the group, so we are a little bit less dependent in a potential situation like this," Munoz said.
- Munoz also added that Hyundai plans to make up for the lost production by delivering more vehicles next year. Only a few automakers besides Hyundai, such as Toyota (TM -0.4%), Tesla (TSLA +0.7%), were able to increase global sales in spite of the chip shortage.
- Munoz, whose company is non-union, also believes that the US government should give all EV vehicle producers a proposed $4,500 tax credits, not just those in unions.