SEOUL — Hyundai Motor Co. and affiliate Kia forecast that their mixed international gross sales will leap 12 p.c in 2022, at the same time as final yr’s gross sales fell in need of goal because of the international chip scarcity.

The businesses bought 6.67 million autos in 2021, about 3.7 p.c lower than their mixed goal of 6.92 million autos, largely as a consequence of provide issues together with the chip scarcity, which drove down automobile shipments.

They mentioned they might goal international gross sales of seven.47 million autos this yr.

“In 2022, Hyundai Motor plans to increase its market share and strengthen profitability via efforts to stabilize chip provide and demand, modify automobile manufacturing schedules, strengthen electrical automobile lineups in addition to optimizing gross sales revenue and loss by area,” Hyundai Motor mentioned in an announcement on Monday.

The chip scarcity, as a consequence of provide issues and a surge in demand for shopper electrical devices through the pandemic, has hit the auto business onerous, with hundreds of thousands of autos worldwide not being produced as a result of necessary elements are lacking.

Analysts mentioned Hyundai’s 2022 goal appeared cheap.

Lee Jae-il, an analyst at Eugene Funding & Securities, expects demand for autos to remain sturdy this yr underpinned by pent-up demand from customers unable to purchase autos final yr as a consequence of provide shortages.

“It seems that the chip scarcity has been exhibiting some indicators of easing … nonetheless, rising uncooked materials costs would seemingly have an effect on their profitability,” Lee mentioned.

Hyundai goals to promote 1.7 million EVs in 2026 overlaying the Hyundai, Kia and Genesis manufacturers, an extension of the sooner objective of 1 million worldwide in 2025.

In 2021, the group launched the Hyundai Ioniq 5, Kia EV6, Genesis GV60 battery-electric autos, all primarily based on the corporate’s new E-GMP electric-only platform. Its EV launches this yr embrace the Ioniq 6.