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SEOUL (Reuters) - Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage.
Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai.
Hyundai, which together with affiliate Kia Corp is among the world s top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models.
By Heekyong Yang and Joyce Lee SEOUL (Reuters) - Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May due to a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire t a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which together with affiliate Kia Corp is among the world s top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models.