“The (chip) industry is reacting very, very fast,” he said, saying Intel is investing a lot of money to expand capacity.
“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,” he said.
“This takes a lot of investment and time, but this is something we’re working on.”
He said the company’s parts affiliate Hyundai Mobis would play a key role in the in-house development plan.
He also said Hyundai Motor aims to deliver vehicles at the level of its original business plan in the fourth quarter, and offset some of its production losses next year.
Along with Toyota and Tesla, Hyundai is among a handful of automakers that has increased global sales despite the chip shortage.
Hyundai decided not to cut orders during the pandemic, after seeing the Asian markets recover more strongly than expected, Munoz said.
Munoz, who is also president of Hyundai Motor North America, said the company is on track to produce EVs in the U.S. in 2022, and is looking into both enhancing its existing factory in Alabama and increasing its production capacity.
He said the U.S. government needs to extend a proposed $4,500 EV tax credit incentive for vehicles made at non-union factories as well as union ones.
“American workers are the same,” he said. “We would like this to be equal for all.”
U.S. factories of Tesla Inc. and foreign automakers such as Hyundai and Toyota Motor Corp. are not unionized.