Hyundai Motor, Mobis shares tumble on another production suspension

Hyundai Motor"s Asan plant. [Photo by Yonhap]

Shares of Hyundai Motor Co. and its parts maker Hyundai Mobis Co. lost ground as they resort to another production suspension due to automotive chip shortage.

Hyundai Motor shares closed Thursday down 2.11 percent at 208,500 won ($178.36) and those of Hyundai Mobis 0.36 percent at 277,000 won.

Hyundai Motor earlier in the day disclosed its Asan plant responsible for popular Sonata and Grandeur sedans in South Chungcheong province, Korea, will stop production for two days until Friday, due to automotive chip supply problem. It plans to resume normal production next Monday.

In consequence, Hyundai Mobis has to plug out its module lines in Asan for the same schedule, according to its regulatory filing.

Hyundai Motor’s Asan factory is capable of production capacity of 300,000 finished cars a year.

The Korean automaker added electric car assembly lines at the Asan factory last month. It had to stop the plant for four weeks, from July 13 to Aug. 8, for the upgrade.

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