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Hyundai Motor places bet on selling more SUVs amid chip shortage

South Korean automaker appoints aerospace expert as first female board director

SEOUL -- Hyundai Motor vowed on Wednesday to raise its portion of global SUV sales to 50% this year as the company struggles to boost profitability amid a shortage of key computer chips plaguing the automotive industry.

South Korea's largest automaker, which ranks as No. 5 globally in tandem with affiliate Kia Motors, set the goal at its annual shareholders meeting, where it also made other promises including turning around its slumping China business. It also announced the appointment of its first female board director.

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