Hyundai Motors has been forced to drastically reduce its production targets for the upcoming Ioniq 5 electric vehicle (EV) due to a shortage of a critical component.
That critical component is the Ioniq 5’s electric motors. According to a report from Korea JoongAng Daily, Hyundai’s auto parts affiliate Hyundai Mobis failed to produce enough components to fulfil their plans for 10,000 units to be manufactured in April.
“There has been a production issue at our Daegu factory in manufacturing enough electric motors,” a spokesman for Hyundai Mobis said.
As a result, Hyundai has cut their production expectations down to just 2,600 units for the month.
The EV was a big hit among buyers with more than 35,000 reservations already being placed since its unveiling last month, including the entire 3,000 allocation for Europe.
Related: Hyundai Ioniq 5 spotted in South Korea days after unveiling
The South Korean automaker still plans to deliver the first Ioniq 5’s in the second quarter. With the production issue, they may have a tough time reaching their initial goal of 70,000 units manufactured in 2021.
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