Hyundai Motor Co and affiliate Kia Corp. predict a 12.1% combined global sales jump in 2022, despite 2021 sales falling short of targets amid a global chip shortage.

The companies sold 6.67 million vehicles in 2021, about 3.7% less than the combined target of 6.92 million vehicles. Both blame supply problems including the chip shortage for driving down vehicle shipments.

The companies announced they will target global sales of 7.47 million vehicles in 2022.

“Hyundai Motor plans to expand its market share and strengthen profitability through efforts to stabilize chip supply and demand, adjust vehicle production schedules, strengthen electric vehicle lineups as well as optimizing sales profit and loss by region," Hyundai Motor said in a statement.

The chip shortage hit the auto industry hard, with manufacturers not producing millions of vehicles worldwide because of missing parts.

Following the announcement, shares in Hyundai Motor closed 0.7% higher.

Hyundai Motor cut its 2021 global sales target by about 4% to 4 million vehicles from 4.16 million vehicles in October.