Asian Tech Press (Oct 14) -- South Korea's largest car manufacturer Hyundai Motor Group is looking to develop its own chips to reduce its reliance on chipmakers, a company executive said on Wednesday

Jose Munoz, Hyundai's global chief operating officer, said the worst has passed for the industry chip shortage, and that Hyundai had the "toughest months" in August and September, Reuters reported on Thursday.

"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.

As previously reported by AP, Hyundai said on May 13 that it would invest $7.4 billion in the US market by 2025, aiming to enhance production facilities and meet the needs of local consumers.

And Munoz said on Wednesday that the timing and details of the company's planned $7.4 billion investment to support electric vehicle manufacturing in the US are dependent on whether the U.S. Congress passes President Biden's infrastructure bill, according to Bloomberg.