The carmaker behind Hyundai and Kia has said it aims to increase global sales by 10% this year, as the company accelerates its transition to electric vehicles.

The Guardian reported that Hyundai Motor Company’s new forecasts come despite it having failed to reach its sales targets for 2022 because of supply chain disruptions that resulted in a shortage of semiconductor chips and other vital car parts.

Global supplies of semiconductor chips, which control vehicles’ electronics, have been erratic partly because of COVID restrictions in China, which have hampered manufacturers’ ability to keep up with demand.

However, the South Korean carmaker, which makes the popular Ioniq 5 and EV6 electric cars, said it would also reach its targets by optimizing its production processes, logistics and sales by region.