Hyundai Motor plans to temporarily suspend production at its Ulsan No.1 plant in South Korea due to chip shortage between 5 and 13 April, Reuters reported, citing the Korea Economic Daily.

The affected Ulsan factory produces 311,000 vehicles annually including the Kona Electric and Ioniq 5.

"No decision has been made on the reported temporary suspension of the facility," Hyundai said in a statement to Reuters.

The news agency said the Korea Economic Daily reported production at the plant was being suspended due to supply issues regarding chips and power electric modules.

Underscoring the severity of the chip shortage crisis, Hyundai, until recently one of the automakers least affected due to prudent stockpiling, has become the latest automaker to halt manufacturing due to the chip shortage.

Hyundai had been able to avoid a hit from the shortage so far largely because it maintained a stockpile of chips unlike its global peers, Reuters reported last month.