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Hyundai to slash domestic output amid global slump

Hyundai to slash domestic output amid global slump
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First Published: Mon, Jan 12 2009. 02 48 PM IST
Updated: Mon, Jan 12 2009. 02 48 PM IST
By PTI
Seoul: Hyundai Motor Co, South Korea’s largest automaker, will slash production between 25% and 30% at its domestic plants during the first quarter amid falling global demand for vehicles, the company said today.
The cut will mostly affect larger vehicles, especially SUVs. Hyundai plans to increase output of small cars as demand for fuel-efficient models remains strong, company spokeswoman Song Mee-young said.
Hyundai manufactured about 425,000 vehicles domestically during the first quarter last year, she said.
The decision was made Friday as a result of a meeting between management and labour on the company’s production schedule for the quarter, she said.
Hyundai, which along with affiliate Kia Motors Corp. forms the world’s fifth-largest automotive group, exports about 60 per cent of its domestic production.
Global automakers have slashed output to cope with a drop-off in demand as a result of the global financial crisis and ensuing economic slowdown.
Hyundai shares fell 3.3% to close at $33.24 today.
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First Published: Mon, Jan 12 2009. 02 48 PM IST