Auto Business News said that the company has agreed to pay a higher price because of higher steel prices, which increases manufacturing costs. According to Song Mee Young, Hyundai spokeswoman, the price hike will be retroactive from February 1, 2008.
The higher prices paid to suppliers may weaken chances of the company’s plans to reduce costs by 20% by 2009, the report added.
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Nominations are now closed for the Just Auto Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.
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