Hyundai Motor has taken more measures to cut output and save costs.
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Hyundai Motor and affiliate Kia Motors said in a joint statement cited by Reuters the companies would “actively respond” to changing market conditions through flexible production schedules.
“Hyundai and Kia face difficulties with this year’s (combined) sales estimated at 4.2m vehicles, down from an initially expected 4.8m, and inventory for overseas sales reaching 1.06m,” the statement said.
Since December, the pair have cut working hours including overtime work by an average of four hours a day and, from this week, Hyundai is halving the working hours at its Asan plant (Sonata and Grandeur sedans) to four hours per shift and will axe one of two shifts at its bus line in Jeonju, the statement said.
Hyundai and Kia would also freeze wages for managers, the report said.
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