Hyundai Motor Co is to suspend daily overtime from December at some of its domestic lines as demand wanes.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The largest automaker in South Korea has already stopped weekend overtime at most of its domestic lines.
Speaking to Reuters, a spokeperson for the company said: “We decided to adjust production volume to deal with faltering demand.”
The Korea Automobile Manufacturers Association (KAMA) has forecast that car sales in South Korea will decline by 8% in 2009.
KAMA said it expected new car sales next year to reach 1.1m units compared with 1.2m this year.
“The local auto industry has recently been facing a sharp slowdown in sales as the global economic downturn dampens the economy,” KAMA said in a statement.
