Hyundai Motor India to cut production from tomorrow
Sunday, 28 December 2008
MUMBAI, Fri Dec 27 (Reuters): South Korean car maker Hyundai Motor Co's India unit will cut production by a quarter from tomorrow (Monday) as a spreading global downturn bites its sales, a senior executive said Friday.
Hyundai, the No.2 car maker in India and home to a small car hub, expects to sell just 490,000 cars including exports, compared with a target of 530,000, in 2008 as the industry grapples with falling sales and tighter credit, H.S. Lheem, managing director of Hyundai Motor India, said.
"We have decided to go in for a two-shift production instead of three shifts now as demand has declined," he told reporters after opening a new showroom in Mumbai.
"We have an ambitious sales target for 2009 and we will try our best to reach it. But I cannot put a figure to it because all around conditions are changing everyday."
Hyundai, the No.2 car maker in India and home to a small car hub, expects to sell just 490,000 cars including exports, compared with a target of 530,000, in 2008 as the industry grapples with falling sales and tighter credit, H.S. Lheem, managing director of Hyundai Motor India, said.
"We have decided to go in for a two-shift production instead of three shifts now as demand has declined," he told reporters after opening a new showroom in Mumbai.
"We have an ambitious sales target for 2009 and we will try our best to reach it. But I cannot put a figure to it because all around conditions are changing everyday."