Hyundai to Cut Truck Output by 30%
31 October, 2018
Hyundai Motor will cut production of commercial vehicles by 30 percent and relocate 280 assembly workers amid dwindling sales.
The automaker's third-quarter operating profit was W288.9 billion, just one fourth of what it made a year ago, prompting it to go into emergency mode to get through the crisis (US$1=W1,140).
A Hyundai staffer said the management and the labor union agreed to cut production volume of trucks to eight units per hour from 12.39, and to switch some 210 workers in Jeonju to other assembly lines. Additionally, around 70 other workers will be relocated to plants in Ulsan and Gwangju. The measures attest to the severity of the situation.
Hyundai sold some 4,424 large trucks during the first nine months of this year, down 28 percent from the same period of last year, while sales of midsize trucks fell 15 percent to 25,017. Bus sales also fell 6 percent to 8,650 units.