Hyundai and Kia Freeze Amdinistrative Wages and Reduce Production

As the recession deepens and car sales across the world plunge, automakers are trying to pull every trick out of the book to reduce their losses. Hyundai and its affiliate Kia Motors said in a joint statement released today that they will freeze wages for administrative workers and reduce production at their plants by cutting down on their operations by an average of four hours a day in December. The two Korean automakers said that they expect to sell around 4.2 million vehicles in 2008, which is approximately 600,000 units less than originally planned.

Via: Bloomberg