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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: South Korea's Hyundai cut production at all overseas plants AFP - Wednesday, December 3 SEOUL (AFP) - - South Korea's top auto maker Hyundai Motor has cut production at all its overseas factories amid slow global sales, the union representing workers at the car giant said Tuesday. The production cut, wider than initially announced, was revealed by management at a briefing on performance with union officials, union spokesman Chang Kyu-Ho said. "The management informed the union that the average output at all Hyundai plants overseas remained merely at 70 percent," Chang told AFP by phone after the briefing at the main domestic plant in southern Ulsan city. Hyundai said last month it was reducing production at its US plant in Alabama, because of falling demand amid the economic downturn there, but did not mention other overseas factories. Hyundai also has plants in China, Turkey, India and the Czech Republic. The South Korean firm has already cut production at its domestic plants by 13 percent, according to company officials. That move was the first such cut at all plants since the 1998 Asian financial crisis. Chang said Hyundai management promised to "put priority on securing cash reserves to better cope with any possible liquidity crunch". Chang added that management dismissed any plans to take over other automakers. "The union also takes the situation seriously as the biggest crisis since 1998, with its primary goal to focus on job security," Chang said. Hyundai's sister company Kia Motors said one assembly line was suspended from Monday and overtime was banned at two other lines due to slow demand. Hyundai said its November sales fell 1.6 percent year-on-year to 234,211 units. Kia's November sales dropped 3.0 percent year-on-year to 133,507. Hyundai, with affiliate Kia Motors, is the world's fifth-largest carmaker by sales. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business US, Europe snap back from heavy lossesAFP - 1 hour 24 minutes ago SNAPSHOT - Financial Crisis - 2231 GMTReuters - 1 hour 25 minutes ago Australia service sector slumps further in NovReuters - 1 hour 27 minutes ago Gold prices rise, other commodities mostly lowerAP - 1 hour 35 minutes ago Detroit CEOs save more than $15,000 by drivingAP - 1 hour 35 minutes ago Enlarge Photo South Korea's Hyundai cut production at all overseas plants Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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