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Biz News Korea(Eng)
Hyundai Motor suspends truck production for a week due to poor sales
- Collected
- 2018.03.28
- Distributed
- 2018.03.29
- Source
- Go Direct
Hyundai Motor’s Jeonju plant in North Jeolla Province whose mainstay output is mid-sized trucks will stay closed for five days until Friday. Factory workers will be retrained while lines stay idle, officials said.
At 2:30 p.m. Wednesday, shares of Hyundai Motor were down 1 percent at 152,500 won.
The Jeonju plant with annual capacity of 125,000 units rolls out trucks and specialty vehicles weighing over 2.5 tons. It shipped out 1,356 units in December, down 30 percent on year, and 1,576 units, down 6.7 percent on year, in January. Shipment also plunged more than 30 percent to 1,416 units last month. Turnout per hour was reduced to eight units from the previous average of 12 due to poor demand.
The Korean automaking industry has been losing ground at home and abroad with its output rank falling behind Mexico to seventh place last year as Korean cars have been snubbed over European and Japanese names in the broader market as well as Chinese competitors in emerging markets.
Underscoring the troubled sector, General Motors has been flagging the possibility of exiting the Korean market after shutting down one of GM Korea`s four factories, while Kumho Tire, the country`s second largest tire maker, is in danger of going bankrupt if it does not go under a smaller Chinese rival or a regional tire retailer.
By Kang Young-woon and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]