Hyundai Motor to cut costs by 20 pct amid sales slump

SEOUL, Jan. 21 (Yonhap) -- Hyundai Motor Co., South Korea's largest automaker,
said Wednesday it plans to slash costs by 20 percent this year as the global
economic slump sends vehicle sales downward worldwide.

As part of the cost-cutting program, Hyundai will cut the pay of its executives
by 10 percent, the company said in a statement.
Hyundai said the plan will also affect its affiliate, Kia Motors Corp. In a rare
break from convention, neither company has set their sales targets for this year.
"At a time when the global business conditions are extremely unclear, Hyundai
Motor is adopting the belt-tightening measure," a company official said.
Hyundai recently said it was cutting its first-quarter production by as much as
30 percent at its South Korean plants, which account for about half of its total
output, as the global economic downturn sapped demand for new vehicles worldwide.