Honda Cuts Another 50,000 Cars, Jobs

Japanese carmaker Honda has literally just announced it will reduce total output worldwide by 50,000 new cars, 29,000 of which from North American plants. By the end of the fiscal year, Honda total output is expected to be down 12% year over year to 1.26 million vehicles worldwide. Honda already announced it would cut production by 119,000 cars on Dec. 12, 2008, on top of the 71,000 decrease announced in Nov 2008. Honda cites the newest output cut can be attributed to the economic downturn resulting in further falling demand in its cars. The company has also announced about 4,300 job cuts in Japan that will take place by the end of April 2009. More recently, Honda has made other cost cutting moves, including pulling out of F1 racing sponsorships as the company tries to focus on its core competency, making and selling consumer oriented vehicles. In related news, Hyundai is now letting consumers who purchase 2009 models return the car within one year if the buyer loses his or her job full-time job. In other auto industry news, GM has also announced it will cut an additional 2,000 jobs.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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