Due to the continued slump in the economy, Honda has announced that it is cutting on manpower and production. They will reduce output by 56,000 vehicles for the rest of the financial year, a familiar fixture that is becoming a trend in the motoring industry.
Honda has likewise announced that it will not renew the contracts of 3,100 temporary workers by April in response to the rapid change in the global market environment.
Honda last month cut its full-year net profit forecast by more than half due to a soaring yen and the global economic slowdown. It also announced its shock pullout from Formula One because of financial difficulties.
(Source) Asia One Motoring
Tags: economy, financial difficulties, Formula One, global economic slowdown, Honda, yen