Hyundai Automotive Group, which includes Hyundai Motor Co. Ltd., Kia Motors Corp. and supplier Hyundai Mobis, is in a deep cost-cutting mode, asking all suppliers to bite the bullet and lower prices substantially. In January, group Chairman Chung Mong-koo ordered a 30% reduction in general expenses. In addition, cuts in supplier costs are being negotiated on a company-by-company basis, although no cost target has been announced. However, a Hyundai insider tells Ward’s the company is ...
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