China's Car Slowdown Begins to Bite as Hyundai Lets Workers Go
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As China’s car industry loses its shine, automakers are starting to buckle up for the downward slope with Hyundai Motor Co. announcing it’s letting workers go and is reviewing production plans in the world’s biggest market.
Beijing Hyundai Motor Co., the joint venture between Hyundai and BAIC Motor Corp., is accepting voluntary retirements from employees and reviewing "production optimization" to enhance plant efficiency around the Chinese New Year holidays, Hyundai said in a text message Friday.