With India's economic slowdown taking its toll, auto sales has plunged compelling more automotive manufacturers to lay off employees and also halt production.
According to a Reuters report, Japan's Toyota Motor andSouth Korea's Hyundai Motor are the fresh additions to the list. Due todeclining sales, these automobile makers have halted production at plants inIndia.
Hyundai in a memo informed that it would halt production forseveral days in August across various departments including the body shop andpaint shop as well as its engine and transmission plants, as per Reuters.
However, a Hyundai Motor India spokesman said the companyexpected sales to pick up in the festive season starting next month and deniedlaying off of any workers.
The downward trending sales has been responsible for thousandsof job cuts and shutting down of factories and more names are being added inthe list who are laying off temporary workers.
It has also come to light that not only automakers, eventcomponents such as powertrain and air-conditioning systems for cars and autoframework parts makers have also cut temporary workers in a recent move.
Earlier, Reuters had reported that automakers, componentmanufacturers and dealers had already cut 350,000 jobs due to the economicslowdown.
