Hyundai has been seeing its sales declined as it doesn't have enough crossovers and SUV to feed the growing demand by consumers. This, in turn, is causing profits to drop, making investors disappointed. Because of this Hyundai is going crazy with cutting costs.
Reuters reports that Hyundai's cost-cutting measures include reducing the number of business-class flights, annual trips for overseas workers to see family, and cutting back on fluorescent light bulbs.
"We're trying to address a mismatch between the market trend and our product line-up. That's a longer term plan. For now we're trying to save every penny," said a source.
Hyundai is working overtime to get new crossovers out the door starting with a B-segment model in 2018. In the meantime, Hyundai is redirecting exports from low-demand markets to the U.S.
Source: Reuters
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