Hyundai Motors slips into "state of emergency"

The vice-chairman of Hyundai Motors asked for all employees to reduce spending due to the quick climb of the Korean won verses the U.S. dollar. This strengthening throws a wrench in Hyundai's very ambitious plans. "Hyundai Motor set its business plan for next year with the Korean won at 1,050 won against the dollar as a standard," said a Hyundai Motor official. "Since the Korean won has appreciated to more than 1,050 won, the company inevitably has to change next year's plan."