Hyundai, Kia slash 2008 forecasts

Hot on the wheels heels of Toyota slashing its recently amended profit forecast by another 90%, Hyundai and Kia have cut their sales forecasts by 12.5% and told managers there'll be no extra fat in their paychecks this year. The combined company predicted sales of 4.8 million vehicles, that's now been reduced to 4.2 million. And it's not only Hyundai's cars that are affected -- they have limited the production schedule at a plant that manufactures busses. In what sounds like the onset of martial law, the company has established an "emergency management structure to overcome the crisis."

[Source: Detroit News]