Hyundai-Kia Automotive Group is the latest automaker to slash executive pay and expenses to weather the global industry meltdown.
The South Korean automaker is cutting executive salaries by 10 percent, said Hyundai spokesman Oles Gadacz. Other savings will come through such measures as:
Booking economy seats for overseas trips instead of business class.
Reducing energy use in offices.
Using shuttle bus services more often rather than the corporate car fleet.
Asian rivals Toyota Motor Corp. and Fuji Heavy Industries Ltd., maker of Subaru vehicles, are among other automakers reigning in executive bonuses, pay and administrative costs.
Last week, Hyundai said operating profits slid 8.9 percent in the fourth quarter despite help from favorable exchange rates that lifted revenue from exports.
Global volume at Hyundai fell 1.9 percent to 1.7 million vehicles in 2008, pulled down by a 6.6 percent drop in unit sales during the fourth quarter as the credit crunch worsened.
Gadacz did not disclose how much money the group aimed to save or how long the cuts would remain in effect.