Headed for a fourth straight annual profit decline, Hyundai Motor is trimming its cost fat; scaling back on business class flights and annual family home trips for overseas employees, executives told Reuters.
The South Korean automaker has been hit by its exposure to weak emerging markets, and a product line-up that features more sedans than sport utility vehicles, just as SUVs have become more popular across many global markets.
The belt-tightening - which also includes cutting back on printing and fluorescent light bulbs - aims to buy Hyundai time to prepare new models and a design revamp.
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