Hyundai Motor promotes two presidents to vice chairmen

SEOUL, Dec. 26 (Yonhap) -- Hyundai Motor Co., South Korea's top automaker, said
Friday it has promoted two presidents to vice chairmen amid a series of measures
to cut output in the wake of the deepening global downturn.
Under the annual management reshuffle, President Choi Han-young and Lee Hyun-soon
were named vice chairmen, the company said in a statement.
This week, Hyundai idled some of its domestic assembly lines to adjust production
volumes as the global downturn sharply dampened demand for new vehicles.
Its No. 2 production line in the city of Ulsan, 414 kilometers southeast of Seoul
where Hyundai has a main plant, will cease production until January 11.
Hyundai and its affiliate Kia Motors Corp. have recently slashed their combined
sales target for this year by 12.5 percent.
Hyundai and Kia aim to sell 4.2 million vehicles worldwide this year, down from
an earlier target of 4.8 million units, the two companies said in a joint
statement last week.
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