Honda Cuts Thailand Production Following CoupMd Noman Siddique (Author) Published Date : Jun 17, 2014 09:48 ET
Honda Motor Corp (HMC) has cut production at its Thailand facility in response to the recent political turmoil in the Southeast Asian nation that resulted in a military coup. Reports, across several major news outlets, vary regarding the size of the reduction, ranging from 40% to 60%. The decision also follows a dramatic decline in demand for cars after the Thai government dropped a subsidy program in 2012 which assisted first-time car buyers. In April, automobile sales in Thailand were down 33% The Japanese carmaker has also decided to delay by between six months and one year the startup of a new $530 million plant from its previously planned April 2015 date. American depository shares of HMC last traded at $34.43 with a 52-week range of $32.42 to $42.96.
Honda Cuts Thailand Production Following Coup