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Honda Cuts Thailand Production Following Coup

Honda Cuts Thailand Production Following Coup

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