(This story has been denied by Hyundai officials – 22-Dec-2008)
Hyundai Motor India Limited (HMIL) will be laying off 2,000 temporary workers out of its workforce of 8,400. The number of temporary employees the company currently has is 3,300. The process is likely to begin in January 2009 and will be carried out over a period of time, in stages.
The decision has come in view of declining car sales, Hyundai’s sales having gone down by a considerable 23.57 per cent in November 2008. The outlook for the future is also grim, with orders for January being dismal and exports, which make up one-third of Hyundai’s revenues, expected to go down by 25 per cent in 2009.