News Journal

Honda announces to cut costs in North America

Honda will be cutting manufacturing and marketing costs in North America and it announced to close factories in 13 days. The company will also be reducing production by at least 62,000 vehicles and bonus of the employees will also be cut.

The company announced that better retirement plans will be offered by the company to its employees but the Basic pay of the employees will not be changed. Honda sales in North America were down by almost 24.5% when compared to previous year. The shares of car market reported drop in indexes after the reports of Honda got released.