Hyundai output target down 17 per cent

Hyundai Motor, South Korea's top automaker, slashed global production target by 17 per cent in the first quarter from a year ago, according to a local online media outlet.

Hyundai plans to produce 590,000 vehicles at home and abroad in the first three months of the year, compared to 712,000 units a year earlier, an internet news provider eDaily said, citing industry sources.

Last week, Hyundai said it planned to cut production at its domestic plants by 25-30 per cent during the first quarter.