Olympic Hits Hyundai's China production
2008-07-30 Source：english.chinabuses.com
The Beijing Olympics will disrupt auto production at Hyundai Motor's (005380.KS: Quote, Profile, Research) China unit for two months as the government restricts traffic to ease pollution during the games, South Korea's Maeil Business Newspaper said.
The traffic restrictions will disrupt the delivery of auto parts, the paper said, citing an unidentified Hyundai official.
The 50-50 joint venture between Hyundai and Beijing Automotive Industry Holding, which started cutting production from July 20, expects the disruption will lead to 50,000 fewer vehicles being produced in the period to September 20, the paper quoted the official as saying.
Hyundai officials were not available for comment.
Beijing introduced traffic restrictions for two months from July 20 to help ease congestion and reduce pollution during the Olympics and Paralympics.
Shares in Hyundai on Tuesday ended down 2.4 percent at 69,200 won, underperforming a 1.95 percent fall in the wider market .
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