Hyundai loses $1 billion as export output drops

Hyundai Motor's exports have slowed to a trickle as labor strikes force production cuts worth more than $1 billion, South Korea's largest carmaker said Thursday.

The number of cars rolling off assembly lines is down 85 percent this month, the company said, and since Wednesday, no vehicles have been loaded for shipment. To meet orders in North America, Europe, Asia and the Middle East on schedule, Hyundai should have shipped 81,000 cars by this week. But it has only sent 11,000 cars, said Cho Hong Ki, a company spokesman.

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