Honda announced March 31 that it would cut production in North American by 204,000 units, aiming their yearly output at 1.25 million. For the first time ever, Honda is also slashing salaries. Hourly employees and executives all the way to the top get a trim; and bonuses get bounced. Honda’s US sales dipped 7.9% in 2008 (compared to 2007) but the American market overall fell 18%. Honda wasn’t in terrible shape and seemed to have a good product mix. Then the first quarter spreadsheets began to fill in—a 33% drop in sales is a plunge of a different color. Carving will take place at all North American facilities.
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