Hyundai Motor Co. says it has shelved a plan to build a pickup in the United States, a further sign the market is falling out for trucks amid higher gasoline prices.
"Because of high oil prices, the light-truck market is declining significantly, so now is not the right time to produce a pickup truck," Kim Dong-Ji, Hyundai's chief executive, told reporters in Seoul Thursday. Hyundai had planned to sell a mid-sized pickup in the United States sold as a Hyundai and Kia. It was supposed to have been made at the West Point, Ga. assembly factory of sister company Kia.
General Motors Corp. announced last month it would cut another shift of production at its Oshawa, Ont. truck assembly plant as demand wanes for its Chevrolet Silverado and GMC Sierra models.
[Source: National Post]
Thursday, May 8, 2008
Hyundai/Kia scraps pickup truck plan
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