Honda to cut North America production and workers' pay
TOKYO (Reuters) - Honda Motor Co (7267.T) said it would cut production in North America by 62,000 vehicles by shutting down factories for 13 days starting in May and said it would cut pay for salaried and factory workers.
Honda's shares gained 7.3 percent in morning trade in Tokyo on Wednesday as the yen lost ground, outperforming a 5.3 percent rise in Tokyo's transport sector subindex .ITEQP.T. The news was announced on Tuesday in the United States.
Japan's No.2 automaker, which like its rivals has been hit by the sharp downturn in auto sales, said it will cut pay for salaried and factory workers and also offered buyouts and early retirement incentives to most of its 32,400 workers in the United States and Canada.