With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, according to sources and documents seen by Reuters.
Japanese carmaker Toyota Motor and South Korea's Hyundai Motor are the latest in a string of companies to halt production at plants amid slumping sales, according to company memos to employees.
Passenger vehicle sales in July fell at the fastest pace in nearly two decades. The sales declines have triggered major job cuts in India's auto sector, with many companies forced to shut down factories for days and ax shifts.