Honda to slash production drastically

In yet another sign that the automotive industry crisis is not just being perpetrated in Detroit, Honda has stated that they are planning on massively reducing their production in the first quarter of 2009. 119,000 vehicles, to be exact.

Dang.

Even with the auto bailout failing, Honda is not looking to pick up any market segments, because the fact of the matter is, as one GM exec noted, "the market has tanked." The simple equation of the matter now: job cuts, production cuts and other measures to reduce spending and align output with demand are the modus operandi for car companies across the board.

GM made a similar announcement which was going to happen regardless if bailout money was made available; their number for 1Q 2009 is 250,000 vehicles. Yikes.

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