Hyundai, one of the biggest carmakers in the world, has announced a $2.6 billion cost cutting program that will see it cut more than 6,000 jobs.
The company said Monday that it will eliminate more than 3,400 jobs in its sales, marketing and logistics departments.
Hyundai said the cuts will help it “accelerate” its business as it tries to recover from a financial crisis that has crippled its business.
Hyundai’s global sales fell 12.7 percent last year, according to figures from IHS Automotive.
The carmaker, which is known for its compact sedan and hatchback, is still trying to find its footing after a series of scandals involving the deaths of more than 100 workers.
The South Korean automaker has already shed 1,600 jobs since last year as it seeks to bring down costs, but the company has been trying to streamline operations in recent years amid the recession.
It has said it will reduce costs to offset the economic crisis, but analysts have said the plan will take years to implement.
Hyuki is also looking to cut its workforce to about 1,200 from about 4,000, according the automaker’s chief financial officer.
That will help reduce costs and boost its earnings per share, the company said.
Hyunio has struggled in recent months amid a string of scandal allegations that have hurt its brand image and hurt its profit margins.
The company said in October it would spend more than $1 billion on restructuring its sales department and other activities, but has struggled to make headway in recent weeks.
The plan also includes an effort to cut nearly 2,000 employees by early next year.
The automaker said it would cut its global sales by more than 5 percent by 2020 and its global marketing and sales by 10 percent.