Hyundai and Kia to freeze some salaries

Seoul: Hyundai Motor Co., South Korea's largest automaker, and Kia Motors Corp. said they will freeze wages for administrative workers amid a global financial crisis.

They will also shorten factory production hours to cope with the declining demand, Hyundai and Kia said in a joint statement on Monday.

The companies' 2008 sales will be 4.2 million units, down from an earlier projection of 4.8 million units.