Hyundai-Kia announces executive salary cuts

We guess all those 2010 Genesis Coupe Super Bowl XLIII ad spots cost Hyundai a lot of money. The Hyundai-Kia Automotive Group announced today that it will be cutting executive pay and expenses to tough it through the auto industry slowdown.

Hyundai spokesman Oles Gadacz told Automotive News that executive salaries will be cut by 10 percent. The group will also take other measures including booking economy seats for overseas trips instead of business class, reducing energy use in its offices and using the shuttle bus service more often rather than company cars.

Hyundai’s global volume fell 1.9 percent to 1.7 million vehicles in 2008. Gadacz decline to say the exact amount of money Hyundai-Kia are hoping to save or how long the cuts will remain in effect.