Honda shares slide as carmaker scales back production

<p>Honda’s share price has slipped as the carmaker scales back its production in Swindon.</p>

Shares in Honda lost ground on the New York Stock Exchange last night (February 25th), after the Japanese carmaker announced it would be scaling back its UK operations.

Production at the company's Swindon facility is being reduced, with staff now working single shifts after the loss of 800 positions was announced back in January of this year, BBC News reports.

The firm, which first began making cars in Swindon in 1992, blamed falling European sales for the drop in demand that has led to the firm having to make significant changes to offset lost business.

A voluntary redundancy scheme opened on February 18th and Honda said there had been a "positive response".

According to a spokesman, there has been a "steady stream of associates expressing an interest in voluntary redundancy".

When Wall Street closed last night, shares in Honda slumped by 2.6 per cent to $36.57 per unit.

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