German premium automaker Audi is the latest firm to announce job cuts due to the market slowdown. The company announced on Tuesday that it will terminate the contracts of 40 of its 200-strong temporary workforce at its plant in Gyor, Hungary, in November. The Hungarian unit not only assembles the TT and A3 Cabriolet models but is also one of the chief engine suppliers to both the Audi and Volkswagen Groups. -ContinuedAudi's Hungarian spokesman Peter Lore told Reuters that the company had to react to the situation brought on by the financial crisis. Despite the cuts though, Lore said that the Hungarian plant is still expected to exceed last year's results by producing over 1.9 million engines as well as more than 60,000 new cars this year.