Hyundai Motor faces production losses amid prolonged strikes

Hyundai Motor Co. anticipates to incur over 60,000 vehicle production losses due to escalated strike actions by its labor union, amid stalled wage negotiations, industry insiders reported on Wednesday. The union has announced a series of strikes, starting with four-hour partial strikes on Wednesday and Thursday, followed by an eight-hour full-scale strike on Friday, marking its first such walkout in a decade.

The union also intends to hold four-hour partial strikes on Monday and Tuesday, extending the protest to five consecutive days. Industry sources estimate that these ongoing strikes could result in a total production loss of approximately 62,000 vehicles from last month through August 25, with lost sales projected at 2.6 trillion won ($1.85 billion).

The labor dispute is placing additional strain on Hyundai Motor as the company battles with declining global sales. In July, the automaker's worldwide sales dipped 5.1 percent year-on-year to 318,454 vehicles, marking the 10th consecutive month of year-on-year declines.