Hyundai Motor faces production losses amid prolonged strikes

Hyundai Motor is anticipated to incur production setbacks of over 60,000 vehicles due to intensified strikes by its labor union, as wage talks remain unresolved, reported industry insiders on Wednesday. The union announced plans for a four-hour partial work stoppage on Wednesday and Thursday, followed by a full eight-hour strike on Friday, marking the first labor action in ten years.

Further partial strikes are set to occur on Monday and Tuesday, each lasting four hours, prolonging the disruption for five consecutive days. Industry sources estimate that these ongoing strikes will result in a cumulative loss of approximately 62,000 vehicles from last month through August 25, with lost sales totaling 2.6 trillion won, or around $1.85 billion.

The labor conflict is placing additional strain on Hyundai Motor, which is already grappling with a decline in global sales. The automaker's worldwide sales dropped 5.1 percent year-on-year to 318,454 vehicles in July, marking the tenth consecutive month of year-on-year sales decline.