Hyundai Motor wage deal clears hurdle for new vehicle production
Hyundai Motor’s belated wage deal has removed a major risk to the carmaker’s production of new strategic vehicles, including the Avante, Grandeur and Tucson — three flagship models that will drive the carmaker’s earnings in the latter half of this year. According to the carmaker, Hyundai Motor’s management and its union reached a tentative wage agreement Tuesday, ending months of labor disputes…
Hyundai Motor has resolved a significant labor dispute that threatened its production of new strategic vehicles, including the Avante, Grandeur, and Tucson. According to the company, a tentative wage agreement was reached between management and its union on Tuesday, putting an end to months of labor conflicts that disrupted vehicle production and put financial strain on workers and parts suppliers.
The strike, which began in July and resulted in lost sales of over 1 trillion won ($723.5 million), had left the carmaker facing mounting production risks. By compromising to restore normal operations, Hyundai Motor has avoided a worst-case scenario and addressed one of its biggest risks for the year. The focus now shifts to assembling the highly sought-after models to help recover earnings.
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- Hyundai Motor wage deal clears hurdle for new vehicle production koreatimes.co.kr
