Tesla, BYD capitalize on Korean automakers' wage strike
Tesla and BYD are gaining ground in Korea, filling the void created by prolonged labor strikes at major domestic automakers in August. Combined domestic sales by Hyundai Motor, Kia, KGM, Renault Korea and General Motors (GM) Korea fell 28.3 percent from a year earlier to 79,601 vehicles last month, according to data from the Korea Automobile Importers & Distributors Association (KAIDA). All the…
Tesla and BYD are gaining market share in South Korea amid a labor strike that has crippled major domestic automakers since August. The decline in sales from Hyundai Motor, Kia, KGM, Renault Korea, and General Motors Korea reflects the impact of production disruptions caused by workers' actions. Hyundai, the most affected, saw a 41.1 percent drop in domestic sales to 34,333 vehicles, while Kia experienced a 7.6 percent decline to 40,213 units.
The strike, which lasted about 60 hours and resulted in an estimated 55,000 vehicles lost, has left a significant void for electric vehicle manufacturers like Tesla and BYD to step into.
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- Tesla, BYD capitalize on Korean automakers' wage strike koreatimes.co.kr
