Tesla, BYD capitalize on Korean automakers' wage strike

Tesla and BYD are capitalizing on the ongoing labor strikes at major Korean automakers, as domestic sales by Hyundai Motor, Kia, KGM, Renault Korea, and General Motors Korea plummeted by 28.3 percent in August compared to the previous year, according to data from the Korea Automobile Importers & Distributors Association (KAIDA).

All five companies experienced declines in sales. Hyundai Motor was particularly impacted, with domestic sales dropping by 41.1 percent to 34,333 vehicles. The prolonged partial strikes by Hyundai workers from July through August, totaling around 60 hours of strike time, significantly affected production and led to an estimated loss of 55,000 vehicles.

Kia's domestic sales also fell, but not as drastically, by 7.6 percent to 40,213 units. The decline in sales demonstrates the impact of the supply chain disruption caused by the automobile industry labor strikes.