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Strikes May Cost Hyundai $920 Million
This year’s series of worker strikes at Hyundai Motor Co. could cost the South Korean company 1 trillion won ($920 million) in lost production, the Financial Times estimates.
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This year’s series of worker strikes at Hyundai Motor Co. could cost the South Korean company 1 trillion won ($920 million) in lost production, the Financial Times estimates.
This is the sixth consecutive year of the mini-strikes, a routine tactic employed by workers during negotiations over a one-year contract. FT says the strategy has disrupted output for 13 days so far.
Hyundai is already struggling with sagging volumes in its largest markets. A lack of SUV/crossovers shrank shipments in the U.S. 13% in January-October. Continuing political tensions between Korea and China triggered a 35% drop in volume in China over the same period.
FT says this year’s labor unrest, which appears likely to spill into the new year for the first time, raises the likelihood that Hyundai will miss its global sales target for the third consecutive year.
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